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New Kisan Vikas Patras (KVP)

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New Kisan Vikas Patras (KVP)

 

The new Kisan Vikas Patras (KVP) have been launched with much fanfare but experts doubt if they will generate interest among urban investors. "There are many fixed-income products that offer higher returns compared to these new KVPs," says Delhi-based tax consultant Surya Bhatia.

The Public Provident Fund (PPF), for instance, offers 8.7% tax-free returns. But the interest earned on KVPs is fully taxable, so the post-tax return for someone earning more than ` . 10 lakh a year gets pared down from 8.7% to a niggardly 6% (see table). The only difference is the ` . 1.5 lakh annual investment limit in the PPF. There is no upper limit for investments in the KVPs.

But bank deposits don't have investment limits as well. Small private banks such as Lakshmi Vilas Bank and Karnataka Bank and a few PSU banks are offering up to 9% on fixed deposits of 8-10 years, making them a better proposition than the KVPs.

Senior citizen investors should also stay away from these re-launched instruments.They can get 25-30 basis points higher interest on bank deposits. Besides, the Senior Citizens' Savings Scheme offers them 9.2% as well as tax benefits under Section 80C. The post-tax returns in the 30% bracket work out to 35 basis points higher than what . 15 KVPs offer. The only disadvantage is the ` lakh-investment limit per individual in the Senior Citizens' Saving Scheme.

Financial planners say the new KVPs should appeal to the unbanked population in rural areas. Cheque books and bank accounts are not necessary and investments and the maturity amount can be in cash.

However, the acceptance of cash doesn't mean these instruments can be used for money laundering. The government has clarified that investors will have to comply with KYC rules applicable to other small savings schemes of the post office.

The KVPs can be transferred to another person any number of times.


 

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