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    Kisan Vikas Patra Scheme: Prepared By: Jagdish Chosala Instructor, PTC Vadodara

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    The Kisan Vikas Patra Scheme provides guidelines for deposit accounts that double in value after a set period of time. Key conditions include: - Accounts can be opened individually or jointly with up to 3 people, as well as for minors over 10 years old. - Deposits start at Rs. 1,000 with multiples of Rs. 100, earn an interest rate of 6.9%, and will double in value after 124 months. - Nomination is mandatory and an account holder can nominate up to 4 individuals. Accounts can be pledged or transferred between post offices for a fee. Premature closure incurs interest penalties unless for specific reasons like death.

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    Kisan Vikas Patra Scheme: Prepared By: Jagdish Chosala Instructor, PTC Vadodara

    Uploaded by

    bhanupalavarapu
    152 views9 pages
    The Kisan Vikas Patra Scheme provides guidelines for deposit accounts that double in value after a set period of time. Key conditions include: - Accounts can be opened individually or jointly with up to 3 people, as well as for minors over 10 years old. - Deposits start at Rs. 1,000 with multiples of Rs. 100, earn an interest rate of 6.9%, and will double in value after 124 months. - Nomination is mandatory and an account holder can nominate up to 4 individuals. Accounts can be pledged or transferred between post offices for a fee. Premature closure incurs interest penalties unless for specific reasons like death.

    Original Title

    POSB 2. KVP

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    The Kisan Vikas Patra Scheme provides guidelines for deposit accounts that double in value after a set period of time. Key conditions include: - Accounts can be opened individually or jointly with up to 3 people, as well as for minors over 10 years old. - Deposits start at Rs. 1,000 with multiples of Rs. 100, earn an interest rate of 6.9%, and will double in value after 124 months. - Nomination is mandatory and an account holder can nominate up to 4 individuals. Accounts can be pledged or transferred between post offices for a fee. Premature closure incurs interest penalties unless for specific reasons like death.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    152 views9 pages

    Kisan Vikas Patra Scheme: Prepared By: Jagdish Chosala Instructor, PTC Vadodara

    Uploaded by

    bhanupalavarapu
    The Kisan Vikas Patra Scheme provides guidelines for deposit accounts that double in value after a set period of time. Key conditions include: - Accounts can be opened individually or jointly with up to 3 people, as well as for minors over 10 years old. - Deposits start at Rs. 1,000 with multiples of Rs. 100, earn an interest rate of 6.9%, and will double in value after 124 months. - Nomination is mandatory and an account holder can nominate up to 4 individuals. Accounts can be pledged or transferred between post offices for a fee. Premature closure incurs interest penalties unless for specific reasons like death.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 9

    KISAN VIKAS PATRA SCHEME

    Prepared By: Jagdish Chosala


    Instructor, PTC Vadodara
    Kisan Vikas Patra Scheme

    Kisan Vikas Patra Rules, 2014 now will be called Kisan Vikas Patra Scheme,
    2019 from 12-12-2019 as specified in the Gazette Notification G.S.R. 920(E).
    Kisan Vikas Patra Scheme
    Conditions of Account
    1. An Account may be opened by :
    A. A Single adult
    B. Up to THREE Adults jointly
    C. A Minor who has attained the age of TEN Years
    D. A Guardian on behalf of a Minor or a Person of Unsound Mind
    2. An Account shall be opened with Minimum Deposit of Rs. 1,000 or any
    sum in the Multiple of Rs. 100 and there will be no Maximum limit for
    Deposit.
    3. An individual may open any number of single or joint Accounts
    4. The present Rate of Interest 6.9% per Annum (01.04.2020 to
    30.06.2020).
    5. Deposit made in the Account shall double after 124 Months (01.04.2020
    to 30.06.2020).
    Kisan Vikas Patra Scheme
    6. Deposit in the Scheme can be made directly or through SAS Agent.
    7. If an Investment is made through SAS Agent, A commission is payable to
    him.
    Nomination
    1. Nomination is mandatory in all types of Accounts even in the Minor
    Accounts (GSPR-2018).
    2. An Account Holder can Nominate maximum FOUR Individuals (GSPR-
    2018 Rule 14) and applicable to all POSB Schemes. He can also cancel
    or change the existing Nomination by paying fees of Rs. 50 + GST (SB
    Order 3&5/2020.)
    3. During opening of an Account or later on when Nomination is registered,
    varied or cancelled , “ Two Witnesses ” shall be taken if Account Holder is
    illiterate and No witness for Literate Account holder.(GSPR-2018 Rule
    14(8),SB Order 12/2020, Rule 16 (b)(iv) CBS Manual)
    Kisan Vikas Patra Scheme
    Pledging of Account
    Account can be pledged supported with acceptance Letter from the Pledgee.
    Account can be pledged to:
    1. The President of India or Governor of State
    2. Reserve Bank of India, Scheduled Bank or Cooperative Society/Bank
    3. Public or Private Corporation
    4. Government Company
    5. Local Authority
    6. Housing Finance Company Approved by the National Housing Bank

    Fees for Pledging an Account is Rs. 100 + GST (SB Order 3 & 5/2020)
    Kisan Vikas Patra Scheme
    Transfer of Account
    1. There will be fees of Rs. 100 + GST for transfer of an Account from one Post
    Office to other Post Office.(SB Order 3 & 5/2020)
    2. Transfer of Account will be done at HO only where Account stands or in
    case Account stands at a Sub Office, Account will be transferred by the HO
    in whose jurisdiction this Sub Office is working.

    1. If an Application for Transfer of an Account is given to any other SO or HO,


    Application of Transfer along with documents will be sent to SO or HO
    where Account stands (Home SOL) in a service insured Cover and
    details of such Applications will be entered into Manual Register. This
    office after necessary formalities in the system will transfer all concerned
    original documents to the Office where Account is intended to be
    transferred. (GSPR 2018, Rule13)
    Kisan Vikas Patra Scheme
    Premature closure of Account
    An Account can be closed prematurely under the following Conditions:
    A. On the death of the Account Holder in single Account or Holders in Joint
    Account.
    B. On forfeiture of an account by Pledgee (Gazetted Officer)
    C. When ordered by Court

    Considering the above Three conditions, If an Account is to be closed before


    Two & Half Years, Interest will be calculated at Post Office Savings Account
    rate and payable whereas after Two & Half Years payment will be as per the
    Table as released time to time as the Rate of interest changes.

    In normal condition, Account Holder can close the Account after Two & Half
    Years and he will be paid as per the Table as released time to time as the Rate
    of interest changes.
    Kisan Vikas Patra Scheme
    Miscellaneous Points
    1. Fees for Duplicate Passbook will be Rs. 50 + GST (SB Order 3&5/2020)
    2. Fees for Issue of Statement of Account Rs. 20 + GST (SB Order 3&5/2020)
    3. Fees for Issue of Passbook in lieu of Mutilated certificate will be Rs. 10 per
    Registration + GST (SB Order 3&5/2020)
    4. Maturity Amount payable to Account Holder can be:
    A. transferred to his Savings bank Account
    B. paid by a crossed Cheque
    C. paid in cash if Amount is below Rs. 20,000/-
    5. An Account which is matured but not closed, Eligible Balance in an
    Account shall continue to earn Interest at Post Office Savings Account Rate till
    the Account is closed.
    Kisan Vikas Patra Scheme

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