Kisan Vikas Patra Interest Rate 2024 for the present quarter October to December 2024 has been notified by central government. One can now check new interest rate payable on KVP post office scheme for farmers. A person can open Kisan Vikas Patra account at any time and the amount invested doubles in 115 months (9 years and 7 months).
Read this article till the end to know what is KVP interest rate, what is minimum amount to open KVP account, how much maximum balance can be retained, how to make deposits, what are premature withdrawal terms and conditions and other aspects regarding the scheme.
KVP account will earn on the prescribed rate as notified by Ministry of Finance on quarterly basis.
KVP Interest Rate is 7.5% Per Annum (with effect from 1 October 2024).
The KVP interest rate is compounded annually.
Invested amount doubles in 115 months (9 years & 7 months)
Minimum Amount to Open Kisan Vikas Patra Account
Minimum amount to open KVP account is Rs. 1000. Subsequent deposit can be made in the multiples of Rs. 100. There is no maximum limit on amount to be deposited in KVP account.
Who can open KVP Account
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.
Deposits in Kisan Vikas Patra Account
Minimum Rs. 1000 and in multiple of Rs. 100, no maximum limit.
Any number of accounts can be opened under the KVP scheme.
Maturity of Kisan Vikas Patra Account
The deposit shall mature on the maturity period prescribed by the Ministry of Finance from time to time as applicable on the date of deposit.
Pledging of Kisan Vikas Patra Account
KVP may be pledged or transferred as security, by submitting prescribed application form at concerned Post Office supported with acceptance letter from the pledgee.
Transfer/pledging can be made to the following authorities.
