National Savings Institute
Add Favourite  |  | |  | Home | FAQ | Contact Us
Skip Navigation Links
About NSI
Activites
Act Rule
RTI Informarion under Section 4
Data and Statistics
International Co-operation
NSSF

KISAN VIKAS PATRA SCHEME
(Notified vide G.S.R. 920(E) dated 12/12/2019 and further amended vide G.S.R. 283(E) dated 05/05/2020)


Download PDF in English


G.S.R.920(E).- .In exercise of the powers conferred by section 3A of the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby makes the following Scheme, namely:-

1. Short title and commencement.-(1) This Scheme may be called the Kisan Vikas Patra Scheme, 2019.

(2) It shall come into force on the date of its publication in the Official Gazette.

2. Definitions.-(1) In this Scheme, unless the context otherwise requires,-

(a) “account” means an account opened under this Scheme;

(b) “account holder” means an individual in whose name the account is held;

(c) “Act” means The Government Savings Promotion Act, 1873 (5 of 1873);

(d) “Form” means forms appended to this Scheme;

(e) “General Rules” means the Government Savings Promotion General Rules, 2018;

(f) “year” means a period of twelve months commencing from the date of deposit in the account.

(2) Words and expressions used herein but not defined shall have the meanings respectively assigned to them in the Act and the General Rules.

3. Type of accounts.- (1) On an application to the accounts office in Form-1, the following types of accounts can be opened under the Scheme, namely :-

(a) Single Holder Type Account;

(b) Joint A- Type Account; and

(c) Joint B- Type Account.

2.(a) A Single Holder Type Account may be opened by an adult for himself, or on behalf of a minor or a person of unsound mind of whom he is the guardian, or by a minor who has attained the age of ten years;

(b) Joint A-Type Account may be opened jointly in the names of upto three adults payable to all the account holders jointly or to the survivors;

(c) Joint B-Type Account may be opened jointly in the name of upto three adults payable to any of the account holders or to the survivor or survivors.

4. Deposits.- (1) A minimum of one thousand rupees and any sum in multiples of one hundred rupees may be deposited in an account.

(2) There shall be no maximum limit for deposit in an account or in accounts held by an account holder.

(3) An individual may open any number of accounts.

5. Payment on maturity.-(1) The maturity period of an account opened between 12th December, 2019 to 31st March, 2020 (both days inclusive) shall be nine years and five months. Deposit made in the account shall double on maturity. Amount of maturity may be repaid to the account holder on an application in Form-2 submitted to the accounts office.

(1A) Maturity period of an account opened on or after the first day of April, 2020 shall be ten years and four month. Deposit made in the account shall double on maturity.

Sub paragraph (1) amended and sub paragraph (1A) inserted vide G.S.R. 283(E) dated 05/05/2020

(2) The maturity period of the deposit under this Scheme shall be determined on the rate of interest applicable at the time of opening the account.

6. Premature closure of account.- (1) The account may be prematurely closed by the account holder by making an application in Form-3 to the accounts office, at any time before maturity under the following circumstances, namely:-

(a) on the death of the account holder in a single account, or any or all the account holders in a joint account;

(b) on forfeiture by a pledgee, being a Gazetted Officer;

(c) when ordered by a court.

(2) On the closure of the account under sub-paragraph (1), principal amount along with simple interest calculated at the rate applicable from time to time to Post Office Savings Account for the complete months for which the account has been held, shall be payable.

(3) Notwithstanding anything contained in sub-paragraph (2), if an account is closed any time after the expiry of two years and six months from the date of opening of the account, the amount, inclusive of interest shall be payable as specified in the table below:-

TABLE-1

(Table showing premature closure value of account opened between 12th December, 2019 to 31st March, 2020 (both days inclusive) with 1,000 rupees)

Period from the date of the certificate to the date of its encashment

Amount payable inclusive of interest (Rupees)

(1)

(2)

Two and half years but less than three years

1173

Three years but less than three and half years

1211

Three and half years but less than four years

1251

Four years but less than four and half years

1291

Four and half years but less than five years

1333

Five years but less than five and half years

1377

Five and half years but less than six years

1421

Six years but less than six and half years

1467

Six and half years but less than seven years

1515

Seven years but less than seven and half years

1564

Seven and half years but less than eight years

1615

Eight years but less than eight and half years

1667

Eight and half years but less than nine years

1722

Nine years but before Maturity of Certificate

1778

On maturity of certificate

2000

TABLE-2

(Table showing premature closure value of account opened on or after the first day of April, 2020 with 1,000 rupees)

Period from the date of the account to the date of its pre-mature closure

Amount payable inclusive of interest (Rupees)

(1)

