Kisan Vikas Patra- Interest rate hiked For January- March 2023

The Kisan Vikas Patra is a small savings tool designed to help people contribute to long-term savings plans. It is a popular investing tool due to its low risk and guaranteed profits. Interest rates at Kisan Vikas Patra are rising as the government raises them for the January-March 2023 quarter. The Kisan Vikas Patra assists people in adding to their long-term savings plan. It is a tool with guaranteed profits and minimal risk. Because of this, people like the Kisan Vikas Patra. Investors receive double the amount invested at the end of the maturity period, regardless of market volatility.

Features-

• Post Office provides KVP deposits which are backed by the government. As a result, even if the post office fails, your deposits will be safe.
• The minimum deposit amount is Rs 1000, with no maximum investment limit.
• Children over the age of ten can open a KVP account in their own name.
• There is no limit to the number of KVP accounts that can be opened under the scheme.
• The KVP account can be pledged or transferred as security by submitting the prescribed application form along with an acceptance letter from the pledge to the concerned Post Office.
• After two years and six months from the date of deposit, a KVP account can be closed.

Kisan Vikas Patra interest rates-

Deposits made into KVP accounts will now earn an annual compounded interest rate of 7.2%. Previously, the interest rate on KVP was 7%. The investment in the KVP account will double in value after 120 months at 7.2% interest.

Eligibility-

• The applicant must be an adult Indian resident.
• A parent or guardian may make an investment on behalf of a minor or a person of unsound mind.
• NRI's and HUF's are not permitted to invest in Kisan Vikas Patra.

Documents Required-

• Identity proof for such as Aadhaar card, PAN, Voter ID etc
• KVP Application Form
• Proof of address
• Birth certificate

How to open KVP online through Netbanking?

Step 1: Login to DOP internet banking.

Step 2: Go to 'General Services' > 'Service Requests' > 'New Requests'.
Step 3: Select NSC Account to create an NSC account and KVP Account to create a KVP account.
Step 4: Enter the amount for which the NSC is to be opened (minimum Rs 1000 and multiples of 100).
Step 5: Choose the Debit Account that is linked to the PO Savings Account.
Step 6: Click on 'Click Here' to read and accept the terms and conditions.
Step 7: Online submission
Step 8: Enter the transaction password and click the Submit button.