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OUR USEFUL BANKING SERVICES


The scheme is attractive to non-tax payers because :
  1. Convenience : many post offices strewn over the length and breadth of our country.
  2. Safety : better than other Institutions.
  3. 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

  1. There is no ceiling on holdings. Amount is doubled on maturity.
  2. Premature encashment is permitted after 2 1/2 years .
  3. Identity slip can be issued to literate adults.
  4. 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

 



Note : Facility for nomination available

   

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