The Central Government has increased the interest rate on Kisan Vikas Patra for the quarter January to March-2023. Explain that Kisan Vikas Patra is a small savings scheme, which is a popular investment vehicle among people as a long-term savings scheme with its low risk and guaranteed returns.
In fact, at the end of the maturity period, you get the amount invested with guaranteed double growth of the deposited amount regardless of market fluctuations. Deposits made in KVP i.e. Kisan Vikas Patra account will now get interest at the compound rate of 7.2 percent per annum. Earlier the interest rate given on this was up to 7 percent. The amount will double after 120 months of investment in Kisan Vikas Patra account at 7.2 percent interest.
Who can open Kisan Vikas Patra Yojana
Single adult, joint account, in which there can be maximum 3 adults, a guardian on behalf of a minor or a guardian on behalf of a mentally ill person, or a minor above 10 years of age in his own name Farmer can open Vikas Patra.
Types of KVP Accounts
(1) On applying to the Accounts Office in Form-1, the following different types of accounts can be opened under the scheme-
(A) Single Holder Type Account
(B) Joint A-Type Account
( c) Joint B Type Account
How to open KVP online through Post Office Internet Banking-
Step 1- Login to DOP Internet Banking.
Step 2: Click on ‘Common Services’ > Service Request > ‘New Request’.
Step 3: After that click on NSC account. Here you will get the link to open NSC account and KVP account to open KVP account.
Step 4: Enter the amount for which NSC is to be opened with a minimum of Rs 1000 and in multiples of 100.
Step 5: Select the PO savings account linked to the debit account.
Step 6: Click on the ‘Submit Button’ to read the terms and conditions and accept the terms and conditions.
Step 7: After that deposit the money online.
Step 8: Enter transaction password and submit.
Please login again to view the details of NSC opened through the account.
Tenure of Kisan Vikas Patra-
Kisan Vikas Patra has a lock in period of 2 years 6 months. Premature closure before 2 years 6 months is allowed only-
In case of death of account holder or any one of the account holder in joint.
On confiscation by order of a Gazetted Government Officer.
When ordered by the court.
When KVP can be transferred from one person to another- KVP can be transferred from one person to another person
only subject to the following conditions.
(i) To the nominee/legal heir on the death of the account holder.
(ii) on the death of the account holder(s) of the joint holder(s).
(ii) on the orders of the court.
(iii) on pledging the account with a gazetted authority
