The rectified nonlinear response of a clean, time-reversal symmetric, undoped semiconductor to an ac electric field includes a well known intrinsic shift current. We show that when Kramers degeneracy is broken, a distinct second order rectified response appears due to Bloch state anomalous velocities in a system with an oscillating Fermi surface. This effect, which we refer to as the resonant photovoltaic effect, produces a resonant galvanic current peak at the interband absorption threshold in doped semiconductors or semimetals with approximate particle-hole symmetry. We evaluate the resonant photovoltaic effect for a model of the surface states of a magnetized topological insulator.