online account opening and closure for NSC (VIII Issue) and Kisan Vikas Patra (KVP) have been introduced.

SB Order No. 13/ 2022

F. No. FS-13/7/2020 -FS
Government of India
Ministry of Communications
Department of Posts
(FS Division)

Dak Bhawan, New Delhi-110001
Dated: 18.08.2022

To,
All Head of Circles / Regions

Subject: Regarding introduction of the online account opening and closure through DOP Internet Banking for National Savings Certificates (VIII Issue) and Kisan Vikas Patra.

Madam / Sir,

During the auspicious occasion of ‘Azadi ka Amrit Mahotsav’, the undersigned is directed to say that online account opening and closure for National Savings Certificates (VIII Issue) (NSC) and Kisan Vikas Patra (KVP) have been introduced in DOP Internet Banking. Now users of DOP Internet Banking can open and close NSC and KVP online.

2. The option for opening and closing of National Savings Certificates (VIII Issue) Kisan Vikas Patra is available under the ‘General Services’ tab of DOP Internet Banking. Internet Banking user should follow the below prescribed procedure for opening and closure of NSC/KVP:

(a) Procedure for opening of NSC/KVP: –

• Login into DOP Internet Banking
• ‘General Services’
• ‘Service Requests’
• ‘New Requests’
• NSC Account – Open a NSC Account (For NSC) and KVP Account – Open a KVP Account (For KVP)
• Deposit Amount (Enter Amount for which NSC to be opened minimum & 1000 and in multiple of = 100)
• Debit Account (Select linked PO Saving Account)
• Click on ‘Click Here’ to read terms and conditions and accept terms and conditions
• Submit online
• Enter Transaction Password
• Submit.
• View/Download Deposit Receipt.

Note: – (i) Log in again to view the details of NSC opened under ‘Accounts’.
(ii) NSC will be opened in the name of DOP Internet Banking user and nominee will be same as registered in linked PO Savings Account.

(b) Procedure for Closure of NSC/KVP: –

• Login into DOP Internet Banking
• General Services
• Service Requests
• New Requests
• Closure of NSC Account (For NSC) and Closure of KVP Account (For KVP)
• Deposit Account (Select NSC account/KVP Account to be closed)
• Credit Account (Select linked PO Saving Account)
• Submit online
• Enter Transaction Password
• Submit.
• View/Download Closure Receipt.

Note: (i) Logout and login again to view the details of NSC closed Accounts.
(ii) NSC/KVP purchased on or after 01.07.2016 (i.e. in the form of passbook) can be closed under this option.
(iii) NSC/KVP issued prior to 01.07.2016 in the form of savings certificates are to be closed at the post office concerned.
(iv) Internet Banking user should check maturity date and maturity amount in the closure screen before submitting the request. In case of KVP, if date of closure is prior to maturity date, closure will be treated as premature and closure proceeds will be as per the Scheme Rule.

3. It is requested to circulate these instructions to all post offices for information and guidance. Adequate promotion of this functionality is to be given for the benefit of POSB customers.

4. Hindi version of this SB order will be issued in due course.

5. This issues with the approval of the competent authority.

Yours Sincerely,

(Devendra Sharma)
Asst. Director (SB-IT)

Download the online account opening and closure through DOP Internet Banking for NSC (VIII Issue) and KVP PDF

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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 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:-

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

TABLE

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 transfer 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 there under.

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

The post Kisan Vikas Patra Scheme 2019 – Gazette Notification appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

F.No.2/4/2014-NS.II
Ministry of Finance
Department of Economic Affairs
(Budget Division)

North Block, New Delhi
Dated: 15.09.2017

Subject: Revision of commission payable to SAS agents on Kisan Vikas Patra (KVP).

In partial modification of the instructions issued vide this Department’s O.M. of even no. dated 01.07.2015, the undersigned is directed to convey that the rate of commission payable to the authorised agents under the Standardised Agency System (SAS) for securing investment in Kisan Vikas Patra is revised from 1.0% to 0.5% with immediate effect.

2. This has the approval of Finance Minister.

Sd/-
(Padam Singh)
Regional Director (Sr.)

The post Revision of commission payable to SAS agents on Kisan Vikas Patra (KVP) appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

The government will soon launch the revamped Kisan Vikas Patra (KVP) besides some new saving instrument programmes for the girl child as well for the physically challenged person, a senior finance ministry official said today.

“We are going to launch the revamped Kisan Vikas Patra (KVP) soon again in the form of saving instrument,” Rajat Bhargava, Joint Secretary (Budget) in the ministry finance said at an event here.

“Similarly, the government of India is also going to launch some new saving instrument programmes for girl child as well as for the physically challenged person who has not been covered so far (under the programme),” Bhargava added.

Finance Minister Arun Jaitley, in the Budget speech, had said he will re-introduce the KVP, which was a very popular instrument among small savers.

“I plan to reintroduce the instrument to encourage people, who may have banked and unbanked savings to invest in this instrument,” Jaitley had said.

The KVP was discontinued by the UPA government in 2011 following the Shyamala Gopinath Committee report. It had suggested that KVPs may be discontinued as they are prone to misuse.

KVP was a popular saving scheme that doubled the money invested in eight years and seven months. The government sold these saving bonds through Post Offices in the country.

The new government has identified financial inclusion and access to formal financial channels as a priority area and the reintroduction of KVP is seen as furthering this objective.
Source : The Economic Times

The post Government to launch revamped Kisan Vikas Patra soon: Official appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

Kisan Vikas Patra (KVP) is being re-introduced to encourage people, who may have banked and unbanked savings to invest in this instrument. Announcing this during his maiden Budget Speech in the Lok Sabha today, the Finance Minister Shri Arun Jaitley said that KVP was a very popular instrument among small savers and is being re-introduced to promote saving.

The post A very popular instrument of Kisan Vikas Patra (KVP) re-introduced appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.