THE NATIONAL
SAVINGS CERTIFICATES (VIII-ISSUE) RULES, 1989
GSR 496 (E)
–
In
exercise of the powers conferred by section 12 of the Government Savings
Certificates Act, 1959 (46 of 1959), the Central Government hereby makes the
following rules, namely:-
1. Short title and commencement:-
(1) These
rules may be called the National
Savings Certificates (VIII Issue)
Rules, 1989.
(2) They shall come into force on the 8th
May, 1989.
2. Definitions:-
In these rules, unless
the context otherwise requires.
‘(i) “Aadhaar number” means
an identification number as defined in clause (a) of section 2 of the Aadhaar
(Targeted Delivery of
Financial and Other Subsidies, Benefits and Services) Act, 2016 (18 of 2016);
(a)
(ia) “Act” means the Government Savings Certificates Act, 1959 (46 of
1959);
(Vide GSR No. 1244 (E)
dated 29.09.2017)
“(ia) “Bank” means any branch of a public sector or
private sector commercial bank authorised by the Government to issue
certificates;”
(Vide GSR No. 54 (E)
dated 18.01.2017)
(ii) “Banking
Company” – deleted
(iii) “Cash”
means cash in Indian currency;
(iv) “Certificate”
means the National Savings Certificates (VIII Issue)
(v) “Company” – deleted.
(vi) “Corporation”
means a corporation established by or under any law for the time being in
force;
(vii) “firm” – deleted.
[Clauses (ii), (v) & (vii) deleted vide MOF (DEA)
Notification No.GSR (120 (E) dated 8.3.1995 effective from 1.4.1995]
(viii) “Form”
means a form appended to these rules and also includes forms as prescribed
by the Department of Posts.
(ix) “Government
Company” means a company as defined in section 617of the Companies Act,
1956 (1 of 1956);
(x) “Local Authority” means a municipal
corporation, municipal committee, district board, Body of port commissioners or
other authority legally entitled to or entrusted by the Government with the
control or management of municipal or local fund;
(xi) “Old Certificate” means a
certificate issued under the Post Office Savings Certificates Rules, 1960, or
the National Savings Certificates (First Issue), Rules 1965 or the National
Savings Certificates (IV Issue) Rules, 1973; or a Bond issued under the
National Development Bonds Rules, 1977 or the National Savings Certificates (VI
Issue), 1981 or the National Savings Certificates (VII Issue) Rules, 1981 or
the Social Security Certificate Rules, 1982 or the KisanVikasPatra Rules, 1988;
(xii) “Post Office” means any departmental
post office in India doing Savings Bank work and such other post office as is
authorised by Department of Posts.
(xiii) “Scheduled Bank” means a bank for
the time being included in the second Schedule to the Reserve Bank of India
Act, 1934 (2 of 1934).
(xiv) “Trust” means a trust registered
under any law for the time being in force.
3. Denominations in which certificates shall
be issued:- The National Savings Certificates (VIII Issue) shall be
issued in denominations of Rs. 100, Rs. 500, Rs.1000, Rs.5000, Rs.10,000 and
such other denominations as may be notified by the Central Government from time
to time.
4. Types of Certificates and Issue thereof:- (1) The
certificates shall be of the following types, namely:-
(a) Single
Holder Type Certificates;
(b) Joint
‘A’ Type Certificates; and
(c) Joint ‘B’
Type Certificates.
(2)(a) A
Single Holder Type Certificate may be issued to:-an adult for himself or on
behalf of a minor or to a minor;
b) A Joint
‘A’ Type Certificate may be issued jointly to two adults payable to both the
holders jointly or to the survivor.
(c) A Joint
‘B’ Type Certificate may be issued jointly to two adults payable to either of the holders or to the
survivor.
(3) Non Resident Indians are not
eligible to purchase the National Savings Certificates:Provided that if a resident
who subsequently becomes Non Resident Indian during the currency of maturity
period, shall be allowed to avail the benefits of the certificates on maturity
on a Non Repatriation Basis.
“(4A) Identification
of Account holders.- The Aadhaar number shall be the unique identifier for the purpose of establishing the identity
of an account holder:
Provided that where Aadhaar
number has not been assigned, the depositor shall submit proof of application
of
enrolment for Aadhaar:
Provided further that every
depositor under this rule who has not given his Aadhaar number at the time of
application for such
deposit shall submit his Aadhaar number to the Post Office Savings Bank
concerned, on or
before the 31st day of December, 2017.”
(Vide GSR No. 1244 (E)
dated 29.09.2017)
5. Purchase of Certificates:- Certificates
may be purchased for any amount.
