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Sunday, August 10, 2014

Small savings schemes Budget 2014

 That the Government is serious about channelising the common man's savings to help the economy revive is clear from the new post-office savings schemes announced – the Kisan Vikas Patra (KVP), a National Savings Certificate (NSC) with insurance cover and an instrument to cater to the education and marriage of the girl child, aside of the hiking of PPF investment limit to Rs.1.5 lakh. The reintroduction of the KVP is a convincing step to rope in household savings. Before it was withdrawn from December 2012, KVPs accounted for one-fourth of the total inflows into all Post-office schemes. With features such as no limit on the maximum investible amount, free transferability by virtue of being a bearer instrument, absence of TDS (tax deduction at source) on the interest and a promise of doubling the investment in eight years and seven months, KVPs were popular savings vehicle with investors. KVPs were also a hit with senior citizens as they were totally risk-free and had attractive interest rates. A wide usage of the KVP for parking unaccounted money, (given its opaque nature) had prompted the government to discontinue the scheme then. Though its reintroduction is sure to attract interest, it remains to be seen if all the original features are retained, given the earlier concerns.

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