DOP net banking now allows users to open, close NSC, KVP accounts online; here’s how

New Delhi, First published Aug 20, 2022, 1:34 PM IST

The Department of Posts (DOP) issued a notification announcing the addition of online account opening and closing for National Savings Certificates (NSC) and Kisan Vikas Patra (KVP) in DOP Internet Banking on 18 august. This special announcement was made to mark the ‘Azadi ka Amrit Mahotsav.’

The NSC (VIII Issue) KVP opening and closing function is now available through the “General Services” section of DOP Internet Banking, allowing users to open and close NSC and KVP online.

Kisan Vikas Patra, or KVP, is a DOP savings plan. The compound annual interest rate as of September 30, 2022 is 6.9%. An account matures after nine years and five months from the date of deposit.

National Savings Certificates are savings bonds that India Post offers through its small savings schemes. An NSC can be opened by an adult, a minor or a trust. The NSC interest rate is 6.8% compounded annually on September 30, 2022. The account will mature five years from the date of deposit.

Know how to use India Post online banking service to open NSC or KVP account online.

Here’s how to open the NSC/KVP online:

1) Login to DOP online banking

2) Under ‘General Services’, go to ‘Service Requests’ then ‘New Requests’

3) Click NSC/KVP Account, then Open NSC, KVP Account

4) Enter the amount you want to save (minimum Rs 1000 and multiple

5) Choose the debit account linked to the PO savings account

6) Click “Click here”, go through the terms and conditions, then accept

7) Submit the form and enter the password and submit

8) Log in again to review account details

Here’s how to close the NSC/KVP online:

1) Login to DOP online banking

2) Go to “General Services”, then “Service Requests” and finally “New Requests”

3) Choose NSC/KVP account closure

4) Select the NSC/KVP account to be closed and the account to be credited which is linked to the PO savings account

5) Now submit it online and enter the transaction password and submit

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Last updated Aug 20, 2022 1:34 PM IST

Michael J. Birnbaum