Kisan Vikas Patra Scheme Amended: Maturity Period Increased to Nine Years and Seven Months
The Indian Ministry of Finance has amended the Kisan Vikas Patra Scheme 2019, stating that accounts opened on or after April 1, 2023, will have a maturity period of nine years and seven months, with deposits doubling on maturity. The notification also includes a new table outlining the premature closure value of accounts opened on or after April 1, 2023, with an initial deposit of Rs 1,000. The scheme is part of the Indian government’s efforts to promote savings among farmers.
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 27th April, 2023
G.S.R324(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 further to amend the Kisan Vikas Patra Scheme, 2019, namely:-
1. (1) This Scheme may be called the Kisan Vikas Patra (Second Amendment) Scheme, 2023.
(2) It shall be deemed to have come into force on the 1st day of April, 2023.
2. In the Kisan Vikas Patra Scheme, 2019 (hereinafter referred to as the said Scheme), in paragraph 5, –
- in sub-paragraph (1D), for the words and figures, “on or after the 1st day of January, 2023”, the words, figures and brackets “between 1st January, 2023 and 31st March, 2023 (both days inclusive)” shall be substituted;
- after sub-paragraph (1D), the following sub-paragraph shall be inserted, namely:-
“(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.”.
3. In the said Scheme, in paragraph 6, in sub-paragraph (3),-
- in TABLE•4, for the words and figures, “on or after the 1st day of January, 2023”, the words, figures and brackets “between 1st January, 2023 and 31st March, 2023 (both days inclusive)” shall be substituted;
- after TABLE-4, the following TABLE shall be inserted, namely:-
TABLE-5
[Table showing premature closure value of account opened on or after 1st day of April, 2023 with
1000 rupees]
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″ |
[F. No. 1/04/2016-NS]
ASHISH VACHHANI, Addl. Secy.