Kisan Vikas Patra Scheme, 2019

kisan-vikas-patra-scheme-2019

The government has notified new KVP rules or Kisan Vikas Patra Scheme, 2019 to replace Kisan Vikas Patra Rules, 2014 under the Government Savings Promotion Act, 1873. 

The new KVP rules are effective from 12.12.2019.


MINISTRY OF FINANCE
(Department of Economic Affairs)


NOTIFICATION
New Delhi, the 12th December, 2019

G.S.R. 912(E).—In exercise of the powers conferred by section 15 of the Government Savings Promotion Act, 1873(5 of 1873), the Central Government hereby rescinds with immediate effect the following rules, namely:—


(i) The Post Office Savings Account Rules, 1981, published vide number G.S.R. 663(E), dated the 17th December, 1981;



(ii) The National Savings Time Deposit Rules, 1981, published vide number G.S.R. 664(E), dated the 17th December, 1981;

(iii) The National Savings Recurring Deposit Rules, 1981, published vide number G.S.R. 666(E), dated the 17th December, 1981;

(iv) The National Savings (Monthly Income Account) Rules, 1987, published vide number G.S.R. 701(E), dated the 10th August, 1987;

(v) The National Savings Certificate (VIII Issue) Rules, 1989, published vide number G.S.R. 496(E), dated the 1st May, 1989;

(vi) The Senior Citizens Savings Scheme Rules, 2004, published vide number G.S.R. 490(E), dated the 2nd August, 2004;

(vii) The Kisan Vikas Patra Rules, 2014, published vide number G.S.R. 705(E), dated the 23rd September, 2014;

(viii) The Sukanya Samriddhi Account Rules, 2016, published vide number G.S.R. 323(E), dated the 18th March, 2016:

Provided that such rescission shall not affect,-

(i) the previous operation of the said rules or anything done or omitted to be done or suffered therein; or

(ii) any right, privilege, obligation or liability acquired or accrued or incurred under the said rules; or

(iii) any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty forfeiture or punishment as aforesaid,

and any such investigation, legal proceeding or remedy may be instituted, continued or enforced and any such penalty, forfeiture or punishment may be imposed as if the said rules had not been rescinded.

[F. No. 2/2/2018-NS (Pt. I)]
RAJAT KUMAR MISHRA, Jt. Secy. (Budget)


NOTIFICATION

New Delhi, the 12th December, 2019

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) 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.


(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 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) 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 showing premature closure value of account opened on or after date of notification with 1,000 rupees)

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

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.

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;

(i) on pledging, account shall be transferred in accordance with paragraph 7;

(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.

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).

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 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.

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