Kisan Vikas Patra: What will be the premature value of KVP account opened on or after April 1, 2023 Here is premature closure value of accounts with Rs 1000 that were opened on or after April 1
Kisan Vikas Patra, also known as KVP, is among the popular small savings scheme options considered for long term investments. It is a popular investing tool because of the low risk and guarantee of earnings. The government evaluates the KVP interest rate every three months together with other smaller savings plans.KVP interest rates
Deposits made into KVP accounts currently earn an interest rate of 7.5% annually compounded for the April-June 2023 quarter.
Also read: Post Office Schemes latest Interest Rates in India for 2023
To double your money under this savings plan, at the current interest rate, you will need in 115 months (9 years & 7 months).
Premature closure value of account opened on or after 1st day of April, 2023 with Rs 1000
Period from the date of the certificate to the date of its encashmentAmount payable inclusive ofinterest (Rupees)-1-2Two and half years but less than three years1171Three years but less than three and half years1208Three and half years but less than four years1247Four years but less than four and half years1286Four and half years but less than five years1328Five years but less than five and half years1370Five and half years but less than six years1414Six years but less than six and half years1459Six and half years but less than seven years1506Seven years but less than seven and half years1554Seven and half years but less than eight years1604Eight years but less than eight and half years1655Eight and half years but less than nine years1708Nine years but less than nine and half years1763Nine and half years but before Maturity of Certificate1819
The sums indicated may vary depending on how the interest rate on KVP changes. For the most recent values, please refer to the government statement.
Premature closure
According to the India Post website, KVP may be prematurely closed any time before maturity subject to the following conditions : -
(i) On the death of a single account, or any or all the account holders in a joint account
(ii) On forfeiture by a pledgee being a Gazette officer.
(iii) When orde ..
Payment on maturity
If the account holder submits a Form-2 application to the accounts office, the maturity amount will be paid to them. The maturity duration of the deposit under this Scheme will be decided by the interest rate in effect at the time the account is opened.
Payment on the death of account holder
If a nominee is named or there are legal heirs, the deposit will be paid to them in the event that the depositor of a single account or all depositors in a joint account are no more. If there are fewer than three remaining nominees or legal heirs, they may choose to continue the account and collect the deposit amount and interest at maturity in the way specified in this scheme. A joint account's remaining account holder or holders, if any, will be recognised as the account's owner or owners upon the death of one or more of the account holders, and they may either keep the account open or close it.
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This story originally appeared on: India Times - Author:Faqs of Insurances
