Correct Answer : Option (A) - 7.2%
The government has hiked interest rate on Kisan Vikas Patra for the quarter January – March 2023. The Kisan Vikas Patra is a small savings tool that will make it easier for people to contribute to long-term savings plans. Due to its low risk and assurance of profits, it is a well-liked investing tool
At the end of the maturity period, you will receive the invested money with a guaranteed double increase in value, regardless of market volatility
Kisan Vikas Patra interest rates 2023 :
Deposits made into KVP accounts will now earn an interest rate of 7.2% annually compounded. Earlier the interest rate offered on KVP was 7%. At 7.2% interest, the investment in the KVP account will double in value after 120 months.
Who can open Kisan Vikas Patra Yojana :A single adult, Joint Account (up to 3 adults), a guardian on behalf of minor or on behalf of person of unsound mind, a minor above 10 years in his own name can open Kisan Vikas Patra.
Types of KVP accounts :
(1) On an application to the accounts office in Form-1, the following types of accounts can be opened under the Scheme, namely :-
(a) Single Holder Type Account
(b) Joint A- Type Account
(c) Joint B- Type Account.
How to open KVP online in through Post Office internet banking :
Step 1: Login into DOP internet banking .
Step 2: Under ‘General Services' >'Service Requests' > 'New Requests' .
Step 3: Click on NSC Account - Open a NSC account and KVP Account to open a KVP account.
Step 4: Enter Amount for which NSC to be opened minimum is Rs 1000 and in multiple of < 100) .
Step 5: Select the Debit Account linked PO Saving Account
Step 6: Click on 'Click Here' to read terms and conditions and accept terms and conditions .
Step 7: Submit online
Step 8: Enter transaction password and submit.
Log in again to view the details of NSC opened under ‘Accounts'.
Kisan Vikas Patra (KVP) :
Kisan Vikas Patra has a lock in period of 2 years 6 months. Premature closure before 2 years 6 months is allowed only:
On the death of the holder or any of the holders in the case of joint holder.
On forfeiture by a pledge being a gazetted government officer.
When ordered by a court of law.
When KVP can be transferred from one person to another person :
KVP may be transferred from one person to another person on the following conditions only.
(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..Source : India Times