Kisan Vikas Patra (KVP Scheme) – Post Office Scheme to Double the Money


6 min read

Are you looking at a secured investment scheme to double your money in just 10 years? If so, KVP or Kisan Vikas Patra with 7.2% interest rate is the best choice to go for. Read on to know more about the KYP, post office scheme to double the money!

The interest rate under KVP saving scheme is compounded annually and the sum invested gets doubled in over 10 years and 4 months’ time. A KVP account can be opened with a minimum amount of INR 1,000, whereas there is no maximum limit to be invested under this account. Hence, KVP is one of the best post office schemes to double the money.

Kisan Vikas Patra (KVP)

KVP is an offering from India Post, the Department of Posts in the country, that has been providing varied investment opportunities. The department has enabled the common man in the country to save money under safe schemes.

For people who do not want to take much risk with their money but at the same time want to secure their future with enough savings, post office schemes serve as a good option to start their investment journey. After all, there are many risk-averse individuals who are apprehensive about investing money in risky avenues like the stock market, bonds etc. The schemes like KVP are good choices for such people as they are lucrative in terms of returns and safe in terms of security. The backing of the government further enhances the guarantee of this post office scheme to double the money.

Below are some details of – Kisan Vikas Patra (KVP) – which was introduced in the year 1988 and is available with a lucrative interest rate of 7.2 per cent.

What is Double the Money Post Office Scheme?

Investors generally invest in mutual funds and stocks to double their income. However, these schemes are high in terms of risks and may cause huge losses to the investor. This way, you may lose a significant amount of your investment. To avoid this situation of extreme risks, you may choose schemes offered by India Post to enjoy risk-free benefits.

Some Post Office schemes guarantee double money within a particular period. KVP or the Kisan Vikas Patra is one such investment plan that allows a guaranteed double amount of your savings within a specific duration.

What is the interest rate of the Post Office Scheme to Double the Money?

KVP or Kisan Vikas Patra is a scheme offered by the post office that doubles your money within a specific duration. 7.5% p.a is the interest rate of the Kisan Vikas Patra for FY 22-23. With this interest rate, investors can double their money in 9 years and 7 months (115 months). KVP account interest is compounded yearly and an investor is eligible for premature withdrawal as per certain conditions.

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Kisan Vikas Patra Post Office (KVP) Post Office Interest Rate 2023

As per the recent government announcement, the interest rate offered under KVP for the first quarter of 2023 (Jan-Mar) is 7.2 per cent.  The rate of interest under this scheme is compounded annually and the investment doubles with a duration of 10 years and 4 months.

Kisan Vikas Patra  (KVP) Post Office Eligibility

As per the India Post eligibility guide, an applicant or an eligible investor of KVP Post Office scheme can be:

  • A single adult Account
  • A Joint Account (with up to 3 adults)
  • An Account of a minor managed by a guardian/parent on behalf of the minor
  • If the minor is above 10 years, he/she can have an account in his/her own name

There is no restriction in the number of accounts that can be opened under the scheme.

Features of Kisan Vikas Patra (KVP)

Below are some features of the Post Office KVP scheme to double money:

  • KVP interest rate can be compounded annually
  • The KVP account can be transferred from one post office to another by filling up an application form. An acceptance letter may be required for the same
  • You can close your KVP prematurely at any time if you fulfill the below conditions
    • By court’s order
    • Death of the account holder in case of individual accounts. For joint accounts, the death of any of the account holders
    • On completing 2 and half years of the account
    • Forfeiture by a pledgee

Kisan Vikas Patra (KVP) Post Office Maturity

The deposit under the KVP scheme matures as per the prescribed maturity time by the Ministry of Finance as applicable on the date of deposit. The lock-in period of KVP is 30 months, while the plan matures in 10 years and 4 months’ time.

