Kisan Vikas Patra (KVP) Interest Rate 2023: The government on December 30 revised the interest rate on Kisan Vikas Patra account deposits. The current rate of interest on KVP is 7.2 percent compounded yearly. This revised rate would apply to all Kisan Vikas Patra deposits made in the first quarter of FY2023.
Amid growing inflation and repo rate hikes by the Reserve Bank of India (RBI), KVP investors were looking for a revision in the interest rate. More so because many banks are currently offering higher interest on Fixed Deposits (FDs) than Kisan Vikas Patra.
Kisan Vikas Patra Interest Rate 2023
It is important to mention that the Central Government revises the Kisan Vikas Patra rate of interest on a quarterly basis. The last revision was done on December 30 and the next will be held by the end of March 2023.
Features of Kisan Vikas Patra 2023
Check out the features of KVP scheme;
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.
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.
There is no limit on the number of accounts – you can open any number of KVP accounts under the post office scheme.
Low deposit limit - The minimum amount you can deposit under this scheme is Rs 1000. There is no upper investment limit.
Premature closure - A KVP account can be closed after two years and six months from the date of deposit.
Account for minors – Kids above ten years of age can open a KVP account in their own name.
Pledging as security - The Kisan Vikas Patra account can be pledged/transferred as security by submitting an application form at the concerned Post Office.
How to Apply for Kisan Vikas Patra/KVP Registration
Here is how you can invest in the post office Kisan Vikas Patra scheme;
Get a KVP application form or Form-A, from the nearest post office.
Fill in all the required details and submit it at the post office.
If the investment is made through an agent, then a 2nd form will have to be filled up and submitted. The agent should fill in Form-A1.
You can download both forms from the official post office website
You will also have to submit a copy of identity proofs for KYC process. You can use Aadhaar Card/ Voter ID Card/PAN Card/Driving Licence/Passport/.
For more details visit post office official website.
