Loan or advance against Kisan Vikas Patra (KVP) – Kisan Vikas Patra was introduced in 1988 and in 2014 , Government re launched the scheme with some modifications. Kisan Vikas Patra can be purchased by any adult (Indian resident) for himself or on behalf of minor, a trust. It can also be purchased by two adults jointly.
Kisan Vikas Patra is not an attractive investment scheme for many peoples as there is no rebate under section 80C for investment made in KVP. Interest accrued on the Kisan Vikas Patra is also taxable.
Offer Loan against Kisan Vikas Patra. If you are Kisan Vikas Patra certificate holder, then you enjoy this facility. Here are the details –
The applicant for loan must have KVP in his/her own name. You can not take Loan against someone’s else certificate.
Loan against Kisan Vikas Patra can be availed for any personal or business use.
Interest rates and charges on loan against Kisan Vikas Patra will be same as daily loan scheme. we also charges some processing fees .
Any Business / Personal purpose other than for speculative ones.
Applicant must have National Savings Certificate in own name.
Minimum loan amount is Rs.10, 000/ subject to following margin as per the age of NSC/KVP with no upper ceiling
|Age of NSC/KVP||Loan Amount||Margin|
|More than 3 years||100% of Face Value||NIL|
|More than 2 years but less than 3 years||90 % of Face Value||10%|
|Less than 2 years||75% of Face Value||25%|
A fixed deposit is a financial instrument where a member gets assured ROI.
Money can be deposited / withdraw into an account as per the wish of account holder.
Recurring Deposit is a special kind of Term Deposit offered by Amar Bank
Daily Deposit Scheme is a monetary deposit scheme introduced by Amar Bank.
Monthly interest scheme is introduced by Amar Bank.