KVP Closure Amount Calculation: How to calculate KVP (Kisan Vikas Patra) premature closure amount


Kisan Vikas Patra, or KVP, is one of the popular small savings programmes offered by the Post Office. This scheme doubles the investor money in just over ten years. As of now, KVP now provides a compounded annual interest rate of 7%.

Interest rate of KVP is reviewed (and sometimes revised) every quarter by the government along with other small savings schemes. At the present interest rate, this little savings strategy will take 123 months, or 10 years and three months, to double your money.
According to a Ministry of Finance notification dated November 22, 2022, “The maturity period of an account opened on or after the 1st day of October, 2022 shall be ten years and three months.”

A KVP account can be started with a minimum of Rs 1,000 and then in multiples of Rs 100. There is no upper limit. KVP certificates can be transferred from person to person or from one post office to another in India.

Premature closure of KVP

According to India Post website, KVP may be prematurely closed any time before maturity subject to the following conditions : –
(i) On the death of a single account, or any or all the account holders in a joint account
(ii) On forfeiture by a pledgee being a Gazette officer.
(iii) When order by court.
(iv) After 2 years and 6 months from the date of deposit.

How to calculate premature closure value?

The table below shows the premature closure value of account opened on or after 1st day of October with Rs 1000. These rates are as per the latest notification from the Ministry of Finance.

Period from the date of the certificate to the date of its encashment Amount payable inclusive of interest (Rupees)
Two and half years but less than three years 1157
Three years but less than three and half years 1191
Three and half years but less than four years 1226
Four years but less than four and half years 1262
Four and half years but less than five years 1300
Five years but less than five and half years 1338
Five and half years but less than six years 1378
Six years but less than six and half years 1419
Six and half years but less than seven years 1460
Seven years but less than seven and half years 1548
Seven and half years but less than eight years 1548
Eight years but less than eight and half years 1594
Eight and half years but less than nine years 1641
Nine years but less than nine and half years 1689
Nine and half years but less than ten years 1739
Ten years but before Maturity of Certificate 1791
On maturity of certificate 2000

Depending on how the interest rate on KVP changes, the amounts listed could change. Please refer to the government announcement for the most recent values.
Also read: Kisan Vikas Patra: How payment is made upon death of KVP account holder



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