Kisan Vikas Patra (KVP Scheme) 2023 – Post Office Scheme to Double the Money

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.

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.

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

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.

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.

Related Articles by PayBima

• How to double your money: 10 ways to double your invested money without risk in India, 2023
• Kisan Vikas Patra (KVP) Key Features, Benefits and Interest Rate in 2023

 

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