- Date : 13/01/2023
- Read: 3 mins
Kisan Vikas Patra has a lock-in period of 2 years and 6 months
Kisan Vikas Patra's interest rates are increasing as the government has hiked them for Jan-March 2023 quarter. The Kisan Vikas Patra helps people to add to their savings plan in the long term. It is a tool with assured profits and low risk. People like the Kisan Vikas Patra owing to it. Once the maturity period ends, investors get double the invested money, regardless of the volatility in the market.
Read: KVP vs. Post office Deposit vs. SBI Deposit: Interest Rates Comparison
2023 Interest Rates for Kisan Vikas Patra
Kisan Vikas Patra deposits will earn a 7.2% yearly interest after compounding. The interest rate on Kisan Vikas Patra was 7%. The investment in Kisan Vikas Patra or KVP will double after around 120 months.
Who Can Open It?
A guardian on behalf of a minor or someone with an unsound mind, a minor above 10, a joint account (up to three adults), or a single adult can open a Kisan Vikas Patra.
These are the Types of Kisan Vikas Patra Accounts
You can open any of the following accounts after applying to the accounts office through Form-1:
- Joint A
- Joint B
- Single Holder
Read: Changes in KVP scheme in Oct-Dec 2022
How To Open an Account Through Internet Banking?
- Visit the DOP internet banking website and log in.
- Click "General Services," "Service Requests," and "New Requests."
- Press "NSC Account"- Open the NSC account and Kisan Vikas Patra account to open it
- Enter the amount for which you wish to open the NSC.
- The minimum amount is Rs. 1,000 and in multiples of <100
- Choose the PO Saving Account linked Debit Account
- Click "Click Here" and read and accept the terms and conditions
- Submit
- Enter the password and click "submit."
- Log in once more to see the details under "accounts."
Kisan Vikas Patra
The KVS has a 2 year 6 month lock-in period, and one can only prematurely close it when:
- On pledging the account to a specified authority
- Court order
- Death of account holder to joint holder(s)
- Death of account holder to legal heirs/nominee
When Can You Transfer KVP From One Person to Another?
You can transfer a Kisan Vikas Patra only in the following cases:
- On pledging the account to a specified authority
- Court order
- Death of account holder to a joint holder(s)
- Death of account holder to legal heirs/nominee
Read: Impact of interest rates on mutual funds
Conclusion
A low-risk tool, KVP is a good instrument for individuals to invest money. You get guaranteed returns, and your money is not at risk. However, you must lock in your investment for a minimum of 2 years and 6 months, and certain conditions must be fulfilled if you wish to close the account prematurely.
