Post Office Scheme: Double your money with Kisan Vikas Patra, higher interest rates applicable from October 2022

New Delhi: For those people who want to go via the traditional route for their investment, India Post provides a slew of investment schemes. These small saving schemes not only offer impressive interest rates, it also assures some sort of a guaranteed return. One such scheme offered by India Post is Kisan Vikas Patra (KVP), which is a long term investment instrument offering a chance to double the investments in a few years.

The government had in September this year raised rates on some small savings schemes by up to 30 basis points (bps). With the revision, a three-year time deposit with post offices would earn 5.8 percent from the existing 5.5 percent, an increase of 30 basis points for the third quarter of the current financial year. Senior Citizen Savings scheme will earn 20 basis points more to 7.6 per cent from the existing rate of 7.4 per cent during the October-December period.

With regard to Kisan Vikas Patra (KVP), the government has revised both tenure and interest rates. The new rate for KVP would be 7 percent and the maturity period is 123 months, compared to the existing interest rate of 6.9 percent and maturity period of 124 months.

All you need to know about the Kisan Vikas Patra scheme

In the Kisan Vikas Patra scheme, you can invest as little as Rs 1000. There is no upper limit on the investments in this India Post scheme. Post Office offers you certificates in denominations of Rs 1000, Rs 2000, Rs 5000, Rs 10,000 and Rs 50,000.

Investors above the age of 18 can invest in the Kisan Vikas Patra scheme. Post Office also offers investors a chance to open single and joint accounts in this scheme, with the maximum number of individuals capped at three.

Parents or guardians can also open an investment account in the Kisan Vikas Patra scheme in the name of their children. Investors can also select nominees in the schemes.