6. Procedure for purchase of certificates:-Any person
specified in rule 4, desiring to purchase a certificate, shall present at a “post office or bank,” an application in Form 1, either in
person or through an authorised agent of the Small Savings Schemes.
(Vide GSR No. 54 (E)
dated 18.01.2017)
7. Legal tender:- Payment for
the purchase of a certificate may be made to a post office in any of the
following modes, namely:-
(i) Cash;
(ii) a locally executed cheque, pay order or
demand draft drawn in favour of the postmaster
(iii) by
presenting a duly signed withdrawal form with the passbook for withdrawal from the Post Office Savings Bank
account.
(iv) surrender
of a matured old certificate duly discharged as follows- “Received payment
through issue of fresh certificate vide application attached”.
(v) by any electronic mode in case of
certificates are purchased from post offices working on Core Banking Solution
platform.
8. Issue of Certificates:- (1) On
payment being made under rule 7, except where payment is made by a cheque, pay
order or demand draft, a certificate shall be issued immediately and the date
of such certificate shall be date of payment.
(2) Where
payment for the purchase of a certificate is made by cheque, pay order or
demand draft, the certificate shall not be issued before the proceeds of the
cheque, pay order or demand draft, as
the case may be, are realized and the date of such certificate shall be the
date of encashment of the cheque, pay order or demand draft, as the case may
be.
(3) If for
any reason a certificate cannot be issued immediately, a provisional receipt
shall be given to the purchaser which may later be exchanged for a certificate
and the date of such certificate shall be as specified in sub-rule (1) and
sub-rule (2), as the case may be.
9. Certificate in lieu of proceeds of old
certificates:- A holder of an old certificate entitled to encash that
certificate may make an application in Form 1 for the grant of a
certificate under these rules; on receipt of such an application, there shall
be issued to the applicant a certificate under these rules, the date of issue
being the date on which the old certificate duly discharged is presented.
10. Transfer from one post office to another:- (1) A certificate may be transferred from a
post office at which it stands registered, to any other post office on the
holder or holders making an application in the prescribed form at either of the
two post offices;
(2) Every such application shall be signed by
the holder or holders of the certificate;
Provided
that in the case of Joint ‘A’ Type Certificate or a Joint ‘B’ Type Certificate,
the application may be signed by one of the joint holders if the other is dead.
11. Transfer of certificate from one person to
another:- (1) A certificate may be transferred with the
previous consent in writing of an officer of the post office as specified below
(hereinafter referred to in these rules as authorised Postmaster)
Cases in which
transfer can be sanctioned | Designation
of the officer competent to grant permission for transfer |
a. | (i) From
the name of a deceased holder to his heir (ii) From
a holder to a court of law or to any other person under the orders of court
of law. (iii) From
a single holder to the names of joint holders of whom the transferee shall be
one. (iv) From
joint holders to the name of one of the joint holders. | Postmaster of the
post office where the certificate registered. |
b. | All other
cases | Head
Postmaster |
(2) An authorized Postmaster as referred in
sub-rule (1) shall give his consent to the transfer of a certificate only if
the following conditions are satisfied, namely:-
(a) the
transferee is eligible under these rules to purchase certificates;
(b) the
transfer is made after the expiry of a period of at least one year from the
date of the certificate or where the transfer is sought before the expiry of
such period, the transfer falls under any of the following categories, namely:-
(i) transfer to a near relative out of natural
love and affection;
Explanation:-
For the purposes of this rule, “near relative”
means husband, wife, lineal ascendent or
descendent, brother or sister.
(ii) transfer in the name of the heir of the
deceased holder;
(iii) transfer from a holder to a court of law or
to any other person under the orders of
the court of law;
(iv) transfer in accordance with Rule 12;
(Pledging)
(v) transfer in the name of survivor in the
event of death of one of the joint holders.
(c) An application for transfer is made in the
prescribed form and is signed by the holder or holders of the
certificate;provided that in the case of a Joint ‘A’ Type Certificate or a
Joint ‘B’ Type Certificate, the application may be signed by one of the
holders, if the other is dead.
(3) Without prejudice the provisions of sub-rule
(2), an authorised Postmaster shall give his consent to the transfer of a
certificate held on behalf of a minor only if at the time of the proposed
transfer, a parent or the guardian referred to in sub-clause (i) or, as the
case may be sub-clause (ii) of clause (b) of Section 5 of the Act, certified in
writing, that the minor is alive and that such transfer is in his interest.
(4) In every case of transfer, name of previous
holder shall be rounded and name of new holder shall be written under the dated
signature of the authorized Postmaster along with his designation and date
stamp of the post office.
