How much Kisan Vikas Patra (KVP) interest rate was hiked for January–March 2023 quarter

The government has hiked interest rate on Kisan Vikas Patra for the quarter January – March 2023. The Kisan Vikas Patra is a small savings tool that will make it easier for people to contribute to long-term savings plans. Due to its low risk and assurance of profits, it is a well-liked investing tool

At the end of the maturity period, you will receive the invested money with a guaranteed double increase in value, regardless of market volatility

Kisan Vikas Patra interest rates 2023

Deposits made into KVP accounts will now earn an interest rate of 7.2% annually compounded. Earlier the interest rate offered on KVP was 7%. At 7.2% interest, the investment in the KVP account will double in value after 120 months.


Who can open Kisan Vikas Patra Yojana
A single adult, Joint Account (up to 3 adults), a guardian on behalf of minor or on behalf of person of unsound mind, a minor above 10 years in his own name can open Kisan Vikas Patra.

Types of KVP accounts.-
(1) On an application to the accounts office in Form-1, the following types of accounts can be opened under the Scheme, namely :-
(a) Single Holder Type Account
(b) Joint A- Type Account
(c) Joint B- Type Account.

How to open KVP online in through Post Office internet banking
Step 1: Login into DOP internet banking .
Step 2: Under ‘General Services' >'Service Requests' > 'New Requests' .
Step 3: Click on NSC Account - Open a NSC account and KVP Account to open a KVP account.
Step 4: Enter Amount for which NSC to be opened minimum is Rs 1000 and in multiple of < 100) .
Step 5: Select the Debit Account linked PO Saving Account
Step 6: Click on 'Click Here' to read terms and conditions and accept terms and conditions .
Step 7: Submit online
Step 8: Enter transaction password and submit.
Log in again to view the details of NSC opened under ‘Accounts'.

KVP
Kisan Vikas Patra has a lock in period of 2 years 6 months. Premature closure before 2 years 6 months is allowed only:
On the death of the holder or any of the holders in the case of joint holder.
On forfeiture by a pledge being a gazetted government officer.
When ordered by a court of law.

When KVP can be transferred from one person to another person
KVP may be transferred from one person to another person on the following conditions only.
(i) On the death of account holder to nominee/legal heirs.
(ii) On the death of account holder to joint holder(s).
(ii) On order by the court.
(iii) On pledging of account to the specified authority.