Kisan Vikas Patra Interest Rate: A good investment option is going to be available in Kisan Vikas Patra (KVP) coming under small savings schemes. The government has announced an increase in the interest rate of Kisan Vikas Patra from the first quarter of the financial year 2023-24. Under this announcement, apart from the increase in the interest rate, the maturity period has also been changed. So let’s know about it in detail.
Interest has increased
After the new update, the new interest rate available in the investment of Kisan Vikas Patra will be 7.5%, which was earlier 7.2%. At the same time, the maturity period has been increased to 115 months. This means that the money deposited under KVP scheme will now double in 115 months. Whereas, earlier its maturity period was 123 months. Explain that the benefit of increased interest rate and reduced maturity period is going to be available till June 30.
Start with Rs 1,000
A minimum amount of up to Rs 1,000 has been fixed for investment in Kisan Vikas Patra. An investment of more than Rs 50,000 can also be made in this. However, for this a PAN card is required. After investment, certificates equal to the investment amount are issued. There is no upper limit for investing in this scheme.
These people can invest money
Any adult can open his account in this scheme for investing in Kisan Vikas Patra. 3 adults can come together to open a joint account. Account can be opened for minor also under this scheme, any minor above 10 years can also open account in his name.
If you want to withdraw the money of the scheme before the maturity period, then penalty has been fixed for this. This penalty is for withdrawing money before one year. If the money is withdrawn between one year and two and a half years, then there is no penalty, but the interest is reduced.
