Revamped Kisan Vikas Patra, or KVP, a small savings
scheme has come up with exciting offers to gain more popularity among rural
Indians.
The Scheme now offers 8.67% interest and will double
the principal during its maturity period of 100 months.
Though the investment matures in eight years and
four months, one can redeem it after the lock-in period of two years and six
months and thereafter in a block of six months by getting a pre-determined
maturity value.
KVP certificates will be in denomination of Rs
1,000, Rs 5,000, Rs 10,000 and Rs 50,000. There is no cap on the amount that
can be invested.
Initially, the certificates will be sold through
post offices. Later, they will also be available at designated branches of
public sector banks.
The certificates can be bought singly or jointly and
can be transferred to any person/persons multiple times. The facility of
transfer from one post office to another anywhere in India is also available.
One can also avail of a loan against the certificates.
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