(2)

Two and half years but less than three years

1154

Three years but less than three and half years

1188

Three and half years but less than four years

1222

Four years but less than four and half years

1258

Four and half years but less than five years

1294

Five years but less than five and half years

1332

Five and half years but less than six years

1371

Six years but less than six and half years

1411

Six and half years but less than seven years

1452

Seven years but less than seven and half years

1494

Seven and half years but less than eight years

1537

Eight years but less than eight and half years

1582

Eight and half years but less than nine years

1628

Nine years but less than nine and half years

1675

Nine and half years but less than ten years

1724

Ten years but before Maturity of Certificate

1774

On maturity of certificate

2000

Heading of Table 1 amended and Table 2 inserted vide vide G.S.R. 283(E) dated 05/05/2020

7.Pledging of account.-(1)An account may be pledged or transferred as security, on an application made by the depositor in Form-4 supported with acceptance letter from the pledgee.

(2) Transfer of an account under this Scheme may be made to-

  1. the President of India or the Governor of a State in his official capacity;
  2. the Reserve Bank of India or a Scheduled Bank or a Cooperative Society, including a Co-operative Bank;
  3. a public or private corporation or a Government company;
  4. a local authority; or
  5. a housing finance company approved by the National Housing Bank and notified by the Central Government:

Provided that the transfer of an account opened on behalf of a minor or a person of unsound mind shall not be permitted under this Scheme unless the guardian of the minor or the person of unsound mind, as the case may be, certifies in writing that the minor or the person of unsound mind, as the case may be, is alive and that the transfer is for the benefit of the minor or the person of unsound mind.

(3) When any account is transferred as security under sub-paragraph (1), the authorised officer shall make the following endorsement in the record of the Account, including the Savings Certificate, namely:-

“Transferred as security to …..” .

(4) Except as otherwise provided in this Scheme, the transferee of an account under this paragraph shall, until it is re-transferred back under sub-paragraph (5), be deemed to be the depositor.

(5) An account transferred under this Scheme may, on written authority of the transferee, be re-transferred back with the previous sanction in writing of the authorised officer and when any such retransfer is made, the authorised officer of the accounts office shall make the following endorsement in the record of the account, including certificate, namely:-

“Re-transferred to……”.

(6) A blind person or a person with physical infirmity making him incapable of operating the account may pledge his deposit through any literate individual whom he authorises for this purpose.

8. Transfer of account.- An account may be transferred from one individual to another, subject to the condition that the transferee is eligible to open an account under this Scheme, in the following cases, namely:-

(i) on the death of the account holder in case of a single account or on the death of all the account holders in a joint account, the amount shall be transferred to the legal heirs or the nominees, as the case may be;

(ii) on the order of the court, the account shall be transferred from the account holder to the court or to any other individual as per the orders of the court;

  1. on pledging, account shall be transferred in accordance with paragraph 7;
  2. in the event of the death of any of the account holders in a joint account, the account shall be transferred in the name of the surviving account holder or account holders, as the case may be.

9. Payment on the death of account holder.- (1) In the event of death of the depositor of a single account or of all the depositors in a joint account, the deposit shall be payable to the nominee if a nomination exists or to the legal heir(s).

(2) Where there are not more than three surviving nominees or legal heirs, they may, at their option continue the account and receive the amount of deposit alongwith interest on maturity in the manner provided for in this scheme, as if they had opened the account themselves.

(3) Where the account is not continued under sub-paragraph (2), it shall be closed and the amount of deposit alongwith interest as provided in paragraph 6 shall be repaid.

(4) On the death of one or two of the account holders in a joint account, the surviving account holder or holders, if any, shall be treated as the owner or owners of the account and such account holder or holders may continue the account under sub-paragraph (2) or close the account under sub-paragraph (3).

10. Application of General Rules.- The provisions of the General Rules shall, so far as may be, apply to this Scheme in relation to the matters for which no provisions have been made herein.

11.Power to relax.- Where the Central Government is satisfied that the operation of any of the provisions of this Scheme causes undue hardship to the account holder, it may be by order, for reasons to be recorded in writing, relax the requirements of that provision in a manner not inconsistent with the provisions of the Act or the rules made thereunder.

 
 
Back to Top
 
 
 Hyperlinking Policy | Copyright Policy | Privacy Statement | Feed Back | Accessibility Policy  | Disclaimer

© 2013 NATIONAL SAVINGS INSTITUTE , All rights reserved   

National Savings Institute, Ministry of Finance (DEA) Govt. of India First Floor,ICCW Building.4,Deen Dayal Upadhayaya Marg,New Delhi-110002.
E-mail ID : nsi@nsiindia.gov.in