The Kisan Vikas Patra
Scheme, 2019
Type
of accounts
Following types of accounts can be opened
under this Scheme:-
(a)
Single Holder Type Account;
(b)
Joint A- Type Account; and
(c)
Joint B- Type Account.
(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 up to 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.
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.
Payment on maturity
(1)
Deposits made in the account shall double on maturity. Current maturity period
is 124 Months.
(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.
Premature
closure of account
(1)
The account may be prematurely closed by the account holder by making an
application 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 above conditions, principal amount alongwith
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)
The account holder can prematurely close the account any time after 2 years
and 6 months. Proportionate
interest for completed years and half year is paid
(1)
An account may be pledged or transferred as security
(2)
Transfer of an account under this Scheme may be made to-
(a)
the President of India or the Governor of a State in his official capacity;
(b)
the Reserve Bank of India or a Scheduled Bank or a Cooperative Society,
including a Co-operative Bank;
(c)
a public or private corporation or a Government company;
(d)
a local authority; or
(e)
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:-
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;
(i)
on pledging, account shall be transferred
(ii)
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.
(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
along with interest on maturity in the manner provided for in this scheme, as
if they had opened the account themselves
(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 or
close the account
0 Comments
Thank you for your valuable comment!