Put up workplace KVP: Do you know that Kisan Vikas Patra, a government-backed financial savings scheme, doubles the cash invested over a interval of 10 years? A KVP account, arrange in a submit workplace or choose branches of PSU banks reminiscent of SBI and PNB, requires minimal funding of Rs 1,000 with no higher restrict, and presents an rate of interest of seven.2 per cent compounded yearly, in keeping with India Put up’s web site, indiapost.gov.in. The amount of cash parked on this government-backed financial savings scheme doubles in 120 months, in keeping with India Put up — which has greater than 1,55,000 branches throughout the nation. 

Listed below are 5 vital particulars to know in regards to the Kisan Vikas Patra financial savings scheme certificates:

KVP submit workplace scheme: Rate of interest Jan-Mar 2023

At the moment, funding in a submit workplace KVP account yields a return of seven.2 per cent, compounded yearly. Similar to each different small financial savings scheme, the rate of interest of KVP is reviewed on a quarterly foundation and any adjustments introduced on the finish of every quarter. 

In December 2022, the rate of interest in addition to the maturity interval relevant to Kisan Vikas Patra financial savings certificates have been revised for a second straight quarter after 9 back-to-back quarters of no change. 

The KVP scheme gave a return of seven per cent with a maturity interval of 123 months within the quarter ended December 2022. For the earlier three months, the rate of interest was 6.9 per cent with a maturity interval of 124 months.

Here is a chart displaying the estimated amount of cash generated on the finish of every yr in a KVP account with an funding of Rs 1 lakh:

KVP submit workplace scheme: Eligibility

A KVP account may be arrange singly or collectively (as much as three people allowed) by people aged 18 years and above. The account may also be arrange by a guardian in favour of a minor aged 10 years and above.

KVP submit workplace scheme: Minimal funding

Eligible people can make investments a minimal of Rs 1,000 within the Kisan Vikas Patra scheme with no higher restrict. Any quantity above 1,000 in multiples of 100 is permissable below the government-backed small financial savings scheme. 

KVP submit workplace scheme: Lock-in interval

Funding in a Kisan Vikas Patra scheme is locked in for a interval of two years and 6 months from the date of deposit, in keeping with the submit workplace web site. Nevertheless, a untimely closure is allowed in sure circumstances, reminiscent of demise of an account holder, forfeiture by a Gazette officer pledgee or order by courtroom. 

KVP submit workplace scheme: Account switch 

A Kisan Vikas Scheme account may be transferred from one particular person to a different strictly below the next situations:

• demise of account holder (to a nominee or a joint holder)
• order by courtroom
• pledging of account 

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