Latest Kisan Vikas Patra (KVP) interest rate for January- March 2024 Read more to know latest KVP interest rate for January- March 2024 quarter
Kisan Vikas Patra, or KVP, is a well-liked small savings plan that is taken into consideration for long-term investments. Along with other smaller savings schemes, the government reviews the KVP interest rate every three months.What is the latest KVP interest rate for January- March 2024 quarter?
Deposits made into KVP accounts currently earn an interest rate of 7.5% annually compounded.To double your money under this savings plan, at the current interest rate, you will need in 115 months (9 years & 7 months).
Kisan Vikas Patra: What will be the premature value of KVP account opened on or after April 1, 2023
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
In the case that the depositor of a single account or all depositors in a joint account are deceased, the deposit will be distributed to the nominee or any designated legal heirs. Less than three nominees or legal heirs may elect to keep the account open and receive the deposit amount and interest as per this scheme's instructions upon maturity. In the event that one or more joint account holders pass away, the remaining account holder(s), if any, will be acknowledged as the account's owner(s) and may choose to keep the account open or shut it.
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 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'.
How to close KVP online
Step 1: Login into DOP internet banking .
Step 2: Under 'General Services', click on 'Service Requests' > 'New Requests' .
Step 3: Click on closure of NSC Account for NSC and closure of KVP Account for KVP .
Step 4: Select NSC account or KVP account to be closed and the account to be credited that is linked PO Saving Account.
Step 5: Submit online
Step 6: Enter transaction password and submit.
Things to note
KVP purchased on or after 01.07.2015 (i.e. in the form of passbook) can be closed under this option.KVP issued prior to 01.07.2016 in the form of savings certificates are to be closed at the post office concerned.Connect with Experts - Wealth creation made easy
This story originally appeared on: India Times - Author:Faqs of Insurances
