Post Office Kisan Vikas Patra Scheme 2024: If you are looking to invest money in post office fixed deposit to double your invested amount then Kisan Vikas Patra scheme is the one you need to explore.
What is Kisan Vikas Patra scheme?
Then Kisan Vikas Patra scheme is launched by the Post Office. Under this Kisan Vikas Patra (KVP) scheme, the money you invested will get double on maturity. If you are looking for any scheme in Post Office where you want your deposit to get double on maturity, then this Kisan Vikas Patra scheme is the one you need to look forward.
Post Office scheme to double the money = Kisan Vikas Patra scheme.
For an example, if you invest 1 Lakh, then it will become 2 Lakhs on maturity.
Kisan Vikas Patra Overview
| Organisation | Post Office |
| Scheme Name | Kisan Vikas Patra (KVP) |
| Scheme Benefits | Invested Money Double |
| Interest Rate | 7.5% Compounded Annually | dated 1/12/2023 |
| Maturity Date | 115 months (9 years and 6 months) | dated 1/12/2023 |
| Open Date | Anytime |
| Category | Finance, Scheme |
| Official website | www.indiapost.gov.in |
| Join Telegram Group | Join Here |
Who can Invest? How to Invest?
Initially in the beginning of the launch of the Kisan Vikas Patra scheme, it was launched only for farmers but in today’s time of 2023/2024, anyone can open the Kisan Vikas Patra account. There is no condition of whether you are farmer, working, professionals, business man, or anyone can open provided those they meet the Kisan Vikas Patra Eligibility.
Who can Open Kisan Vikas Patra 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
Age Limit
There is no age limit in opening this KVP post office scheme as from the above, you can see that a minor can also opened provided there is a guardian with him.
Senior citizens can also opened this KVP scheme, the only disadvantage is that they won’t get extra interest, the KVP interest rate will be same for all.
How to Open the Kisan Vikas Patra Scheme?
- Visit the nearest Post Office and open the KVP Scheme.
- OR you can visit the Post Office official website – www.indiapost.gov.in and open KVP account online and invest.
Types of Kisan Vikas Patra Account
In the Kisan Vikas Patra Post Office scheme, you can open two types of KVP accounts.
- Single Holder Type Account
- Joint A – Type Account
- Joint B – Type Account
Single Holder Type Account
In this single holder type account, a single person will open account in his/her name, in maturity, he/she will get the whole amount back. In case of death, the nominee will get the amount.
Joint A – Type Account
In case of opening Joint Account, there are two types – Joint A and Joint B. In Joint A type account, two person will open the Kisan Vikas Patra account, on maturity both will get the amount in equal proportion i.e., 50-50.
Joint B – Type Account
In Joint B type account, two person will open the KVP scheme account but while opening, you will mentioned the name of the one person who will get the benefit of the maturity. The name of the person should be mentioned while opening account itself, not possible on maturity.
Kisan Vikas Patra Deposit Limit
- Minimum Rs. 1000 and in multiples of Rs. 100, no maximum limit. There is no limit in the maximum deposit. You can deposit as much amount you want to take advantage of the post office double money scheme.
- Any number of accounts can be opened under this Kishan Vikas Patra post office scheme. A single person can have multiple accounts.
Since you can deposit only one time per account, if you want to deposit money again under this KVP post office scheme to double your money then you’ll need to open new KVP account.
Note: Only Recurring Deposit (RD) accounts in Banks and Post Office allows monthly money deposit.
Kisan Vikas Patra Interest Rate
The interest rate and maturity period are interlinked. Whenever the interest rate of Kisan Vikas Patra is high, the maturity period will decrease and vice versa. But when at what KVP Interest Rate you got your KVP account opened, it’ll get fixed till your maturity.
The Government keep revising the Interest Rate of Post Office every three months. Most of the time, it remains changes, but if there is some changes on it, it’ll not affect your account because you will get the Interest rate you had while opening the account.
