Utkal Grameen Bank Kisan Credit Card 2024, Overview, Interest Rates & Eligibility
Overview
Utkal Grameen Bank, one of the major Gramin Banks has introduced Utkal Grameen 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. Cultivation of short-term crops (Short Term Seasonal Agricultural Operations) and meeting contingency expenses subject to 20% of the peak credit limit.
Objective
Utkal Grameen Bank Kisan Credit Card Scheme aims at providing adequate and timely credit to farmers in a comprehensive manner through a single credit limit. It will provide a simple procedure and eliminate repeated documentation and helps the farmer to get the credit at least inconvenience. It will provide the farmer the much needed flexibility in drawing money at the time of need. It takes care of both crop loan and investment credit requirement of the farmer.
Eligibility
Existing borrower farmers having good track record for the last two years and who require production credit limit of Rs.5000.00 and above are eligible. However, if the Branch Manager is satisfied about the credit worthiness of new borrowers, the facility may also be extended to the new borrowers.
Documentation
Usual documents as prescribed for Agricultural Cash Credit will be obtained.
Interest Rate
Rate of Interest will be the same as applicable to Crop loans/ Agricultural Cash Credit. Presently @ 7% p.a.
Insurance
Personal Accident Insurance Scheme is available for KCC holder at very nominal premium. "Swadhan" insurance scheme of SBI Life can be purchased to insure against risks of life.
Validity
The Credit Card is normally valid for 5 years subject to an annual review. The review may result in continuation of the facility, enhancement of the limit / reduction of the limit or cancellation of the limit depending upon the performance of the borrower.
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:
- Death due to accident (within 12 months of the accident) caused by outward, violent and visible means: Rs 50,000
- Permanent total disability: Rs.50,000
- Loss of two limbs or two eyes or one limb and one eye: Rs.50,000
- 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