Govt to relaunch Kisan Vikas Patra today; money to double in 100 months

November 18, 2014 09:30

In view of popular demand, the government will on Tuesday relaunch saving instrument Kisan Vikas Patra, 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 Finance Ministry said that the KVP will not only provide safe and secure investment avenues to the small investors but will also help in augmenting the savings rate in the country.

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