Kisan Vikas Patra can double your money in 10 years1 min read . Updated: 27 Dec 2020, 07:51 AM IST
- A KVP account can be opened with a minimum amount of ₹1,000 and in multiples of ₹100 thereafter
- There is no maximum limit. A KVP can be opened at any post office. Here are more details about Kisan Vikas Patra
Kisan Vikas Patra, commonly known as KVP is one of the best small savings scheme offered by the Post Office. At present, KVPs are offering an interest rate of 6.9% compounded annually. As per the current interest rate, a KVP can double your investment in 124 months or 10 years and four months. A KVP account can be opened with a minimum amount of ₹1,000 and in multiples of ₹100 thereafter. There is no maximum limit. A KVP can be opened at any post office. Here are more details about Kisan Vikas Patra.
A single adult, a joint account with up to three adults can open a KVP account. A guardian on behalf of minor or on behalf of 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.
Premature closure of acount
KVP may be prematurely closed any time before maturity if the following consitions are true:
(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 order by court
(iv) After 2 years and 6 months from the date of deposit
KVP is transferable to another person
KVP may be transferred from one person to another person in the following conditions:
(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.
KVP allows pledging
KVP may be pledged or transferred as security, by submitting prescribed application form at concerned Post Office supported with acceptance letter from the pledgee.
(ii) Transfer/pledging can be made to the following authorities.
-> The President of India/Governor of the State.
-> RBI/Scheduled Bank/Co-operative Society/Co-operative Bank.
-> Corporation (public/private)/Govt. Company/Local Authority.
-> Housing finance company