The scheme is attractive to non-tax payers because :
- Convenience : many post offices strewn over the length and
breadth of our country.
- Safety : better than other Institutions.
- Liquidity : one does not necessarily wait for 6 years.
One has to fill the application form purchase of Kisan Vikas
Patra and it bears the name of the purchaser.
Maturity period for KVP issued from time to time (amount
doubles on maturity)
For KVP issued from 24.04.1992 to
01.09.1993......................... 5 years.
02.09.1993 to
31.12.1998..........................5 years 6 months.
01.01.1999 to
14.01.2000....................... . 6 years
15.01.2000
to 28.02.2001.......................... 6 years 6 months
01.03.2001
to 28.02.2002..........................7 years 3 months
01.03.2002 to
28.02.2003..........................7 years 8 months
01.03.2003 onward...................................8 years 7 months
- There is no ceiling on holdings. Amount is doubled on
maturity.
- Premature encashment is permitted after 2 1/2 years .
- Identity slip can be issued to literate adults.
- KVP is
available in denominations of Rs.100, Rs.500, Rs.1000,
Rs.5000, Rs.10000 and Rs.50000.
(a)
After sub rule (7) , Rule 12 the following sub rule shall be
inserted
namely :-
" (8) Net withstanding anything
contained in sub -rules (1) to (7), the
maturity period of a certificate purchased on or after the
1st day of
March 2002 shall be seven years and eight months commencing on the
date of issue of the certificate. The amount inclusive of interest
payable
on encashment of the certificate at any time after the expiry of
its
maturity period shall be Rs. 2000/- for a denomination of
Rs.1000/- and
at proportionate rate for any other
denomination
(b) After sub rule 10 of rule 13 and the table relating thereto,
the following sub
rule and the table shall be inserted namely :-
"(11) Notwithstanding anything contained in rule 12, if a
certificate issued
on or after the 1st day of March 2003 , is encashed at anytime
after
the expiry of 2 years and 6 months from the date of issue of
the
certificate , the amount payable inclusive of interest shall be
as
specified in the table given below for certificate of the denomination
of
Rs.1000/- and proportionate rate for
any other denomination namely:-
|
Period
from date of issue of the certificate to the date of
encashment |
Amount
Payable inclusive of Interest
(In Rupees) |
|
2
years 6 months or more but less than 3 years |
1170.51 |
|
3
years or more but less than 3 years 6 months |
1207.95 |
|
3
years six months or more but less than 4 years |
1267.19 |
|
4
years or more but less than 4 years 6 months |
1310.80 |
|
4
years 6 months or more but less than 5 years |
1355.90 |
|
5
years or more but less than 5 years 6 months |
1435.63 |
|
5
years 6 months or more but less than 6 years |
1488.49 |
|
6
years or more but less than 6 years 6 months |
1543.30 |
|
6
years 6 months or more but less than 7 years |
1649.13 |
|
7
years or more but less than 7 years 6 months |
1713.82 |
|
7
years 6 months or more but less than 8 years |
1781.06 |
|
8
years or more but less than 8 years 7 months |
1850.93 |
|
At proportionate rate for any other denomination |
|
