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Union of India - Section

Section 17 in The Kisan Vikas Patra Rules, 2014

17. Premature encashment.

(1)Notwithstanding anything contained in rule 16, a Certificate may be prematurely encashed any time under the following circumstances, namely :-
(a)on the death of the holder or any of the holders in the case of a joint holder;
(b)on forfeiture by a pledge being a Gazetted Government officer;
(c)when ordered by a court of law.
(2)If a Certificate is encashed under sub-rule (1) face value of the Certificate, together with simple interest calculated at the rate applicable from time to time to accounts under Post Office Savings Account Rule, 1981 for the complete months for which the Certificate has been held, shall be payable.
(3)Notwithstanding anything contained in rule 16 or in sub-rule (1), if a Certificate is encashed any time after expiry of two years and six months from the date of issue of Certificate, the amount payable inclusive of interest shall be as specified in the Table below for denomination of Rs. 1000/- and at a proportionate rate for any other denomination :-Table showing premature encashment value of Certificate - Denomination of Rs. 1,000/-[Table] [Substituted by Notification No. G.S.R. 500(E), dated 16.7.2019 (w.e.f. 23.9.2014).]
Period from the date of the certificate to thedate of its encashment Amount payable inclusive of interest (Rupees)
(1) (2)
Two and half years but less than three years 1173
Three years but less than three and half years 1211
Three and half years but less than four years 1251
Four years but less than four and half years 1291
Four and half years but less than five years 1333
Five years but less than five and half years 1377
Five and half years but less than six years 1421
Six years but less than six and half years 1467
Six and half years but less than seven years 1515
Seven years but less than seven and half years 1564
Seven and half years but less than eight years 1615
Eight years but less than eight and half years 1667
Eight and half years but less than nine years 1722
Nine years but before the maturity of Certificate 1778
On maturity of certificate 2000
(4)[ For the certificates purchased on or after the 1st day of April, 2016, interest shall be payable at the rate notified by the Central Government, to be calculated at annual compounding basis.] [Inserted by Notification No. G.S.R. 330(E), dated 21.3.2016 (w.e.f. 23.9.2014).]Table showing premature encashment value of Certificate - Denomination of Rs. 1,000/-(Amount in Rs.)[Table [Substituted by Notification No. G.S.R. 381(E), dated 31.3.2017 (w.e.f. 23.9.2014).]
Period from the date of the certificate to thedate of its encashment Amount payable inclusive of interest (Rupees)
(1) (2)
Two and half years but less than three years 1173
Three years but less than three and half years 1211
Three and half years but less than four years 1251
Four years but less than four and half years 1291
Four and half years but less than five years 1333
Five years but less than five and half years 1377
Five and half years but less than six years 1421
Six years but less than six and half years 1467
Six and half years but less than seven years 1515
Seven years but less than seven and half years 1564
Seven and half years but less than eight years 1615
Eight years but less than eight and half years 1667
Eight and half years but less than nine years 1722
Nine years but before the maturity of Certificate 1778
On maturity of certificate 2000]