Kisan Vikas Patra (KVP)– Eligibility, Features, Interest Rates & Facility of Nomination

Kisan Vikas Patra is one of the post office saving schemes in the form of certificates that was first launched in 1988 by India Post. In this savings scheme, the government of India guarantee of investment protection and also provided with good interest rates. Good interest can be obtained by investing in this saving scheme. At present 7.7% interest is being received. The money invested in this scheme, interest rate would double in 112 months. This post office savings scheme is also known as the short name KVP (Kisan Vikas Patra).

What is Kisan Vikas Patra 

Kisan Vikas Patra or KVP is a form of certificates of the government of India. It releases you as an investment certificate. At present KVP certificates are available in the denominations of Rs 1000, Rs 5000, Rs 10000 and Rs 50000. The minimum amount that, you can be invested in KVP is Rs 1000. There is no upper limit on the purchase of KVP.

Kisan Vikas Patra  can also be taken from online

Kisan Vikas Patra (KVP) has also started getting the electronic form, from April 1, 2016. Before this, Kisan Vikas Patra was found only as a printed certificate.

Rate of interest on KVP- Kisan Vikas Patra 

On the amount deposited through Kisan Vikas Patra, the government is currently giving interest at 7.7% annual rate. According to this interest rate, the accumulated money in KVP would double in 112 months (9 years, 4 months).

Minimum and Maximum deposit limit of KVP

Minimum Rs.1000 can be deposited in KVP. There is no limit to the maximum amount. People can invest money in whatever amount they prefer.

Who can buy KVP ?

Any adult person can buy it in his name or under the name of a minor. Any two adult individuals can also jointly purchase KVP.

Facility of Nomination

You can register your nominee during the purchase of KVP. A nominee is a person who gets the money deposited in the KVP in case of account holder absence or death.

It is also possible to transfer the name of another person.

If needed, the Kisan Vikas Patra (KVP) can also be transferred to another person’s name. For this, you have to apply to the post office.

It is also possible to transfer other post office.

You can also transfer your KVP to another post office if necessary for the change of residence or some other reason.

Facilitating cash withdrawal of KVP

If needed, you can also cash the KVP before maturity period but you can do this only when 2.5 years of your KVP has been completed.

A man behind the Indian Rupee Symbol : D Udaya Kumar

The Indian rupee sign is the currency symbol of the Indian rupee or currency, it is the official currency of India. This rupee symbol is designed by Udaya Kumar Associate IIT Professor at Guwahati. First it was presented to the public by the Government of India on 15 July 2010. Before the adoption of Indian rupee sign, the most commonly used symbols for denote the rupee were Rs or Re.

The design of Indian rupee sign is based on the Devanagari letter "" (ra) with a double horizontal line at the top. It also harmonize the Latin capital letter "R".

On 5 March 2009 for the design of new Indian rupee sign, the Indian government announced a contest to this. During the 2010 Union Budget, then Union Finance Minister Pranab Mukherjee said that the proposed sign should reflect and capture the Indian cultural ethos and tradition

Almost 3,331 application received for creation of new Indian rupee sign, five symbols were shortlisted for this, Nondita Correa-Mehrotra, Hitesh Padmashali, Shibin KK, Shahrukh J. Irani, and D. Udaya Kumar and one of them D. Udaya Kumar sign was selected at the Union Council of Ministers of India meeting held on 24 June 2010. Finally the Ministry of Finance and Department of Economic Affairs of the Government of India had approved this sign and approval was given by Sushil Kumar, Under Secretary of the Government of India.

However, the decision was deferred at the request of the Finance Minister of India, and the final decision was made on 15 July 2010, when they chose the symbol created by Udaya Kumar, Associate Professor IIT Guwahati.

Non-Banking Financial Companies – NBFCs

What are Non-Banking Financial Companies – NBFCs?

Non-Banking Financial Companies (NBFCs) are financial institutions that works like bank but it is not a bank, it offers various banking services but do not have a banking license. It is registered under the Companies Act, 1956 now Companies Act 2013 of India. It is regulated by the Reserve Bank of India (RBI) within the framework of the Reserve Bank of India Act, 1934Which is engaged in the business of loans and advances, acquisition of shares, stock, bonds etc. 

Some Populars NBFCs companies in India as follows

Bajaj Finance

LIC Housing Finance


Dewan Housing Finance Ltd. (DHFL)

India Infoline Finance Ltd. (IIFL)

TATA Capital


L&T Finance

Mahindra Finance

Muthoot Fincorp

NBFCs provide financial services, which primarily involve a debt, and apart from this, different NBFC companies have different types of work.

Types of NBFCs Companies

Asset Finance Company

Housing Finance Company

Mortgage Finance Company

Investment Company

Loan Company

Finance Company

Core Investment Company

Micro Finance Company

Some vital features of Non-Banking Financial Companies -NBFCs

Non-Banking Financial Companies (NBFCs) are registered under the Companies Act, 1956 whereas a bank is registered under Banking Regulation Act, 1949.

