Post Office KVP New Update: The current interest rate on deposits in Kisan Vikas Patra (Post Office Kisan Vikas Patra Yojana) account is 7.2% per annum! The revised rate was announced on 30th December. This rate was done in the first quarter of the new year 2023! KVP (Post Office KVP Scheme) will be applicable for deposits! Amid rising inflation and increase in the repo rate by the Reserve Bank of India,
Post Office KVP New Update
Kisan Vikas Patra (Post Office Kisan Vikas Patra Yojana) depositors were expecting further increase in the interest rate! Because many banks are now offering higher interest on FD schemes as compared to KVP! In the past, KVP Kisan Vikas Patra (Post Office KVP Scheme) depositors have earned more interest than bank FDs!
kvp interest rate
The Kisan Vikas Patra (Post Office Kisan Vikas Patra Yojana) interest rate applicable in the first quarter (January-March) of 2023 was announced on December 30, 2022! The new interest rate is 7.2%! The Central Government revises the interest rate of Kisan Vikas Patra (Post Office KVP Scheme) on a quarterly basis. The next revision of KVP interest rate will be by the end of March 2023!
Generally maturity of deposit in Kisan Vikas Patra (Post Office Kisan Vikas Patra Yojana) account! Currently 10 years 4 months! Cannot be removed before ! But in certain circumstances there is freedom to withdraw money before maturity! Before maturity, the amount deposited in the Kisan Vikas Patra (Post Office KVP Scheme) can be withdrawn only under the following three special circumstances!
On death of farmer account holder or any fellow account holder
On forfeiture of mortgage certificate from Gazetted Officer
After completion of 2.5 years of Kisan Vikas Patra (KVP Interest Rate)
Where to get Kisan Vikas Patra
You can open Kisan Vikas Patra account (Post Office Kisan Vikas Patra) in any branch of the post office! Apart from this, all public sector banks and 3 major private banks are also allowed to open Kisan Vikas Patra Account (KVP Account).
Post Office Kisan Vikas Patra with e-mode
It is necessary to buy Kisan Vikas Patra (Post Office KVP Scheme) through electronic mode. That your savings account is already open in that bank or post office (Post Office Scheme)! Along with this, you should also have internet banking facility. If you don’t have a savings account! So you have to open a savings account first, after that you can apply for the Kisan Vikas Patra (Post Office Kisan Vikas Patra Yojana) account!
The amount will double in 10 years: Post Office KVP New Update
Post Office Kisan Vikas Patra (Post Office Kisan Vikas Patra Yojana) deposit is provided by the post office! It is guaranteed! So even if the post office fails, your deposit will be safe! The amount invested in KVP account at the rate of 7.2% will double in 10 years. The minimum amount you can deposit is Rs. 1000 and there is no limit on maximum investment. Children above 10 years of age can open an account in their name in Post Office Kisan Vikas Patra Yojana (Post Office KVP Scheme)!