Bangiya Gramin Vikash Bank Kisan Credit Card 2024, Overview, Interest Rates & Eligibility
Overview
Bangiya Gramin Vikash Bank Kisan Credit Card scheme aims at providing adequate and timely credit for the comprehensive credit requirements of farmers for taking up agriculture and allied activities under single window, with flexible and simplified procedure, adopting whole farm approach, including the short-term credit needs and a reasonable component for consumption needs, through Kisan Credit Card including repayment of farmer's dues to non-institutional lenders.
Objective
It is intended that both term as well as short term/working capital credit facilities will be provided through single Kisan Credit Card.
Eligibility
- Short term crop loans to farmers those who are owner cultivators/share-croppers/bargadars.
- KCC can also be issued for meeting the short term production need/working capital needs in respect of the allied activities like poultry, dairy, pisciculture, floriculture, horticulture etc.
- KCC schemes also covers the term credits for agriculture and allied activities.
- KCC is issued to individual borrower only on merit and not to corporate body society, association, club, group etc. However,individuals within JLG are eligible.
- Illiterate and blind persons intending to avail of this facility may be allowed after taking proper safeguard against misuse and tampering.
- Existing defaulting loanees of the bank/other bank shall not be eligible.
- No service area concept is applicable and as such "No objection certificate" is dispensed with.
Insurance
Insurance for the crops are available periodically based on government guidelines.
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