BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
What is not the Salient features of KVP?
A
Certificate can be purchased by an adult for himself or on behalf of a minor or by two adults.
B
KVP can be purchased from any Departmental Post office.
C
Facility of nomination is available.
D
Certificate can be cash after 5 & 10 years from the date of issue.
Explanation: 

Detailed explanation-1: -To purchase a KVP certificate, the applicant needs to visit the post-office and submit the application form. The payment of these certificates can be done through cash, cheque and demand draft in the name of the postmaster.

Detailed explanation-2: -Kisan Vikas Patra Withdrawals A Kisan Vikas Patra scheme can be closed before maturity. The principal along with the interest can be withdrawn. The period for premature withdrawal of KVP is after 2 years and 6 months from the date of issuance, which is also the lock-in period.

Detailed explanation-3: -How can I encash KVP after maturity? Upon maturity of the scheme, the payable amount shall be credited directly to the bank/post office savings account of the certificate holder.

Detailed explanation-4: -KVP Maturity Period The invested amount is doubled after the completion of the scheme tenure. For example – If an individual has invested Rs. 1, 00, 000, he/she will get Rs. 2, 00, 000 at maturity.

There is 1 question to complete.