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Question

Consider the following statements regarding the  Kisan Vikas Patra:

  1. It has been launched in India for the first time in 2014.
  2. This will be available to the investors from post office only.
  3. Investors can invest upto 50 lakh only.
  4. KVP can be issued in single or joint names and can be transferred from one persons to any other person or persons for multiple times.

Choose incorrect statements:-


  1. 1, 2 and 3 only

  2. 2, 3 and 4 only

  3. 3 and 4 only

  4. 1 and 2 only


Solution

The correct option is A

1, 2 and 3 only


KVP was initially launched in 1988 and discontinued from 2011. It was relaunched on 18th November 2014. Initially KVP will be available from post offices but will soon be made available through designated branches of nationalized Banks.

It will be available in the denomination of Rs 1000, Rs. 5000, Rs. 10,000 and Rs. 50,000 with no upper ceiling on investment. Thus 1st 2nd and 3rd statements are incorrect while statement 4 is correct.

Extra Information:

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 facility of transfer from one post office to another anywhere in India and of nomination will be available. The certificate can also be pledged as security to avail loans from the banks and in other case where security is required to be deposited. 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. 
Kisan Vikas Patras have unique liquidity feature, where an investor can, if he so desires, encash his certificates after the lock-in period of 2 years and 6 months and thereafter in any block of six months on pre-determined maturity value. The investment made in the certificate will double in 100 months.

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