The current interest rate on Kisan Vikas Patra (KVP) account deposits is 7.2% compounded annually. The revised rate was announced on December 30. This rate would apply to KVP deposits made in the first quarter of the New Year 2023. Amid rising inflation and repo rate hikes by the Reserve Bank of India, KVP depositors were expecting an upward revision in the interest rate. More so because even several banks are now offering higher interests on Fixed Deposit schemes than KVP. In past, KVP depositors have enjoyed a higher interest than bank FDs.
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The KVP interest rate applicable in the first quarter of 2023 (January-March) was announced on December 30, 2022. The new interest rate is 7.2%. The Union Government revises the Kisan Vikas Patra (KVP) interest rate on a quarterly basis. The next revision of the KVP interest rate will take place by the end of March 2023. At 7.2% interest, the amount invested in the KVP account will double in 10 years.
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