Double your money in less than ten years with Kisan Vikas Patra (KVP). Here is how

Kisan Vikas Patra (KVP) is one of the best small savings schemes the Post Office offers. Currently, it offers an interest rate of 7.5% compounded annually. KVP will take 115 months or 9 years and seven months to double your money at the current interest rate. 

Kisan Vikas Patra scheme 2023

KVP is a risk-free investment option offered by the Indian post office, which is a preferred choice for many people in the country. It is a good option for those looking for long-term investment.

Know when your money will get doubled  with KVP scheme

It doubles a one-time investment in approximately 9 years and 7 months . For instance, a Kisan Vikas Patra for ₹50,000 will get you a corpus of Rs1,00,000 post-maturity. 

Here are more details about Kisan Vikas Patra.

KVP: Account opening

A single adult, or a joint account with up to three adults can open a KVP account. A guardian on behalf of a minor or on behalf of a person of unsound mind can also open an account. A minor above 10 years can get his KVP account in his or her own name An eligible person can open any number of accounts.

KVP: Minimum and maximum limit

Premature closure of account

KVP may be prematurely closed at any time before maturity if the following conditions are true:

• On the death of a single account, or any or all the account holders in a joint account
• On forfeiture by a pledgee being a Gazette officer
• When ordered by a court
• After 2 years and 6 months from the date of deposit
• Transfer of account from one person to another person.

KVP may be transferred from one person to another person on the following conditions only.

• On the death of the account holder to nominee/legal heirs.
•  On the death of the account holder to the joint holder(s).
• On order by the court.
• On pledging of account to the specified authority.

Taxation on KVP

KVP does not qualify for deductions under Section 80C of the Income Tax Act. The returns on Kisan Vikas Patra investments are taxable.