Kisan Vikas Patra, commonly known as KVP, is one of the best small savings programs that the mail offers. Currently, it offers an interest rate of 6.9% compounded annually. KVP will take 124 months or 10 years and four months to double your money at the current interest rate. A KVP account can be opened with a minimum amount of ??1000 and in multiples of ??100 thereafter. There is no maximum limit. Here’s everything you want to know about KVPs.
> A KVP account can be opened by a single adult. A joint account can also be opened with up to three adults. A guardian on behalf of a minor or on behalf of an insane person can also open an account. A minor over 10 years old can get their KVP account in their name.
> Any number of accounts can be opened under the plan.
> KVP can be closed prematurely at any time before the deadline, subject to the following conditions:
(i) Upon the death of a single account, or of all or part of the holders of a joint account
(ii) On confiscation by a pledgee being an officer of the Gazette
(iii) When a court order
(iv) After 2 years and 6 months from the filing date
> KVP can be transferred from one person to another under the following conditions:
(i) Upon the death of the account holder to the representative / legal heirs.
(ii) Upon the death of the account holder to the joint holder (s).
(ii) By court order.
(iii) On account pledging to the designated authority.
> KVP can be purchased at any departmental post office.
> KVP allows ease of appointment.
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