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Bangiya Gramin Vikash Bank aims to provide credit to farmers through their Kisan Credit Card, which can be used for agriculture and allied activities. The procedure for availing this card is simple and it fulfils the short term credit and consumption requirements of the farmers, helping them repay their dues to non- institutional lenders.
Through one Kisan Credit Card, farmers can avail term loans and working capital or short term credit facilities. A passbook is provided to the cardholders which is divided into 3 different sections –
The interest rate is 7 percent per annum for short – term production loan of up to Rs.3, 00, 000 per person. The interest rate is 4 percent per annum (after applying the 3 percent interest subvention) for farmers who repay their credit within 12 months.
On credit balances, the interest is applied for SB Account, which is payable on the minimum balance in the revolving cash credit account, if there is any. This interest has to be paid between 10th and the last day of the month.
Applicants have to take a separate application form for each purpose along with the application form for Kisan Credit Card. The sub – limit for each purpose has to be assigned separately while setting the limit.
Yes, farmers will get a passbook along with their Bangiya Gramin Vikash Bank Kisan Credit Card. This passbook will be divided into 3 sections and contain transaction details of the different loans facilities.
Farmers can get more information about Bangiya Gramin Vikash Bank Kisan Credit Card from any branch of the bank.
A farmer has to be maximum 70 years old in order to be eligible for the Personal Accident Insurance Scheme (PAIS).
Farmers can obtain the application form for Bangiya Gramin Vikash Bank Kisan Credit Card from any branch of the bank.