(1)
Transfer of certificate shall be allowed only
once from date of issue to the date of discharge of the certificate.
12. Pledging of certificate:- (1) On an
application being made in the prescribed form by the transferer and the
transferee, the Postmaster of the office of the registration may, at any time,
permit the transfer of any certificate as security to -
(a) the
President of India or Governor of a State in his official capacity;
(b) the
Reserve Bank of India or a scheduled bank or a cooperative society including a
cooperative bank;
(c) a
corporation or a Government company:
(d) a local
authority: and
(e) A
Housing Finance Company approved by the National Housing Bank and notified by the Central Government.
Provided
that the transfer of a certificate purchased on behalf of a minor shall not be
permitted under this sub-rule unless the parent or the guardian of the minor
referred to in sub-clause (i) as the case may be, sub-clause (ii) of clause (b)
of Section 5 of the Act, certifies in writing, that the minor is alive and that
such transfer is for the benefit of the minor.
(2) When any certificate is transferred as
security under sub-rule (1), the Postmaster of office of the registration shall
make the following endorsement on the certificate, namely:-
“Transferred as security to……………”
(3) Except
as otherwise provided in these rules, the transferee of a certificate under
this rule, shall, until it is re-transferred under sub-rule (4), be deemed to
be the holder of the certificate.
(4) A
certificate transferred under the sub-rule (2), may, on the written authority
of the pledgee, be re-transferred with the previous sanction in writing of the
authorised Postmaster and when any such re-transfer is made, the Postmaster of
the office of registration shall make the following endorsement on the
certificate, namely:-
“Re-transferred to……………………..”
Note 1:- A Gazetted
Officer of the Government accepting the certificate as security under sub-rule
(1) or releasing the pledge under sub-rule (4) on behalf of the President of
the Governor of a State, shall certify under his dated signature and seal of
office that he is duly authorised to execute such instruments or deeds on
behalf of the President of India or the Governor of a State, giving the particulars
of the number and date of the Notification of the Government authorizing him in
this behalf.
Note 2:- An officer of the Reserve Bank of India or a
scheduled bank or a cooperative society including a cooperative bank,
corporation or a Government company or a local authority, as the case may be ,
accepting the certificate as security under sub-rule (1) or releasing the
pledge under sub-rule (4) on behalf of the respective institution, shall
certify under his dated signature and seal of office that he is duly authorised
under the articles of the said institution, to execute such instruments or
deeds on its behalf.
(5) Where as a result of several endorsements
made under sub-rules (2) and (4) on a certificate, no space is left for making
further endorsements of alike character on that certificate, a fresh
certificate may be issued by the Postmaster of the office of the registration
in lieu of such certificate.
(6) A fresh certificate issued under sub-rule
(5) shall be, treated as equivalent to the certificate in lieu of which it has
been issued for all purposes of these rules.
13. Replacement of lost or destroyed
certificate:- (1) If a certificate is lost, stolen, destroyed, mutilated
or defaced, the person entitled thereto may apply for the issue of a duplicate
certificate to the post office where the certificate is registered or to any
other post office in which case the application will be forwarded to the post
office of registration.
(2) Every such application shall be
accompanied by a statement showing particulars such as number, amount and date
of the certificate and the circumstances attending such loss, theft,
destruction, mutilation or defacement.
(3) If the officer incharge of the post office
of registration is satisfied of the loss, theft, destruction, mutilation or
defacement of the certificate, he shall issue a duplicate certificate on the
applicant furnishing an indemnity bond in the prescribed form with one or more
approved sureties or with a bank’s guarantee.
Provided
that where the face value or the aggregate face value of the certificate or
certificates lost, theft, destroyed, mutilated or defaced is Rs. 500 or less, a
duplicate certificate or certificates may be issued on the applicant furnishing
an indemnity bond without any such surety or guarantee.
Provided
further that where such application is made with respect to certificate
mutilated or defaced of whatever face value, a duplicate certificate may be
issued without any such indemnity bond, surety or guarantee if the certificate
mutilated or defaced is surrendered and the certificate is capable of being
identified as the one originally issued.
(4) A duplicate certificate issued under
sub-rule (3) shall be treated as equivalent to the original certificate for all
the purposes of these rules except that it shall not be encashable at a post
office other than the post office at which such certificate is registered
without previous verification.
