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Business News/ Money / Personal Finance/  Kisan Vikas Patra can double your money in 10 years
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Kisan Vikas Patra can double your money in 10 years

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
  • At present, KVPs are offering an interest rate of 6.9% compounded annually. (Shutterstock)Premium
    At present, KVPs are offering an interest rate of 6.9% compounded annually. (Shutterstock)

    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.

    Account opening

    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

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    Published: 27 Dec 2020, 07:51 AM IST
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