KISAN
VIKAS PATRA SCHEME, 2019
PREAMBLE
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:-
Scheme - 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.
Scheme - 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.
Scheme - 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.
Scheme - 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.
Scheme - 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 [between
1st April, 2020 to 30th September, 2022 (both days inclusive)] shall be ten years
and four months. Deposit made in the account shall double on maturity.]
[(1B) The maturity
period of an account opened [between
1st October, 2022 and 31st December, 2022 (both days inclusive)] shall be ten
years and three months.
(IC) The deposits made
in the account shall double on maturity.]
[(1D) The maturity
period of an account opened [between
1st January, 2023 and 31st March, 2023 (both days inclusive)] shall be ten
years and the deposits made in the account shall double on maturity.]
[(1E) The maturity
period of an account opened on or after the 1st day of April, 2023 shall be
nine years and seven months and the deposits made in the account shall double
on maturity.]
(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.
Scheme - 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:-
(4) [***]
[TABLE-1
[Table showing premature closure value of account opened between
12th December 2019 to 31st March 2020 (both days inclusive) with 1000 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 [between 1st April,
2020 to 30th September, 2022 (both days inclusive)] with 1000 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.]
|
[TABLE-3
[Table showing premature closure value of account opened [between 1st October,
2022 and 31st December, 2022 (both days inclusive)] with 1000 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
|
1157
|
|
Three years but less than three and
half years
|
1191
|
|
Three and half years but less than
four years
|
1226
|
|
Four years but less than four and
half years
|
1262
|
|
Four and half years but less than
five years
|
1300
|
|
Five years but less than five and
half years
|
1338
|
|
Five and half years but less than six
years
|
1378
|
|
Six years but less than six and half
years
|
1419
|
|
Six and half years but less than
seven years
|
1460
|
|
Seven years but less than seven and
half years
|
1504
|
|
Seven and half years but less than
eight years
|
1548
|
|
Eight years but less than eight and
half years
|
1594
|
|
Eight and half years but less than
nine years
|
1641
|
|
Nine years but less than nine and
half years
|
1689
|
|
Nine and half years but less than ten
years
|
1739
|
|
Ten years but before Maturity of
Certificate
|
1791
|
|
On maturity of certificate
|
2000]
|
[TABLE-4
[Table showing premature closure value of account opened [between 1st January,
2023 and 31st March, 2023 (both days inclusive)] with 1000 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
|
1162
|
|
Three years but less than three and
half years
|
1198
|
|
Three and half years but less than
four years
|
1234
|
|
Four years but less than four and
half years
|
1272
|
|
Four and half years but less than
five years
|
1311
|
|
Five years but less than five and
half years
|
1351
|
|
Five and half years but less than six
years
|
1392
|
|
Six years but less than six and half
years
|
1435
|
|
Six and half years but less than
seven years
|
1478
|
|
Seven years but less than seven and
half years
|
1524
|
|
Seven and half years but less than
eight years
|
1570
|
|
Eight years but less than eight and
half years
|
1618
|
|
Eight and half years but less than
nine years
|
1667
|
|
Nine years but less than nine and
half years
|
1718
|
|
Nine and half years but before
Maturity of Certificate
|
1771
|
|
On maturity of certificate
|
2000]
|
[TABLE-5
[Table showing
premature closure value of account opened on or after 1st day of April, 2023
with 1000 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
|
1171
|
|
Three years but less than three and
half years
|
1208
|
|
Three and half years but less than
four years
|
1247
|
|
Four years but less than four and
half years
|
1286
|
|
Four and half years but less than
five years
|
1328
|
|
Five years but less than five and
half years
|
1370
|
|
Five and half years but less than six
years
|
1414
|
|
Six years but less than six and half
years
|
1459
|
|
Six and half years but less than
seven years
|
1506
|
|
Seven years but less than seven and
half years
|
1554
|
|
Seven and half years but less than
eight years
|
1604
|
|
Eight years but less than eight and
half years
|
1655
|
|
Eight and half years but less than
nine years
|
1708
|
|
Nine years but less than nine and
half years
|
1763
|
|
Nine and half years but before
Maturity of Certificate
|
1819
|
|
On maturity of certificate
|
2000]
|
Scheme - 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-
(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:-
"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.
Scheme - 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;
(iii) on pledging, account
shall be transferred in accordance with paragraph 7;
(iv) 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.
Scheme - 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 along with 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 along with 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).
Scheme - 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.
Scheme - 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 amount 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.
Substituted by Kisan Vikas Patra
(Amendment) Scheme, 2020, vide Notification No. GSR283(E), dated 05.05.2020,
w.e.f. 01.04.2020 for the following:-
"(1) Deposits made in the account shall double
on maturity. Maturity period of an account shall be nine years and five months
commencing on the date of deposit. Amount of maturity may be repaid to the
account holder on an application in Form-2 submitted to the accounts office."
Substituted by Kisan Vikas Patra
(Amendment) Scheme, 2022 vide Notification No. GSR837(E) dated 22.11.2022,
w.e.f. 01.10.2022, for the following:-
"on or after the 1st day of April, 2020"
Inserted by Kisan Vikas Patra
(Amendment) Scheme, 2022 vide Notification No. GSR837(E) dated 22.11.2022,
w.e.f. 01.10.2022.
Substituted by Kisan Vikas Patra
(Amendment) Scheme, 2023 vide Notification No. GSR52(E) dated 20.01.2023,
for the following:-
"on or after the 1st day of October,
2022"
Inserted by Kisan Vikas Patra
(Amendment) Scheme, 2023 vide Notification No. GSR52(E) dated 20.01.2023.
Substituted by Kisan Vikas Patra
(Second Amendment) Scheme, 2023 vide Notification No. GSR324(E) dated
27.04.2023, w.e.f. 01.04.2023, for the following:-
"on or after the 1st day of January,
2023"
Inserted by Kisan Vikas
Patra (Second Amendment) Scheme, 2023 vide Notification No. GSR324(E)
dated 27.04.2023.
Omitted by Kisan Vikas Patra
(Amendment) Scheme, 2020, vide Notification No. GSR283(E), dated 05.05.2020,
w.e.f. 01.04.2020, the previous text was:-
"(Table showing premature closure value of
account opened on or after date of notification with 1,000 rupees)"
Substituted by Kisan Vikas Patra
(Amendment) Scheme, 2020, vide Notification No. GSR283(E), dated 05.05.2020,
w.e.f. 01.04.2020 for the following:-
"TABLE
|
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
|
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"
|
Substituted by Kisan Vikas Patra
(Amendment) Scheme, 2022 vide Notification No. GSR837(E) dated 22.11.2022,
w.e.f. 01.10.2022, for the following:-
"on or after the 1st day of April, 2020"
Inserted by Kisan Vikas Patra
(Amendment) Scheme, 2022 vide Notification No. GSR837(E) dated 22.11.2022,
w.e.f. 01.10.2022.
Substituted by Kisan Vikas Patra
(Amendment) Scheme, 2023 vide Notification No. GSR52(E) dated 20.01.2023,
for the following:-
"on or after the 1st day of October"
Inserted by Kisan Vikas Patra
(Amendment) Scheme, 2023 vide Notification No. GSR52(E) dated 20.01.2023.
Substituted by Kisan Vikas Patra
(Second Amendment) Scheme, 2023 vide Notification No. GSR324(E) dated
27.04.2023, w.e.f. 01.04.2023, for the following:-
"on or after the 1st day of January,
2023"
Inserted by Kisan Vikas
Patra (Second Amendment) Scheme, 2023 vide Notification No. GSR324(E)
dated 27.04.2023.