Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016
The scheme has 13 key terms and conditions:
Eligibility: Deposits are open to individuals who have declared their income under the Pradhan Mantri Garib Kalyan Yojana, 2016.
Form of Deposits: Deposits can be made in the form of cash or by debit to the depositor’s existing bank account.
Authorised Banks: Deposits can be made at any authorised bank, including public sector banks, private sector banks, and foreign banks.
Subscription and Mode of Investment: Deposits can be made in the Bonds Ledger Account, which will be maintained by the authorised banks.
Effective Date of Deposit: The effective date of deposit will be the date of tender of cash or debit to the depositor’s existing bank account.
Applications: Applications for deposits can be made in the prescribed form, available at the authorised banks.
Nomination: Nomination facility is available in accordance with the Banking Companies (Nomination) Rules, 1985.
Transferability: The deposits are non-transferable.
Interest: Interest will be paid at the rate of 2.50% per annum, and will be credited to the Bonds Ledger Account.
Tradability against Bonds: The deposits can be traded against the bonds issued by the Government of India.
Repayment: The deposit will be repaid on maturity, along with the interest accrued.
Interpretation: Any disputes or doubts arising out of the scheme will be resolved by the Government of India.
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Download: Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016