Mumbai, Oct 16: National Securities Depository Ltd (NSDL) in association with the postal department will provide facility to hold new National Savings Certificiates (NSC) and Kisan Vikas Patra (KVP) in dematerialised form in the city. "The pilot project covering 10 post offices in the city will remain operational for six months and based on the performance we will look to expanding coverage", NSDL managing director C Bhave told reporters here today.
The existing demat accounts could be used for holding NSC and KVPs in the demat form and for those without demat account, NSDL would arrange to open "limited purpose account", Bhave said.
"We will not levy account opening charges for limited purpose demat accounts opened through us nor investors will be required to pay custody charges on NSC and KVP held in demat", he added.
Maharashtra state small savings commissioner Kavita Gupta said the demat facility would help to eliminate the physical risks associated with the physical certificates.
Bureau Report