NBFCs do not accept demand deposits like banks. Not all NBFCs are entitled to Accept public deposits, only some NBFCs which got a Certificate of Registration from the Reserve Bank of India, Are allowed to accept public deposits. 

(i) NBFCs do not have any payment or payment system. 

(ii) A Non-Banking Financial Companies (NBFCs) do not issue any kind of bank cheque.

(iii) Like banks, NBFC does not issue any kind of demand draft (DD).

(iv) NBFCs do not accept demand deposits from small savings.

(v) NBFCs are registered under the Companies Act 1956

(vi) NBFCs also offers banking services such as loans and credit facilities, currency exchange etc. 

Difference between Cheque and Demand Draft

What are the difference between Cheque and Demand Draft

Now Demand Draft (DD) is using more than cheque these days for job application, examination fees, college admission and many types of services etc. A cheque can be bounced if there is no enough money in the bank account but the demand draft is not bounced or rejected. All the vital information about this is following here.

What is Demand Draft or DD

This is a kind of pre-paid negotiable instrument issued by bank, The Negotiable Instrument means that it guarantees a certain amount of payment that is mentioning the payer's name. It can not be transferred to any other person in any situation. Both Demand Draft and Cheque are old and simple way of transferring money. The validity of any demand draft is usually three months from the date of issue of the instrument.

By the way, demand draft (DD) has been using very less today, but I want tell you that this is an easy and secure method of transferring money, and it is mostly used to deposit college Fees. In today's modern times, we have started doing online banking like NEFT, RTGS, Mobile Banking, but its usefulness has not ended.

There are many benefits to sending money from demand drafts.

(i) Often the demand draft payment does not fail, the beneficiary can get his/her sum by depositing the draft in the designated bank at the certain time.

(ii) Travelling with a lot of money using the demand draft can be avoided. This feature provides a good protection.

Difference between Cheque and Demand Draft

There are some fundamental differences in Demand draft and Cheque, which is very important to know this.

(i) The cheque is order for the bank, on which the signature of the cheque owner is mandatory whereas the demand draft is just for the transfer of money from one person or company to the other.

(ii) The cheque uses by the owner for himself or his beneficiary whereas the demand draft can be prepared for any specific person or company.

(iii) The cheque is issued by the bank but its owner using and issues it, whereas the demand draft is operated by the bank.

(iii) There is no need to pay extra charges for the use of the cheque, but for the issue of demand draft different banks charge different fees.

(iv) Cheque gets bounced if no enough money in the bank account and the beneficiary does not get the money and on the other hand, through the demand draft beneficiary directly get the money because its a pre-paid instrument.

(v) The money of demand draft (DD) is transferred directly to the same account in the name of the person or company of the demand draft (DD). The cheque can be deposited in the account, as well as the money can be withdrawn from the cheque by the bearer.

(vi) To make a Demand Draft (DD), it is not necessary to have an account in your bank. While it is necessary to have an account in the bank for the cheque. 

(vii) You can make a Demand Draft (DD) by cash or you can deduct money from your account after forming a demand draft from the bank where you have an account. While it is necessary to have a bank account to give a cheque, you can also give a cheque to anyone when there is no money in your account like you can issue post-dated cheque.

What is Election Ink ? | indelible ink

During the General Elections, a special type of ink is apply on the finger of the voters during voting. This ink is used to prevent from multiple voting. An interesting thing about this ink is that, there is only one company in India which produce indelible ink for the voting Mysore Paints and Varnish Limited located in the city of Mysore, India. This company supply the entire country to indelible ink for the voting, even exports abroad too.

This indelible ink is used on the finger nail as a powerful weapon to prevent from fake voting during the elections, it was first manufactured by the Mysore Lac and Paints Limited, established in year 1937 by Maharaja of Mysore, Krishnaraja Wadiyar. After the country’s independence in 1947, Mysore Lac and paints Limited became a public sector company. Now this company is known as Mysore Paints and Varnish Ltd. Currently the company is owned and operated by the Government of Karnataka and makes export of indelible ink for every election in the country. This ink was first used in the third general election in India in 1962.

Contains of Indelible Ink

The  indelible ink which is used in voting is contain Silver Nitrate and manufacturing process is secret and is based on a chemical formula devised by the National Physical Laboratory of India, which leaves a stain on the finger skin when the sunlight falls on it, which does not easily disappear from finger. After applying the finger, the Silver Nitrate creates Silver Chloride by acting with the Sodium Chloride (Salt) present in the sweat coming out of the skin. When exposed to sunlight, this Silver Chloride convert into Metallic Silver. Metallic silver is not soluble in water or varnish that means does not cleaned by water, so it can not be easily cleaned from a finger, almost mark stays on the finger 10-20 days.

What Is WTO - World Trade Organization ?

What Is the World Trade Organization ?