14. Nomination:- (1) Subject to
provisions of sub-rules (2) to (6), the single holder or joint holders of a
certificate may by filling in necessary particulars in Form 1 at the
time of purchasing the certificate, nominate any person who, in the event of
death of single holder or both the joint holders, as the case may be, shall
become entitled to the certificate and to the payment of the amount due
thereon. If such nomination is not made at the time of purchasing the
certificate, it may be made by the single holder, the joint holders or the
surviving joint holder, as the case may be, at any time after the purchase of
the certificate but before its maturity, by means of an application in Form
2 to the Postmaster of the office at which the certificate stands
registered.
(2) There shall not be more than one nominee,
except in cases where the denomination of a certificate is Rs. 500 or more.
(3) No nomination shall be made in respect of
a certificate applied for and held by or on behalf of a minor.
(4) A nomination made by the holder or holders
of a certificate under this rule may be cancelled or varied by submitting an
application in Form 3 affixing postage stamps of the value specified in
sub-rule (2) of rule 25 together with the certificate to the Postmaster of the
post office at which the certificate stands registered.
(5) Separate application for nomination or
cancellation of a nomination or a variation of a nomination shall be made in
respect of certificates registered on different dates.
(6) The nomination or the cancellation of a
nomination or the variation of a nomination shall be effective from the date it
is registered in the post office, which shall be noted on the certificate.
15. Encashment on maturity:- (1) The
maturity period of a certificate of any denomination shall be six years
commencing from the date of the certificate. The amount, inclusive of interest,
payable on encashment of a certificate at any time after the expiry of its
maturity period shall be Rs.201.50 for denomination of Rs.100 and at proportionate
rate for any other denomination. The interest as specified in the Table below
shall accrue to the holder or holders of the certificate at the end of the each
year and the interest so accrued at the end of each year upto the end of the
fifth year, shall be deemed to have been re-invested on behalf of the holder
and aggregated with the amount of face value of the certificate.
T A B L E
The year for which
interest accrues | Amount of interest
(Rs.) accruing on certificate of Rs.100 denomination |
First year | 12.40 |
Second year | 13.90 |
Third year | 15.60 |
Fourth year | 17.50 |
Fifth year | 19.70 |
Sixth year | 22.40 |
Note:- The amount
of interest accruing on a certificate of any other denomination shall be
proportionate to the amount specified in the Table above.
(2) Where a certificate has been purchased on
or after the 1st day of January, 1999 the amount, inclusive of
interest, payable on encashment of the certificate at any time after the expiry
of its maturity period shall be Rs.195.60 for denomination of Rs.100 and
at proportionate rate for any other denomination. The interest as specified in
the Table below shall accrue to the holder or holders of the certificate at the
end of the fifth year shall be deemed to have been reinvested on behalf of the
holder and aggregated with the amount of face value of the certificate.
T A B L E
The year for which
interest accrues | Amount of interest
(Rs.) accruing on certificate of Rs.100 denomination |
First year | 11.80 |
Second year | 13.23 |
Third year | 14.80 |
Fourth year | 16.54 |
Fifth year | 18.51 |
Sixth year | 20.69 |
Note:- The amount
of interest accruing on a certificate of any other denomination shall be
proportionate to the amount specified in the Table above.
(3) Where a certificate has been purchased on
or after the 15th day of January, 2000but before the 1st
day of March, 2001, the amount, inclusive of interest, payable on
encashment of the certificate at any time after the expiry of its maturity
period shall be Rs.190.12 for denomination of Rs.100 and at
proportionate rate for any other denomination. The interest as specified in the
Table below shall accrue to the holder or holders of the certificate at the end
of each year and the interest so accrued at the end of each year upto the end
of fifth year shall be deemed to have been reinvested on behalf of the holder
and aggregated with the amount of face value of the certificate.
T A B L E
The year for which
interest accrues | Amount of interest
(Rs.) accruing on certificate of Rs.100 denomination |
First year | 11.30 |
Second year | 12.58 |
Third year | 14.00 |
Fourth year | 15.58 |
Fifth year | 17.35 |
Sixth year | 19.31 |
Note:- The amount
of interest accruing on a certificate of any other denomination shall be
proportionate to the amount specified in the Table above.
(4) Where a certificate has been purchased on
or after the 1st day of March, 2001but before the 1st
day of March, 2002, the amount inclusive of interest, payable on encashment
of the certificate at any time after the expiry of its maturity period shall be
Rs.174.52 for denomination of Rs.100 and at proportionate rate for any
other denomination. The interest as specified in the Table below shall accrue
to the holder or holders of the certificate at the end of each year and the
interest so accrued at the end of each year upto the end of fifth year shall be
deemed to have been reinvested on behalf of the holder and aggregated with the
amount of face value of the certificate.
