A new savings scheme is announced, that will help in uplifting the economy by channelizing the common man’s savings. The post office new savings scheme Kisan Vikas Patra (KVP), a National Savings Certificate (NSC) with insurance cover. This scheme will assist the people in fulfilling the needs of girl child like education and marriage, aside of the hiking of PPF investment limit to Rs 1.5 lakh.
The scheme has been reintroduced that will provide a greater support to the people in roping their savings. This is risk free scheme. The scheme is very beneficial even for the senior citizens, it offers the attractive interest rates for them. The scheme provides no limit on the maximum investible amount, free transferability by virtue of being a bearer instrument, absence of TDS. The scheme is also offering the insurance cover, but the postal life insurance is available only for state and PSU employees. Clarity on the scheme for the girl child is also awaited.