Prathama Bank Kisan Credit Card 2024, Overview, Interest Rates & Eligibility

Overview

Prathama Bank, one of the major Gramin Banks has launched Prathama Bank Kisan Credit Card to provide adequate, hassle-free and timely credit to farmers for expenses related to agriculture and allied activities under a single window.

Objective

Prathama Bank Kisan Credit Card Scheme aims at meeting short term requirements of a farmer. The farmer is free to make frequent debit and credit transaction in the account.

Eligibility

All the farmers residing in the operational area of the branch.

Credit Limit

The credit limit of the card is fixed as per the cropping pattern adopted or to be adopted by the farmer. The cost of cultivation is determined as per the scale of finance fixed by the District Technical Committee

Margin

No margin up to limit of Rs. 50,000 & 15% margin above Rs. 50,000

Security

Simple Registered Mortgage or charge creation over agriculture land & Third party of 2 coobligants.

Insurance

Insurance for the crops are available periodically based on government guidelines.

Validity

Validity of KCC is for 5 years.

Repayment

The validity of the card is for 3 years which is subjected renewal after annual review. The amount is to be repaid as per cash flow of the farmer i.e. crop harvesting depending upon the duration of the crops. However, generally, every debits are to be credited within one year.

What is Personal Accident Insurance Scheme (PAIS) for KCC Holders?

Personal Accident Insurance Scheme (PAIS) is an accident insurance scheme especially designed for KCC holders. NABARD has, in consultation with the representatives of insurance companies, bankers and Govt. of India, finalised the Personal Accident Insurance Scheme for KCC holders, for uniform implementation by banks throughout the country. It was introduced on 14 June 2001.

It covers risk of KCC holders against:

• Death (or)
• Permanent Disability

Death (within 12 months of the accident) or permanent disability should be resulting from accidents caused by external, violent and visible means.

It gives following risk covers:

1. Death due to accident (within 12 months of the accident) caused by outward, violent and visible means: Rs 50,000
2. Permanent total disability: Rs.50,000
3. Loss of two limbs or two eyes or one limb and one eye: Rs.50,000
4. Loss of one limb or one eye: Rs.25,000

KCC holder has the option to take benefit of Accident Insurance (including PAIS) whose premium has to be paid by him through his KCC account. Premium payable Rs.15/- for a one year policy while Rs.45/- for a 3-year policy. Premium has to be borne by farmers/bank according to the terms of the Scheme. To avail this insurance cover, the applicant should not be over 70 years of age at the time of availing the Kisan Credit Card