BANKING GENERAL KNOWLEDGE
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
Shyamlal Kunde Committee
|
|
Shyama Prasad Committee
|
|
Shyamala Gopinath Committee
|
|
Gopinath Ghokle Committe
|
Detailed explanation-1: -What is a period of Kisan Vikas Patra (KVP)? This certificate will mature after 8 Yrs and 4 months. Your money money will double after 8 Yrs and 4 months. Therefore, interest will be 8.67%, which is annually compounding.
Detailed explanation-2: -There are no tax benefits available under this scheme. The interest accrued is taxable under ‘Income from Other sources’, paid every year. And, TDS of 10% is subtracted from the interest. However, the final amount on maturity is exempted from tax deductions.
Detailed explanation-3: -Hence the Government of India decided to close this scheme and KVP was closed in 2011 and the new government re-launched it in 2014.
Detailed explanation-4: -Fixed Lock-in Period-The fixed lock-in period on this scheme is two and half a years. If you have an emergency financial requirement, you can encash this money prematurely after two and half years from the date of issuance with some amount of interest on the same.