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

Overview

IDBI Bank, Public Sector Bank has launched its Kisan Credit Smart Card (KCSC) in 2012 in partnership with National Payment Corporation of India (NPCI) in order to provide adequate, hassle-free and timely credit to farmers under a single window. This card can also be used to withdraw cash from any ATM and from a later date also for purchase of inputs such as seed, fertiliser and pesticide from dealers using the POS machines.

Objective

IDBI Bank Kisan Credit Smart Card provides credit assistance to the farmers to meet their needs for agriculture and allied activities like cultivation of crops, consumption requirements of farmer household, post harvest expenditures, etc. in flexible, timely and simplified manner.

Eligibility

• All Farmers - Individuals/ Joint borrowers who are owner cultivators
• Tenant cultivators
• Share croppers / Individual farmer having agreement with institution

Facility

Revolving cash credit facility to the farmers that allows un withdrawals and repayments within the credit limit.

Credit Limit

The credit limit is fixed based on operational land holding, cropping pattern and scale of finance etc. In addition to that, a flexible limit of up to Rs. 50,000 is provided to the marginal farmers based on their land holding pattern and crops grown by them.

Interest

It comes at affordable interest rates.

Documentation

• Duly filled application form
• Passport size photographs of the applicant
• Identity Proof (anyone): Aadhaar Card, PAN Card, Voter ID
• Address Proof (anyone): Utility Bills, Aadhaar Card, Ration Card
• Land documents (optional), submit only if required for by IDBI Bank

Interest Rate

• For loans over Rs. 3 lakhs: Minimum 7% p.a., covered under the interest subvention scheme
• Loans above Rs. 3 lakhs in SFMF: BBR (minimum)
• Loans above RS. 3 lakhs in a category other than SFMF: BBR + 1.25% (minimum)
• All interest rates are decided at the discretion of loan sanctioning authority

Insurance

IDBI Bank KIsan Credit Card holders are offered personal accident insurance cover at a very nominal premium.

Validity

The card would be valid for 5 years, of which crop loan and working capital components has to be renewed annually.

Processing Fee

No processing fee.

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