BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Certificate can be purchased by an adult for himself or on behalf of a minor or by two adults.
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KVP can be purchased from any Departmental Post office.
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Facility of nomination is available.
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Certificate can be cash after 5 & 10 years from the date of issue.
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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 The principal along with the interest can be withdrawn.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.