Kisan Vikas Patra (KVP) Post Office Premature Closing

The investor of a KVP account can close it prematurely any time before maturity. However, there are certain conditions as mentioned below:

  • In case of demise of a single account holder, (or any account holder/holders in a joint account)
  • In case of forfeiture by a pledgee
  • In case of court order
  • Can be closed after the completion of a period of 2 years 6 months since account opening date
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Kisan Vikas Patra (KVP) Post Office Transfer of Account

The KVP scheme allow the account holder to transfer the account from one beneficiary to another person in case of the below conditions:

  • In case of death of account holder, the account can be transferred to the nominee/legal heirs
  • In case of death of an account holder of a joint account, the account can be transferred to other account holder(s)
  • Due to a court order
  • In case of pledging of account to the stated authority

Further, it is to be noted that Investors under KVP scheme can use the scheme as collateral to avail loans at comparatively less interest rate.

What are the Rules of Kisan Vikas Patra? 

Below are some rules for transferring a KVP account from one person to another:

  • If the account holder of a KVP account dies, the nominee receives the maturity amount
  • If there is an order from the court, the KVP account will be transferred by the post office
  • In the case of a joint account, if an account holder dies, the other account holder will receive the amount
  • Transfer may also be possible in case of pledging of account

What is a Post Office Scheme to Double the Money for Senior Citizens?

KVP or Kisan Vikas Patra is a scheme that makes senior citizens eligible to invest under the plan.  In this case, the savings of the elderly doubles within 9.7 years. Besides KVP, senior citizens in India can also invest in SCSS or Senior Citizens Savings Scheme.

Here are some features to note while opening an SCSS Post Office scheme to double the money:

  • The scheme offers an interest rate of 8.2% p.a
  • Initially, just after opening the account the interest is calculated on March 31, September 30, or December 31 from the date of the deposit
  • April 1, July 1, October 1, and January 1 are the dates when the interest payout takes place
  • People above the age of 60 years are eligible for the SCSS scheme
  • Under this scheme, the money is doubled in 8.8 years
  • Individual and joint accounts can be opened under this scheme
  • INR 1,000 is the minimum sum deposit under the scheme, while the investor is likely to invest multiples of INR 1,000 thereof to continue the account
  • The maximum amount under the scheme is INR 30 lakh
  • TDS is deducted under the scheme as per the prescribed rate on the total payable interest

To Sum Up

The post office KVP scheme is an attractive policy to earn good returns on your investment. Further, you can use the post office scheme to double the money calculator to calculate the amount you would earn under this scheme.

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FAQs: Double your money with this Post Office Kisan Vikas Patra (KVP) Scheme

Is KVP a post office new scheme?

Kisan Vikas Patra (KVP) is a plan introduced by the India Post department long back in the year 1988 and it is available with a lucrative interest rate of 7.2 per cent currently.

Does KVP double money?

As per the latest amendments in the KVP scheme, the maturity period of the scheme is over 10 years 4 months and the investment doubles after the completion of the scheme tenure.

Can I double my money in 5 years in the post office?

There are many investment options offered by the post office that can be availed to double your money in 5 years. However, to double money with KVP, you would have to wait for a period of over 10 years. 

Which investment schemes are good for doubling money?

There are various investment schemes that can be availed to double money such as ELSS (Equity Linked Savings Scheme), equity-oriented, debt-oriented, balanced mutual funds and safe options like KVP etc. A person should avail the investment facility depending on his/her suitability. 

Is investing in a post office safe?

Yes, post offices allow safe avenues of investments with guaranteed Returns. As a government-backed savings scheme, the KVP scheme as well as the post office fixed deposit scheme offer safe options of investment and guaranteed return. 

What is the maximum amount I can invest in the post office KVP scheme?

The Post Office KVP scheme has no maximum investment limit. The minimum amount to be invested is INR 1,000.

What happens when the KVP account matures?

Once your KVP account reaches maturity, the invested sum along with the interest earned on the amount is deposited in your Post Office savings account or your bank account as per the conditions accepted at the time of opening the account.

Is KVP only for farmers?

Initially, the plan was started keeping in mind the farmers of India. It was later made available to anyone qualifying the required criteria.

In how much time I can expect the invested amount in KVP to double?

9 years and 7 months (115 months) is the total number of months required to double your invested amount under KVP.

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Jan 27, 2023
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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