Interest rate on Kisan Vikas Patra in April-June 2023: The government has raised the Kisan Vikas Patra (KVP) interest rate for the first quarter of fiscal year 2023-24.
According to the Ministry of Finance's official announcement, the new rate will be 7.5%, and the account will now mature in 115 months. Money deposited through the KVP plan will now double in 115 months. Kisan Vikas Patra's previous rate was 7.2%.
Together with KVP, the government has altered the interest rates on a number of other modest savings plans, including the Senior Citizens Savings Scheme (SCSS), Sukanya Samriddhi Yojana, Post Office Fixed Deposits, Post Office Monthly Income Scheme, and Post Office Recurrent Deposit. The interest rate on the Public Provident Fund (PPF) remains unchanged.
On a quarterly basis, the government revises interest rates for several small savings schemes. The next interest rate walk will take place on June 30, 2023.
Features of Kisan Vikas Patra 2023
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Provides guaranteed returns – the scheme offered by Post Office provides guaranteed returns. Hence even if the post office suffers a loss, your deposits will be safe.
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Money doubles in 120 months - At 7.2 percent rate of interest, the money invested in the Kisan Vikas Patra account will double in ten years.
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There is no limit on the number of accounts – you can open any number of KVP accounts under the post office scheme.
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Low deposit limit - The minimum amount you can deposit under this scheme is Rs 1000. There is no upper investment limit.
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Premature closure - A KVP account can be closed after two years and six months from the date of deposit.
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Account for minors – Kids above ten years of age can open a KVP account in their own name.
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Pledging as security - The Kisan Vikas Patra account can be pledged/transferred as security by submitting an application form at the concerned Post Office.
