Kisan Vikas Patra: What will be the premature value of KVP account opened on or after April 1, 2023

Kisan Vikas Patra, also known as KVP, is among the popular small savings scheme options considered for long term investments. It is a popular investing tool because of the low risk and guarantee of earnings. The government evaluates the KVP interest rate every three months together with other smaller savings plans.

KVP interest rates
Deposits made into KVP accounts currently earn an interest rate of 7.5% annually compounded for the April-June 2023 quarter.


Also read: Post Office Schemes latest Interest Rates in India for 2023

To double your money under this savings plan, at the current interest rate, you will need in 115 months (9 years & 7 months).

Premature closure value of account opened on or after 1st day of April, 2023 with Rs 1000

Period from the date of the certificate to the date of its encashment	Amount payable inclusive of
	interest (Rupees)
-1	-2
Two and half years but less than three years	1171
Three years but less than three and half years	1208
Three and half years but less than four years	1247
Four years but less than four and half years	1286
Four and half years but less than five years	1328
Five years but less than five and half years	1370
Five and half years but less than six years	1414
Six years but less than six and half years	1459
Six and half years but less than seven years	1506
Seven years but less than seven and half years	1554
Seven and half years but less than eight years	1604
Eight years but less than eight and half years	1655
Eight and half years but less than nine years	1708
Nine years but less than nine and half years	1763
Nine and half years but before Maturity of Certificate	1819

The sums indicated may vary depending on how the interest rate on KVP changes. For the most recent values, please refer to the government statement.

Premature closure
According to the India Post website, KVP may be prematurely closed any time before maturity subject to the following conditions : -
(i) On the death of a single account, or any or all the account holders in a joint account
(ii) On forfeiture by a pledgee being a Gazette officer.
(iii) When orde ..



Payment on maturity
If the account holder submits a Form-2 application to the accounts office, the maturity amount will be paid to them. The maturity duration of the deposit under this Scheme will be decided by the interest rate in effect at the time the account is opened.

Payment on the death of account holder

If a nominee is named or there are legal heirs, the deposit will be paid to them in the event that the depositor of a single account or all depositors in a joint account are no more. If there are fewer than three remaining nominees or legal heirs, they may choose to continue the account and collect the deposit amount and interest at maturity in the way specified in this scheme. A joint account's remaining account holder or holders, if any, will be recognised as the account's owner or owners upon the death of one or more of the account holders, and they may either keep the account open or close it.