The re-launched Kisan Vikas Patra (KVP) will be
available to the investors in the denomination of Rs. 1000, 5000, 10,000 and
50,000, with no upper ceiling on investment. The certificates can be issued in
single or joint names and can be transferred from one person to any other person
/ persons, multiple times. The facility of transfer from one post office to
another anywhere in India and of nomination will be available. The certificate
can also be pledged as security to avail loans from the banks and in other case
where security is required to be deposited. Initially the certificates will be
sold through post offices, but the same will soon be made available to the
investing public through designated branches of nationalised banks.
Kisan Vikas Patras have unique liquidity feature, where an investor can,
if he so desires, encash his certificates after the lock-in period of 2 years
and 6 months and thereafter in any block of six months on pre-determined
maturity value. The investment made in the certificate will double in 100
months.
Reintroduction of Kisan Vikas Patra (KVP) is a welcome step not
only in the direction of providing safe and secure investment avenues to the
small investors but will also help in augmenting the savings rate in the
country. The scheme will also safeguard small investors from fraudulent schemes.
With a maturity period of 8 years 4 months, the collections under the scheme
will be available with the Govt. for a fairly long period to be utilized in
financing developmental plans of the Centre and State Governments and will also
help in enhancing domestic household financial savings in the country.
Kisan Vikas Patra (KVP) – a certificate savings scheme was launched by
the Government on 1st April, 1988. The scheme provided facility of unlimited
investment by way of purchase of certificates from post offices in various
denominations. The maturity period of the scheme when launched was 5 ½ years and
the money invested doubled on maturity. The scheme was very popular among the
investors and the percentage share of gross collections secured in KVP was in
the range of 9 % to 29 % against the total collections received under all
National Savings Schemes in the country. Gross collections under the scheme in
the year 2010-11 were Rs. 21631.16 crores which was 9 % of the total gross
collections during the year. In the year of its closure, the scheme secured
gross collections of Rs. 7575.95 crores (April 2011 to November 2011).
Venue of function : Banquet Hall, Hotel Ashok, Chankayapuri, New Delhi at 10.00 am dated 18/11/2014
Venue of function : Banquet Hall, Hotel Ashok, Chankayapuri, New Delhi at 10.00 am dated 18/11/2014
Source : PIB
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