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FM to Relaunch
Kisan Vikas Patra (KVP); Available to the Investors in the Denomination
of Rs. 1000, 5000, 10,000 and 50,000, with no Upper Ceiling on
Investment; Investment made in the KVP will Double in 100 Months
The Union Finance Minister Shri Arun
Jaitley will re-launch the Kisan Vikas Patra (KVP) here tomorrow in the
presence of Shri Ravi Shankar Prasad, Union Minister of Communication
and IT and Shri Jayant Sinha, Minister of State for Finance among
others. Increasing savings rate in the economy was one of the priorities
of the new Government on assuming charge. In view of the popular demand
and to revitalize Small Savings, the Finance Minister in para 27 of his
Budget Speech announced that “Kisan Vikas Patra (KVP) a very popular
instrument among small savers will be reintroduced The instrument will
encourage people, who may have banked and unbanked savings to invest”.
Accordingly, it is decided to reintroduce Kisan Vikas Patras (KVPs). KYC
norms regarding all National Savings Schemes (NSS) are now applicable
in post offices and banks w.e.f. January, 2012.
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).
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