KVP Calculator (Kisan Vikas Patra)
KVP Calculator (Kisan Vikas Patra)
When a Kisan Vikas Patra doubles your money, the doubling period the interest rate implies, and what the doubled amount is worth after inflation.
Kisan Vikas Patra maturity
$1,00,000 in KVP at 7.5%, announced maturity 115 months
Doubling period and rate
- r
- the annual rate as a decimal, compounded once a year
- m
- the months to maturity announced with the rate
- ln
- the natural logarithm
Worked example
$1,00,000 in KVP at 7.5%, announced maturity 115 months
Months implied by 7.5% = 12 × ln 2 ÷ ln 1.075 = 115.0, which rounds to the announced 115
Exact rate for 115 months = 212 ÷ 115 − 1 = 7.501%, which rounds to 7.5%
Paid after 115 months (9 years 7 months): $2,00,000
In today's money at 4% inflation: $1,37,339
Announced KVP rates and months since 2014
| Rate | Announced months | Months implied by the rate | Exact rate for the months |
|---|---|---|---|
| 8.7% | 100 | 99.7 | 8.673% |
| 7.8% | 110 | 110.7 | 7.855% |
| 7.7% | 112 | 112.1 | 7.709% |
| 7.6% | 113 | 113.6 | 7.639% |
| 7.5% | 115 | 115.0 | 7.501% |
| 7.3% | 118 | 118.1 | 7.303% |
| 7.2% | 120 | 119.6 | 7.177% |
| 7.0% | 123 | 122.9 | 6.996% |
| 6.9% | 124 | 124.7 | 6.938% |
Why the months and the rate do not always match
A Kisan Vikas Patra has one promise: after a fixed number of months, it pays you back twice what you put in. For certificates bought in July–September 2026 that is 115 months, with a quoted rate of 7.5% a year compounded yearly, under the Ministry of Finance’s office memorandum of 30 June 2026. Both are fixed for the life of the certificate, so a later change does not affect one you already hold.
Work the rate backwards and 7.5% compounded once a year doubles money in 115.0 months — the announced 115, to the nearest month. It cannot always match so neatly: a rate quoted to one decimal place almost never doubles money in a whole number of months, so the notice rounds. From April 2020 to September 2022 the notice said 6.9% and 124 months, but 6.9% compounded yearly takes 124.7 months; in 2014–16 it said 8.7% and 100 months, though 8.7% takes 99.7. The certificate pays double on the announced month either way, so its true yearly rate is the one the months imply — 6.938% for 124 months, 8.673% for 100. When the two disagree by a month, trust the months: they are what the certificate pays on. The table shows every pair announced since 2014; none is more than a month apart.
The yearly chart shows the value compounding at the exact doubling rate. It is an illustration, not a surrender value: a certificate can be cashed early only after two and a half years, at the values in the government’s own premature-encashment table.
You can invest any amount from ₹1,000 in multiples of ₹100, with no ceiling. The interest is taxable and there is no deduction for the deposit; the Income-tax Act, 2025 replaced the 1961 Act on 1 April 2026, so check the current rules for how the interest is taxed.
Doubling is not the same as doubling your buying power. At 4% inflation, twice $1,00,000 after 115 months is worth about $1,37,339 in today’s money, a real return of about 3.37% a year. The rule of 72 calculator gives a quick check on any doubling time, and the inflation calculator shows what a sum will be worth later. This is arithmetic on the figures you enter, not financial advice.
Frequently asked questions
In how many months does KVP double now?
115 months (9 years 7 months) for certificates bought in July–September 2026, at 7.5% a year compounded yearly.
Why did 6.9% come with 124 months, not 125?
A rate quoted to one decimal rarely doubles money in a whole number of months, so the notice rounds the months — sometimes up, sometimes down. 6.9% would take about 124.7 months; the notice said 124, so those certificates really earned 6.938% a year.
Does the KVP rate change after I buy?
No. The rate and the months in force when you buy apply until maturity.
Can I cash a KVP early?
Only after two and a half years (or earlier on death or a court order), at the values in the government’s premature-encashment table.
Related calculators
References
- Ministry of Finance (Department of Economic Affairs). Kisan Vikas Patra Scheme, 2019, Gazette of India, 12 December 2019: the deposit is repaid doubled at maturity, after the period notified by the Government for the quarter of deposit; minimum ₹1,000 in multiples of ₹100, no maximum.
- Government of India, Ministry of Finance (Department of Economic Affairs). Office Memorandum F.No.1/4/2019-NS dated 30 June 2026: rates on small savings schemes for 1 July – 30 September 2026 (second quarter of FY 2026-27) unchanged from the first quarter — Sukanya Samriddhi 8.2%, National Savings Certificate 7.7% and Kisan Vikas Patra 7.5% (maturing in 115 months), all compounded yearly; Senior Citizens’ Savings Scheme 8.2%, paid quarterly; Monthly Income Account 7.4%, paid monthly. As listed by Indian Bank, “Interest rates for Small Savings Schemes” (accessed 22 September 2026).
- Ministry of Finance quarterly small-savings rate memoranda, 2014–2026, as compiled by Stable Investor, “Kisan Vikas Patra (KVP) Interest Rate History”: for example 8.7% with 100 months (2014–16), 7.7% with 112 months, 6.9% with 124 months (April 2020 – September 2022), 7.2% with 120 months (January–March 2023), 7.5% with 115 months (from April 2023).
- Brealey RA, Myers SC, Allen F. Principles of Corporate Finance. McGraw-Hill. Compound interest, the future value of an annuity due, and present values.
- Income-tax Act, 1961, replaced from 1 April 2026 by the Income-tax Act, 2025, which renumbers its provisions. Tax on small-savings interest and on NPS withdrawals depends on the current Act, your regime and your slab; this page states no rate.
- Central-bank inflation targets used as default inflation by currency: Reserve Bank of India (4% CPI, flexible inflation targeting framework); U.S. Federal Reserve (2% PCE); European Central Bank (2%); Bank of England (2% CPI); Bank of Canada (2%); Reserve Bank of Australia (2–3%); Bangko Sentral ng Pilipinas (3% ± 1). Actual inflation often runs above target.