NEW DELHI: A government panel, set up to review the small investment schemes of post offices and banks, has recommended discontinuation of the popular Kisan Vikas Patra, among other changes.
The committee has also proposed a 0.5% raise in the interest rate for post office savings account to 4%, reduction in the maturity period of National Savings Certificates (NSCs) to five years from six, and raising the annual contribution limit in Public Provident Fund ( PPF) toRs 1 lakh, from the current Rs 70,000.
The panel, headed by Reserve Bank of India (RBI) deputy governor Shyamala Gopinath, submitted its report to the finance minister on Wednesday, a finance ministry statement said.
Source: The Economic Times, June 8, 2011
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