T A B L E
The year for which
interest accrues | Amount of interest
(Rs.) accruing on certificate of Rs.100 denomination |
First year | 9.72 |
Second year | 10.67 |
Third year | 11.71 |
Fourth year | 12.85 |
Fifth year | 14.10 |
Sixth year | 15.47 |
Note:- The amount
of interest accruing on a certificate of any other denomination shall be
proportionate to the amount specified in the Table above.
(5) Where a certificate has been purchased on
or after the 1st day of March, 2002but before the 1st
day of March, 2003, the amount inclusive of interest, payable on encashment
of the certificate at any time after the expiry of its maturity period shall be
Rs.169.59 for denomination of Rs.100 and at proportionate rate for any
other denomination. The interest as specified in the Table below shall accrue
to the holder or holders of the certificate at the end of each year and the
interest so accrued at the end of each year upto the end of fifth year shall be
deemed to have been reinvested on behalf of the holder and aggregated with the
amount of face value of the certificate.
T A B L E
The year for which
interest accrues | Amount of interest
(Rs.) accruing on certificate of Rs.100 denomination |
First year | 9.20 |
Second year | 10.05 |
Third year | 10.97 |
Fourth year | 11.98 |
Fifth year | 13.09 |
Sixth year | 14.29 |
Note:- The amount
of interest accruing on a certificate of any other denomination shall be
proportionate to the amount specified in the Table above.
(6) Where a certificate has been purchased on
or after the 1st day of March, 2003 but before the 1st
day of December, 2011, the amount inclusive of interest, payable on
encashment of the certificate at any time after the expiry of its maturity
period shall be Rs.160.10 for denomination of Rs.100 and at
proportionate rate for any other denomination. The interest as specified in the
Table below shall accrue to the holder or holders of the certificate at the end
of each year and the interest so accrued at the end of each year upto the end
of fifth year shall be deemed to have been reinvested on behalf of the holder
and aggregated with the amount of face value of the certificate.
T A B L E
The year for which
interest accrues | Amount of interest
(Rs.) accruing on certificate of Rs.100 denomination |
First year | 8.16 |
Second year | 8.83 |
Third year | 9.55 |
Fourth year | 10.33 |
Fifth year | 11.17 |
Sixth year | 12.08 |
Note:- The amount
of interest accruing on a certificate of any other denomination shall be
proportionate to the amount specified in the Table above.
“(6A) Where
a certificate has been purchased on or after the 1st day of
December, 2011 the maturity period of a
certificate of any denomination, shall be five years, commencing from the date
of issue of the certificate. The amount
inclusive of interest, payable on encashment of the certificate at any time
after the expiry of its maturity period shall be Rs 150.90 for denomination of Rs. 100 and at proportionate rate for
any other denomination. The interest as
specified in the Table below shall accrue to the holder or holders of the
certificate at the end of each year and the interest so accrued at the end of
each year upto the end of the fourth year shall be deemed to have been
reinvested on behalf of the holder and aggregated with the amount of face value
of the certificate.
TABLE
The year for which interest accrues | Amount of interest (rupees) accruing
on certificate of Rs. 100 denomination |
First year | 8.58 |
Second year | 9.31 |
Third year | 10.11 |
Fourth year | 10.98 |
Fifth year | 11.92 |
Note: The amount of interest accruing on a
certificate of any other denomination shall be proportionate to the amount
specified in the Table above”.
(‘6B)’ Where a
certificate has been purchased on or after the 1st day of April,
2012, the amount inclusive of interest, payable on encashment of the
certificate at any time after the expiry of its maturity period of 5 Years
shall be Rs. 152.35 for denomination of Rs.100 and at proportionate rate
for any other denomination. The interest as specified in the Table below shall
accrue to the holder or holders of the certificate at the end of each year and
the interest so accrued at the end of each year upto the end of fifth year
shall be deemed to have been reinvested on behalf of the holder and aggregated
with the amount of face value of the certificate.
T A B L E
The year
for which interest accrues | Amount of
interest (Rs.) accruing on certificate of Rs.100 denomination |
First year | 8.78 |
Second year | 9.56 |
Third year | 10.40 |
Fourth year | 11.31 |
Fifth year | 12.30 |
Note:- The amount
of interest accruing on a certificate of any other denomination shall be
proportionate to the amount specified in the Table above.
“(6C) Where a certificate has been
purchased on or after the 1st
day of April, 2013 the maturity period
of a certificate of any denomination, shall be five years, commencing
from the date of issue of the certificate.
