Kisan Vikas Patra
Kisan Vikas Patra (KVP) is a savings plan that was reintroduced on 18-Nov-2014 by the Government of India. It is to encourage people to save their money and not invest in fraudulent schemes.[1] The plan offers current interest rate of 7.6 per cent.[2] It doubles an investment in 113 months (9 years, 5 months).[2] Finance Minister Arun Jaitley started the plan. The Directorate of Small Savings Government of India, sells these saving bonds through all Post Offices in the country. A KVP can be cashed in after two and a half years from the date of issue at the purchase amount plus interest.[1] However, there is no tax break for investors in KVPs.[1]
Purchasing
When an investor buys a KVP the Post office issues a certificate of deposit. It has the investors name, the amount and date of maturity. KVPs are available in amounts of 1,000, 5,000, 10,000 and 50,000 Rs..[1] Anyone can invest in Kisan Vikas Patra if they are an adult and a citizen of India. [3]
References
- ↑ 1.0 1.1 1.2 1.3 "Kisan Vikas Patra Relaunched: 10 Facts". NDTV. 18 November 2014. Retrieved 18 November 2014.
- ↑ 2.0 2.1 Chandralekha Mukerji (18 November 2014). "Kisan Vikas Patra: Should you junk gold and invest in KVPs?". The Economic Times. Retrieved 18 November 2014.
- ↑ "Kisan Vikas Patra". kisanvikaspatra.com. n.d. Archived from the original on 23 October 2014. Retrieved 18 November 2014.
