Investment in Kisan Vikas Patra

1. Denomination of Certificates

The Kisan Vikas Patra will be issued in denominations of Rs. 1,000, Rs. 5,000, Rs. 10,000 and Rs. 50,000.

2. Purchase of Certificate

Any number of Certificates of the specified denominations may be purchased.

3. Type of Certificates and issue thereof

(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.

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

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

4. 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.

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

(3) 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.

5. Premature closure of account

(1) The account may be prematurely closed by the account holder by making an application to the accounts office, at any time before maturity under the following circumstances, namely:--