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Scheme of Indira Vikas Patra and Downloads

Scheme of Indira Vikas Patra

Scheme of Indira Vikas Patra: Indira Vikas Patra

Indira Vikas Patra was a small scale deposit scheme operated by the post offices all over the country to encourage the thought of investment in the minds of the lower-middle class people. Under this scheme, various certificates were available at denominations ranging from 200 INR to 5000 INR at half of their par value to the subscribers for tenure of 5 years. One of the most important Indira Vikas Patra benefits was that the interest rates of these certificates were very high when compared to some of the other deposit schemes that were available in the market then. At the end of the maturity period, the buyers needed to surrender these certificates to the post offices and get back the money equivalent to their full face value then.

Scheme of Indira Vikas Patra

Scheme of Indira Vikas Patra

Features of Indira Vikas Patra

S.NoQuater for which rate of interest would be effectiveWhen it will be noticedRate of interest to be based on FIMMDA month end G-sec. rate pertraining to
1April -June15th MarchDec-Jan-Feb
2July – September15th JuneMar-Apr-May
3October – December15th SeptemberJun-Jul-Aug
4January – March15th DecemberSep-Oct-Nov

Features of Indira Vikas Patra

The following were some of the most important Indira Vikas Patra features until the time these deposit schemes were in operation in India. It is about 12 years since these schemes have been scrapped. Indira Vikas Patra certificates came with a strong sense of security because it had the necessary approval and support from the Indian Government. Post offices all over the country were strictly instructed that certificates need to be sold to the buyer only if the latter had crossed 18 years of age. While certificates were issued to adults and guardians of minors, they were banned for non-resident Indians and Hindu Undivided Family members.

One of the most striking Indira Vikas Patra features was that, when they were launched, they had a fixed maturity date of 8 years and 7 months. Over a period of time, the maturity of most of the certificates got fixed to 5 years. Upon maturity of the certificates, they needed to be submitted at the same post office where they were purchased.

Benefits of Indira Vikas Patra

In an era where most of the savings scheme didn’t have the right surety, full Government support offered to these certificates were one of the primary Indira Vikas Patra benefits. This automatically lent lot of credibility to the certificates. The maturity period at 5 years was neither too long nor too short for the buyer of the certificates. Also, the dual factors of certificates being available at almost half of their face values and very high interest rates made the Indira Vikas Patras very viable sources of deposit for the middle class investor. During the maturity period, these certificates offered the flexibility to the buyer to transfer them to a different owner as long as all the conditions were satisfied. Similarly, even when the scheme was stopped within 2 years, a basic rate of interest was given to the investor.

Scheme of Indira Vikas Patra

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