The amount inclusive of interest, payable on encashment of the
certificate at any time after the expiry of its maturity period shall be Rs 151.62 for denomination of Rs. 100
and at proportionate rate for any other denomination. The interest as specified in the Table below
shall accrue to the holder or holders of the certificate at the end of each
year and the interest so accrued at the end of each year upto the end of the
fourth year shall be deemed to have been reinvested on behalf of the holder and
aggregated with the amount of face value of the certificate.
TABLE
The year for which interest accrues | Amount of interest (rupees) accruing on
certificate of Rs. 100 denomination |
First Year | 8.68 |
Second Year | 9.43 |
Third Year | 10.25 |
Fourth Year | 11.14 |
Fifth Year | 12.11 |
Note: The amount of interest accruing on a
certificate of any other denomination shall be proportionate to the amount
specified in the Table above”.
(7) Mode of payment:- The amount
payable at the time of encashment on maturity may be rounded off to the nearest
multiple of one rupee and for this purpose any amount of 50 paise or more shall
be treated as one rupee and any amount less than 50 paise shall be ignored.
15A. Post-maturity interest:- Where
repayment of the amount, inclusive of interest, under rule 15 has become due
but has not been made, interest shall be allowed on the amount due from
the date of maturity to the date of repayment of the amount subject to the
following conditions, namely:-
(a)
The interest shall be simple and shall
be calculated at the rate applicable from time to time to savings accounts of
the type of single or joint account.
(b)
For the
purpose of payment of interest, any part of the period which is less than one month shall be ignored.
(c)
The
interest shall be paid to the depositor in lump sum at the time of repayment of amount due.
16. Premature encashment:- (1)
Notwithstanding anything contained in rule 15 and subject to sub-rule (2), (3)
and (4), a certificate may be prematurely encashed any time in any of the
following circumstances, namely:-
(a)
on the death of the holder or any of the
holders in case of joint holders;
(b)
on forfeiture by a pledgee being Gazetted
Government Officer when the pledge is in conformity with these rules; or
(c)
when ordered by a court of law.
(2) If a certificate is encashed under sub-rule
(1) within a period of one year from the date of the certificate, only the face
value of the certificate shall be payable.
(3) If a certificate is encashed under
sub-rule (1) after expiry of one year but before the expiry of three years from
the date of certificate, the encashment shall be at a discount. On encashment
of the certificate, an amount equivalent to the face value of the certificate
together with simple interest shall be payable. Such simple interest shall
be calculated on the face value at the rate applicable from time to time to
single accounts under the Post Office Savings Account Rules, 1981, for the
complete months for which the certificate has been held. The difference between
the aforesaid simple interest and the interest accruing under rule 15
shall be deemed to be discount.
(4)(i)If a certificate is encashed under sub-rule (1)
after expiry of three years from the date of certificate purchased before
the 1st day of March 2001, the amount payable, inclusive of
interest accrued under rule 15 and after adjustment of discount, shall be as
specified in the Table given below for a certificate of Rs. 100 denomination
and at a proportionate rate for a certificate of any other denomination.
TABLE
Period from the date
of the certificate to the date of its encashment | Amount payable
inclusive of interest (in rupees) |
1. | 3 years or
more but less than 3 years and 6 months | 132.00 |
2. | 3 years
and 6 months or more but less than 4 years | 138.50 |
3. | 4 years or
more but less than 4 years and 6 months | 145.00 |
4. | 4 years
and 6 months or more but less than 5 years | 152.00 |
5. | 5 years or
more but less than 5 years and 6 months | 159.00 |
6. | 5 years
and 6 months or more but less than 6 years | 166.50 |
(ii) If a
certificate is encashed under sub-rule (1) after expiry of three years from the
date of certificate purchased on or afterthe 1st day of March
2001 but before the 1st day of March 2002, the amount payable,
inclusive of interest accrued under rule 15 and after adjustment of discount,
shall be as specified in the Table given below for a certificate of Rs. 100 denomination
and at a proportionate rate for a certificate of any other denomination.
TABLE
Period from the date
of the certificate to the date of its encashment | Amount payable
inclusive of interest (in rupees) |
1. | 3 years or more but
less than 3 years and 6 months | 126.43 |
2. | 3 years and 6 months
or more but less than 4 years | 131.71 |
3. | 4 years or more but
less than 4 years and 6 months | 136.90 |
4. | 4 years and 6 months
or more but less than 5 years | 142.48 |
5. | 5 years or more but
less than 5 years and 6 months | 147.98 |
6. | 5 years and 6 months
or more but less than 6 years | 153.89 |
(iii) If a
certificate is encashed under sub-rule (1) after expiry of three years from the
date of certificate purchased on or afterthe 1st day of March
2002 but before the 1st day of March 2003, the amount payable,
inclusive of interest accrued under rule 15 and after adjustment of discount,
shall be as specified in the Table given below for a certificate of Rs. 100
denomination and at a proportionate rate for a certificate of any other
denomination.
