Content Update
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Hello,
If I update the existing content i.e.I added some content to the already existing indexed content in a post,how will it effect SEO wise?
Venkee
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It will not have any real effect other than changing your on page SEO.
If the dates are changed, and content is updated with a good portion of information, the post may get ranked higher just because of freshness. Google loves fresh content and fresher content usually rank better but fall a little below later on.
What you may try is making a new post with a link referring to the old post. See if that works for you and if not you can always update the content on the original post...which is what I would do.
Keeping content updated with changes is a good way for your users/readers, not just for SEO

Good content and updated content can have others point back to your site, i.e. "hey check this page out, they update this information quite often!".