Kisan Vikas Patra to be relaunched today
the government will tomorrow relaunch saving instrument Kisan Vikas Patra (KVP), wherein the invested money will get doubled in 8 years and 4 months.
The KVP, which will be relaunched by Finance Minister Arun Jaitley, will be available in the denomination of Rs 1,000; 5,000; 10,000 and 50,000. There will be no upper ceiling on investment.
"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," the Finance Ministry said in a statement.
Investments in KVP will remain under a lock-in for a period of 2.5 years and thereafter in any block of six months on pre-determined maturity value.
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 certificates can be transfered from one post office to another. The certificate can also be pledged as security to avail loans from the banks.