TABLE
Period from the date
of the certificate to the date of its encashment | Amount payable
inclusive of interest (in rupees) |
1. | 3 years or more but
less than 3 years and 6 months | 124.72 |
2. | 3 years and 6 months
or more but less than 4 years | 129.39 |
3. | 4 years or more but
less than 4 years and 6 months | 134.25 |
4. | 4 years and 6 months
or more but less than 5 years | 139.28 |
5. | 5 years or more but
less than 5 years and 6 months | 144.50 |
6. | 5 years and 6 months
or more but less than 6 years | 149.52 |
(iv) If a
certificate is encashed under sub-rule (1) after expiry of three years from the
date of certificate purchased on or afterthe 1st day of March
2003 but before the 1st day of December, 2011, the amount
payable, inclusive of interest accrued under rule 15 and after adjustment of
discount, shall be as specified in the Table given below for a certificate of
Rs. 100 denomination and at a proportionate rate for a certificate of any other
denomination.
TABLE
Period from the date
of the certificate to the date of its encashment | Amount payable
inclusive of interest (in rupees) |
1. | 3 years or more but
less than 3 years and 6 months | 121.15 |
2. | 3 years and 6 months
or more but less than 4 years | 125.09 |
3. | 4 years or more but
less than 4 years and 6 months | 129.16 |
4. | 4 years and 6 months
or more but less than 5 years | 133.36 |
5. | 5 years or more but
less than 5 years and 6 months | 137.69 |
6. | 5 years and 6 months
or more but less than 6 years | 142.16 |
(v) If
a certificate is encashed under sub-rule (1) after the expiry of three years
from the date of certificate purchased on or after the 1st day of
December, 2011, the amount payable, inclusive of interest accrued under rule 15
and after adjustment of discount, shall be as specified in the Table below for
a certificate of Rs. 100 denomination and at a proportionate rate for a
certificate of any other denomination.
TABLE
Period from the date of the
certificate to the date of its encashment | Amount payable inclusive of
interest (Rupees) | |
Three years or more, but less than three years and six months | 123.14 | |
Three years and six months or more, but less than four years | 127.49 | |
Four years or more, but less than four years and six months | 131.99 | |
Four years and six months or more, but less than five years | 136.65 | |
(vi) If a certificate is encashed under
sub-rule (1) after expiry of three years from the date of certificate purchased
on or afterthe 1st day of April 2012, the amount payable,
inclusive of interest accrued under rule 15 and after adjustment of discount,
shall be as specified in the Table given below for a certificate of Rs. 100
denomination and at a proportionate rate for a certificate of any other
denomination.
TABLE
Period
from the date of the certificate to the date of its encashment | Amount
payable inclusive of interest (in rupees) |
1. | 3 years or
more but less than 3 years and 6 months | 124.60 |
2. | 3 years
and 6 months or more but less than 4 years | 129.26 |
3. | 4 years or
more but less than 4 years and 6 months | 134.08 |
4. | 4 years
and 6 months or more but less than 5 years | 139.09 |
“(vii) If a certificate is encashed under sub-rule
(1) after the expiry of three years from the date of certificate purchased on or after the 1st day of April
2013, the amount payable, inclusive of interest accrued under rule 15 and
after adjustment of discount, shall be as specified in the Table below for a
certificate of Rs. 100 denomination and at a proportionate rate for a certificate
of any other denomination.
TABLE
Period from the date of the certificate to the date of
its encashment | Amount payable inclusive of interest (Rupees) | |
(1) | (2) | |
Three
years or more, but less than three years and six months | 124.24 | |
Three
years and six months or more, but less than four years | 128.81 | |
Four years
or more, but less than four years and six months | 133.56 | |
Four years
and six months or more, but less than five years | 138.48 | |
(5) Mode of payment:- The amount payable
at the time of premature encashment may be rounded off to the nearest multiple
of one rupee and for this purpose any amount of 50 paise or more shall be
treated as one rupee and any amount less than 50 paise shall be ignored.
17. Place
of encashment:- A certificate shall be encashable
at the post office at which it stands registered: Provided that a certificate
may be encashed at any other post office if the Officer-in-charge of that post
office is satisfied on verification from the post office of its registration
that the person presenting the certificate for encashment is entitled thereto.
18. Discharge of certificate:- (1) The
person entitled to receive the amount due under a certificate shall, on its
encashment, sign on the back thereof in token of having received the payment.
