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    Syndicate Bank Kisan Credit Card is Rated as "Excellent!" by 6 Users

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    Syndicate Bank Kisan Credit Card Overview:

    The Syndicate Bank Kisan Credit Card scheme offers credit to farmers on a short-term basis for meeting their crop cultivation needs. Finance is also extended towards working capital requirements of the farmers, such as for allied activities such as fishery, dairy farming, etc. and for maintenance of farm equipment. The credit scheme also takes into account the expenses incurred by the farmer post-harvest, consumption and other household expenses and makes provisions for the same.

    Features and Benefits of Syndicate Bank Kisan Credit Card (SKCC):

    Interest Rate:

    Interest on the credit extended through the Syndicate Bank Kisan Credit Card is to be paid on a daily product basis for an account balance of Rs. 500 or above, which has been held in the account for 15 days or above at the savings account interest rate.

    The interest rate applicable on the Syndicate Bank Kisan Credit Card is 7% per year, for a term loan amount of up to Rs. 3, 00,000. If the Syndicate Bank Kisan Credit Card holders pays back all his dues on time, interest rate will be slashed by 3% per year as incentive. Therefore, upon timely repayment of loans, farmers can avail loans through the Syndicate Bank Kisan Credit Card at an effective rate of 4% per annum.

    Validity Period:

    The Syndicate Bank Kisan Credit Card is valid for 5 years

    Insurance Coverage:

    Insurance is mandatory as stipulated by the State Government, through the Agriculture Insurance Company of India Ltd. The Syndicate Bank Kisan Credit Card holder must also have Personal Accident Insurance Coverage and this is a part of the credit scheme. The scheme also makes a provision for Health Insurance and/or Premium for Assets, which can be taken as per the discretion of the credit card holder.

    Coverage is also provided for conditions such as changes in growth of crops as proposed to be cultivated in a year, cost escalation, etc.

    Personal Accident Risk Insurance Cover:

    Syndicate Bank Kisan Credit Card holders who are not more than 70 years old, can avail the personal accident risk insurance cover which is worth up to Rs. 50,000, by paying a nominal premium. In this case, coverage is provided in the event of permanent total disability as a result of accident or in the event of death due to an accident.

    Withdrawal Limit:

    Syndicate Bank Kisan Credit Card scheme offers flexibility in terms of withdrawal limit on the card. There is no withdrawal limit. The Syndicate Bank Kisan Credit Card holder can withdraw money as and when they require the same, as long as it is within the credit limit extended to him/her. The repayment towards this withdrawal of funds can be done when the card holder receives his/ her seasonal farm income.

    Debit Balance:

    The Debit balance in the Syndicate Bank Kisan Credit Card account need not be zero during any specific time period.

    Liquidation period:

    The liquidation period for withdrawals made within the credit limit extended, for short duration crops is 12 months. The liquidation period for withdrawals made within the credit limit extended, for long duration crops is 18 months.

    Purpose:

    The Syndicate Bank Kisan Credit Card scheme offers credit to farmers on a short-term basis for meeting their crop cultivation needs. Finance is also extended towards working capital requirements of the farmers, such as for allied activities such as fishery, dairy farming, etc. and for maintenance of farm equipment. The credit scheme also takes into account the expenses incurred by the farmer post-harvest, consumption and other household expenses and makes provisions for the same.

    Other Agricultural Banking Products offered by Syndicate Bank:

    • Agricultural Loans for Self Help Group (SHG)
    • Agricultural Loans for Joint Liability Group (JLG)
    • Synd Kisan Tatkal
    • Synd Jai Kisan
    • Synd Kisan Swarna (SKS)
    • Syndicate Farm House Scheme
    • Financing Homestead Farming
    • Farm Mechanisation Schemes
    • Finance for Hi-tech Agriculture
    • Development of Irrigation Infrastructure
    • Land Development Schemes
    • Purchase of Land for Agricultural Purpose
    • Syndicate 2/3/4 Wheelers Scheme
    • Animal Husbandry Scheme
    • Syndicate Kisan Credit Card (SKCC)
    • Scheme for Water Harvesting
    • Synd Kisan Sathi
    • Syndicate General Credit Card (SGCC)
    • Other Agricultural Loan Products

    Syndicate Bank Kisan Credit Card FAQs:

    1. What is the repayment tenure of the terms loans offered under the Syndicate Bank Kisan Credit Card?

      The maximum repayment tenure is 5 years.

    2. Is an incentive subvention applicable on the loan?

      Yes, the government offers an incentive subvention on interest rate if the farmer repays the loan on time. The actual interest rate is 7% per annum. However, after the incentive subvention of 3% on interest, the applicable interest rate would be 4% per annum.

    3. How much Personal Accident Risk Insurance Coverage will a Syndicate Bank Kisan Credit Card holder receive in the event of death due to accident?

      The Syndicate Bank Kisan Credit Card holder will receive a Personal Accident Risk Insurance Coverage of Rs. 50,000 in the event of death due to accident.

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