Introduction
In the year 1988 Indian post launch the scheme named Kisan Vikas Patra which is a savings certificate scheme specifically targeting to the common and middle class population in India. Under the skin people can buy the Kisan Vikas Patra which is validate for a certain period of time for getting additional benefits on their investment in the form of purchasing kisan vikas patra. The overall concept monitoring is under by the government of India set up committee supervision.
The recommendations and suggestions for the scheme is given by the shayamla gopinath. Various changes and modifications in the scheme Kisan Vikas Patra to avoid misuse. Letter the scheme was run successfully for a long tenure, but due to the high volume of misleading the same concept and ends it was closed in the year 2011 and later by performing various modifications and changes with a proper guidelines to the scheme it was released in the year 2014.
The new revised scheme is purely a savings account kind of certificate with a validity of 115 months. The rate of interest of this Kisan Vikas Patra certificates is 7.5% which can be purchase by an adult for the purpose of self or for the minors of the family. This certificate benefits can be transferred to one person to another person, one person to another post office as your irrespective of their purchase to location. After successful completion of 2 and half years from the date of Kisan Vikas Patra issue, user can avail the cash benefits of the certificate.
Objective
The main objective of the scheme is to provide the complete detail information and benefits to the people who are adult or minus as well. Targeting to the people who are managed to save their savings in government undertaking financial sector, this scheme is tend to give a solid support to the middle class and lower middle class population as the first priority and also the organizations which are working for the welfare of social and people who are disabled and for the society.
The rate of interest for the Kisan Vikas Patra is remain same for all kind of purchases. There is no specific add on benefits or additional prophets provided to any specific organisation or individuals. This is valid and construct as a liquid cash after completion of two and half years period.
The eligibility criteria for the Kisan Vikas Patra
- To purchase the scheme the applicant must be an adult
- The applicant should mention the Kisan Vikas Patra is for the purpose of self or on behalf of any minor
- Any trust or organisation can also available came to get the benefits for the welfare of the trust or the organisation
- The hindu undivided family and analyse or not eligible to purchase the scheme and its benefits
- This certificate can purchase for 2 adults jointly and payable to the both owners the maturity amount
- Kisan Vikas Patra certificate can be purchased from public and private sector banking and get all the benefits you respect to of the mode of purchase or the platform
Details
According to the government of India perception and surveys there is a lot of gap between the upper class and middle class due to lack of economical security. To reduce the gap between the two categories and improve the middle class and lower middle class population economical security for the future uses the scheme called Kisan Vikas Patra initiative taken by the government of India and India post.
This Kisan Vikas Patra is majorly useful for the population who are below middle class and middle class and also for the below poverty line population who can able to security economical growth. Based on the eligibility criteria an individual or an organisation which is working for the welfare of social and the society can purchase the scheme certificate from postal department or any private sector banking also.
Under this facility people can get 7.5% of rate of interest and also they can get the cash benefits after completion of 3 years period. This Kisan Vikas Patra can keep for the tenure of 115 months duration with respect to rate of interest of 7.5%.
Properties of the scheme
After completion of the tenure provided an adult can get the complete benefits of the scheme along with the rate of interest as committed. This can be avail in the form of cash or can transfer to the respective account holder bank directly. It maintains complete transparency towards maintaining the fonts in a sustainable deposits where the major part will get sustainable returns. All the investments of this Kisan Vikas Patra certificates is managed by the government of India in association with the finance department, government of India.
The overall benefits can split into two individuals based on the requirement of the adults which means 2 adults can purchase a single Kisan Vikas Patra scheme certificate and the benefits will be shared equally or based on the ratio the invested in the scheme. At the time of completion of duration the minor age is still remain below 18 years then the guardian father or mother will get the money for the purpose of respect to respective certificate holder benefits only.
Conclusion
The certificate purchased in a respective location can be transferred to any of the location across India without having any restrictions. In case of transferring the certificate to another person is also possible, by visiting nearest post office the certificate holder can transfer to another beneficiary by providing the valley documentation which are mandatory. The complete benefits of the certificate will be given to the new holder of the certificate only. The complete authority of the old holder of the certificate will be removed and the new one will be considered as the person authorised for the Kisan Vikas Patra purchased.
The Kisan Vikas Patra benefits can be accessible at any of the location across India. By providing certificate details which are mandatory a person can get the benefits in any of the branch available in India. The nris are strictly not allowed to purchase the Kisan Vikas Patra which are really meant for the purpose of Indian citizens only.