KVP Interest Rate Dated 1/10/2024
From 1 Dec 2024, Kisan Vikas Patra Interest Rates are as follow:
- 7.5% compounded annually.
- Amount Invested Doubles in 115 months (9 years & 7 months).
From 01.10.2023, interest rates are as follows:-
- 7.5 % compounded annually
- Amount Invested doubles in 115 months (9 years & 7 months)
So hope you have got your answer to Kisan Vikas Patra Double in how many months? The money
Kisan Vikas Patra Maturity Period
As per the 1 Dec 2024 Interest rate, the current KVP maturity period is 115 months (9 years & 7 months).
Amount Invested doubles in 115 months (9 years & 7 months)
That means, if you have invested 1 Lakh rupees in kisan vikas patra post office scheme, you will get your money doubled i.e., 2 Lakhs in 9 years & 7 months.
Premature Closure Rules and Penalty
The duration of Kisan Vikas Patra maturity period is quite long, keeping money invested for 9 years and 7 months may not be possible for many people. What if there is an emergency where you need money urgently, can you close your Kisan Vikas Patra account? Yes you through the Kisan Vikas Patra Premature Closure option.
After 2 years and 6 months from the date of deposit (KVP account opening), you can close your account anytime.
Here’s the other rules of premature closure of KVP account.
- On the death of a single account holder, or any or all the account holders in a joint account.
- Or forfeiture by a pledgee being a Gazette Officer.
- When order by court.
- After 2 years and 6 months from the date of deposit (KVP account opening).
KVP Premature closure penalty
- There will be a penalty of 1% in Interest rate.
If you have deposited 1 lakh. Suppose if your fixed interest rate is 7.5% annually. After 30 months or 2 years and 6 months, if you opt for the premature closure, then you’ll get fixed interest rate of 6.5% only.
Tax Benefits and Tax Rules
There is NO TAX BENEFIT under the Kisan Vikas Patra Scheme. KVP doesn’t come under the 80C deductions, thus the returns are completely taxable. However, withdrawals made after the maturity of the scheme are exempt from Tax Deducted at Source (TDS).
The interests on KVP are taxable on accrual basis every financial year and tax is applied on the same as “Income from other sources”.
Kisan Vikas Patra Calculator | KVP Interest Rate Calculator
How much money you will make if you invest 100,000 in KVP post office double money scheme. See the table below if you have invested Rs. 1 Lakh at an 7.5% compounded annually then by 9 years and 7 months on maturity you will make Rs. 200,191 that’s double money than your original invested capital amount. You have deposited 1 Lakh and you take home 2 Lakhs on maturity.
| Duration | Amount |
|---|---|
| 0 Year | 100000 |
| 1 Year | 107500 |
| 2 Year | 115600 |
| 3 Year | 124300 |
| 4 Year | 133600 |
| 5 Year | 143620 |
| 6 Year | 154392 |
| 7 Year | 165971 |
| 8 Year | 178419 |
| 9 Year | 191800 |
| 7 Months | 200191 |
Should You Invest Money on This KVP Post Office Scheme or Not?
- There is no tax benefit in this scheme.
- Interest of 7.5% compounded annually is better than any other bank’s Fixed Deposit Interest Rate.
- Other better plan than this KVP scheme you can explore is the Post Office National Saving Certificate scheme.
Important Links
| Kisan Vikas Patra Website | Link |
| Post Office website | Link |
| Assam Career Jobs | Link |
| Join Telegram For Banking and Savings Updates | Link |
Conclusion
In this article we have updated you about Post Office Vikas Patra Scheme 2024, We hope the update in our website Assam Career Jobs 2024 was useful to you, Do join our Telegram for the latest
FAQs about Post Office Kisan Vikas Patra Scheme
What is the name of the post office double money scheme?
The Post Office Double Money scheme is called Kisan Vikas Patra scheme. Anybody can open this KVP scheme any number of time. The maturity period of the Kisan Vikas Patra is generally 9 years and 7 months with 7.5% KVP interest date basis on 1/10/2023 interest date updated by the Post Office.