Finance Minister Arun Jaitley re-launched the ‘Kisan Vikas Patra’ scheme along with Communication and IT Minister Ravi Shankar Prasad here on Tuesday to encourage the habit of small savings among citizens.
The scheme, which will provide facility of unlimited investment by way of purchase of certificate from the post offices in various denominations, will soon be made available across the country through designated branches of nationalized banks.
“When the economy was in good shape, Indian’s domestic saving stood at 36 percent. But in the last few years, the rate of saving has gone down to 30 percent,” said Jaitley.
The Finance Minister further said that increasing saving rates in the economy and need to encourage the people for saving are the Centre’s priorities.
The re-launched KVP will be available to the investors in the denomination of Rs. 1,000; 5,000; 10,000 and 50,000 with no upper ceiling on investment.
The certificates can also be issued in single or joint names and can be transferred from one person to any other person.
The facility of transfer from one post office to another anywhere in India and of nomination will also be available under the scheme. The investment made in the certificate will double in 100 months.
—ANI