The World Trade Organization (WTO) is an organization in the context of business rules between many countries and also dealing with the rules of trade between nationswhich not only helps in the execution of many business activities but also performs many activities in the context of business programs. It is a global international organization in the context of a trade between countries of the world. The basic purpose of this organization is to provide many facilities in the context of carrying out business activities, importing goods and services, giving many facilities to importers and exporters. The main goal of  World Trade Organization (WTO) is to help producers of goods and services, exporters, and importers conduct their business.

The World Trade Organization is a world-class organization that issues guidelines for world trade and provides loan to their member countries as per their requirement. It is responsible for the changes and implementation of new business agreements. India is a founding member country. Currently it has 164 members and 23 "observer" countries

The origin of the WTO lies in General Agreement on Tariffs and Trade (GATT) was originally established in 30 October 1947, and took effect on 1 January 1948 by 23 founding countries in Geneva, in which India was also one. As a result of the  8th  round of Multilateral Trade Negotiations (MTN) of the Uruguay Round Agreements (1986-1994) under the auspices of the GATT, on 1 January 1995, the World Trade Organisation was born.

The WTO headquarters is in Geneva, Switzerland. Its current Director-General is Roberto Azevêdo is the sixth Director-General of the WTO.

Functions of the WTO

Some important functions of the WTO can be mentioned in the following manner:-

1. It provides facilities for implementation, administration and Operationalization of the world trade agreement and multilateral agreement.

2. Works as a forum for discussions between members countries on any future related trade and tariffs.

3. Administers the rules and procedures related to settlement of disputes.

4. Global economic policy cooperates with the International Monetary Fund (IMF) and the World Bank to bring more harmony in manufacturing.

NSC-National Savings Certificates

What is National Savings Certificates ?

National Savings Certificates is a long-term investment medium. Through this, the investor gets a return at a fixed interest rate. The special thing is that, it is issued under the post office scheme of the government of India. You can buy NSC (National Savings Certificates) from your nearest post office. This plan is completely tax free, in which you get the benefit of secured investment and guaranteed returns with tax saving.

NSC is like a fixed deposit of a bank. This is a post office saving service, under which you do not need to pay tax on interest or the return. If you want to secure investment and guaranteed returns with tax saving investment so NSC (National Savings Certificates)  can be a better option for you.

How many percent returns are obtained on the NSC

Currently 8.0% Interest rates for Q4, FY 2018-(January – March 2019) provided on NSC this interest rate is also changed every three months as per the decisions by the Finance MinistryInterest is earned from NSC is compounded annually but payable only at the time of maturity.

Profit from investment in NSC

The person who invest in NSC can save his tax, this is a tax saving scheme. There is no maximum limit to investing NSCs bonds you can start investment minimum amount of Rs. 100, in which you can save taxes under Section 80C of the Income Tax Act 1961 on investment of up to Rs 1.5 Lakh.

Maturity period of NSC

The maturity of NSC is come with 2 fixed maturity periods 5 years and 10 years. The good thing is that if you meet certain conditions, you can withdraw the account balance after the maturity period of 1 year. Interest rates in NSC are changed or fixed every 3 months.

Amount of investment in NSC

There is no maximum limit to the amount of investment in NSC. In the NSC you can invest in a sum of Rs 100 and then in the coefficient of this amount up to Rs 100, Rs 500, Rs 5000, Rs 10 000.

Who can buy NSC ?

The special thing is that the benefits of this scheme can be availed by people who is below the age of 18 years. i.e., the scheme will also benefit minors. For this, their parents will have to buy NSC in the name of their children who is below the age of 18 years. They can also invest in joint schemes. Non-Resident Indians (NRI) and Hindu Undivided Families (HUFs) or trusts can not invest in it, you can say, they can not avail benefit of this scheme. This  scheme is only for Indian individual citizens.

You can transfer NSC from one post office to another post office as well as you can transfer from one person to another person but for this you will have to fill out and submitting Form NC-32 at the post office which earlier issued the original certificate.If your original NSC certificate has been lost, stolen, destroyed, defaced or mutilated so you can get duplicate copy of NSC certificate but for this you will have to just fill out Form NC-29 and submit it at the post office.

How to buy NSC

To purchase a NSC is a simple process, you can buy it from any nearest post office. You have to keep some necessary documents like Aadhaar, PAN, etc. with you to buy NSC. You have to give your necessary information through the form in which you will have to tell about your name and investment amount. You can purchase NSC through cheque or cash and demand draft also. In case of payment by cheque, the account will open only if the payment of cheque will be successful.

Companies and NRIs are not eligible for investing in NSC

No society or company can buy the NSC. NRI (Non-Resident Indians) is not the facility of buying NSC. However, if you were a citizen at the time of buying NSC, then the NSC purchased before your NRI will continue to work till its maturity.

There is also the facility of choosing nominee in the NSC so that your chosen person can get your NSC money if there is any untowardness with you.