Kisan Vikas Patra interest rate April-June 2023: The Government has announced an increased Kisan Vikas Patra (KVP) interest rate for the first quarter of FY 2023-24. As per the official notification of the Ministry of Finance, the new rate will be 7.5% and the account will now mature in 115 months. This means money deposited under the KVP scheme will now double in 115 months. The previous rate for Kisan Vikas Patra was 7.2%.
Along with KVP, the Government has also revised the interest rates of some other small savings schemes like Senior Citizens Savings Scheme (SCSS), Sukanya Samriddhi Yojana, Post Office Fixed Deposits, Post Office Monthly Income Scheme and Post Office Recurring Deposit. There is no change in Public Provident Fund (PPF) interest rate.
Also Read: Why you should still invest in Public Provident Fund (PPF)
The Government revises interest rates for various small savings schemes on a quarterly basis. The next revision of the interest rates will happen by June 30, 2023.