(2) In the case of a certificate purchased on
behalf of a minor who has since attained majority, the certificate shall be
signed by such a person himself, but his signature shall be attested either by
the person who purchased it on his behalf or by any person who is known to the
Postmaster.
(3) A certificate of discharge may be issued by
the post office to any person encashing a certificate on payment of the fee
specified in sub-rule (1) of rule 25.
19. Encashment of minor’s certificate:- (1) A person
encashing a certificate on behalf of a minor shall furnish a letter from the
parent or guardian of the minor referred to in sub-clause (i), or as the case
may be, sub-clause (ii), of clause (b) ofsection5 of the Act, to the effect
that the minor is alive and that the money is required on behalf of the minor.
(2) When the nominee is a minor, the person
appointed under sub-section (3) of section 6 of the Act while encashing the
certificate, shall furnish a certificate that the minor is alive and that the
money is required on behalf of the minor.
20. Payment to heirs:- (1) If a person
dies and is at the time of his death the holder of a Savings Certificate and
there is no nomination in force at the time of his death and probate of his
will or letters of administration of his estate or a succession certificate
granted under the Indian Succession Act, 1925 (39 0f 1925) is not, within three
months of the death of the holder, produced to the authority specified in the
Table to sub-rule (2), and if the sum due on all Savings Certificates does not
exceed one lakh rupees (inclusive of the sum due on the Savings Certificates
issued from time to time and held by the deceased), the authority mentioned in
the Table to sub-rule (2) may pay the same to any person appearing to it to be
entitled to receive the sum or to administer the estate of the deceased.
(2) The authorities specified in the Table below
shall be competent to sanction claims upto the limit noted against each on the
death of the holder of the Savings Certificates without production of the
probate of his will or letters of administration of his estate or succession
certificate granted under the Indian Succession Act, 1925 (39 0f 1925).
Sl. No | Name of authority | Limit (in Rs.) |
(i) | Time Scale
Departmental Sub-Postmasters | 1,000 |
(ii) | Sub-Postmasters
in Lower Selection Grade | 2,000 |
(iii) | Sub-Postmasters/
Dy Postmasters/ Postmasters in higher Selection Grade (All Non-Gazetted) | 5,000 |
(iv) | Deputy
Chief Postmasters/ Superintendent of Post Offices/ Deputy Superintendent of
Post Offices (All Gazetted Group-B) | 20,000 |
(v) | Chief
Postmasters in Head Offices, Senior Superintendents (All Gazetted Group-A) | 50,000 |
(vi) | Regional
Directors/Director (General Post Offices) (In Mumbai
and Kolkata) | 75,000 |
(vii) | Chief
Postmasters General/ Postmasters General (Headquarter
and Region) | 1,00,000 |
21. Encashment
of Certificates held by Army, Air Force and Navy Personnel:- Where
a certificate is held by a person who is subject to the Army Act, 1950 (46 of
1950) or the Air Force Act, 1950 (45 of 1950) or the Navy Act, 1957 (62 of
1957) and such person dies or deserts, the Commanding Officer of the Corps,
department, detachment, unit or ship to which the deceased or deserter
belonged, or the Committee of Adjustment, as the case may be, may send a
requisition to the officer-in-charge of the post office where the certificate
stand registered to pay him the amount
due under the certificate ; and the Officer incharge of the Post Office shall
be bound to comply with such requisition even though there is in force at the
time of death or desertion of the account holder a nomination made in favour of
any person.
Explanation:- The aforesaid
requisition must be made under Section-3 or Section-4 of the Army and Air Force
(Disposal of Private Property) Act, 1950 (40 of 1950) in the case of a person
belonging to the Army or the Air Force, or under Section-171 or Section-172 of
the Navy Act, 1957 (62 of 1957) in the case of a person belonging to the Navy.
22. Rights of nominees:- (1) In the
case of death of the holder of a certificate in respect of which a nomination
is in force, the nominee or nominees shall be entitled at any time before or
after the maturity of the certificate to:-
(a)
Encash the certificate; or
(b)
Sub-divide the certificate in appropriate
denominations in favour of individual nominees or two adult nominees jointly.
(2) For the purpose of sub-rule (1), the
surviving nominee or nominees shall make an application to the Postmaster of
the office of registration, supported by proof of death of the holder and of
deceased nominee or nominees, if any.
(3) If there are more nominees than one, all the
nominees shall give a joint discharge of the certificate at the time of
receiving the payment or sub-division.
Note:- When there
is a nomination in favour of single nominee or two adult nominees, the post
office of registration may, on an application made in that behalf, issue a fresh
certificate in the name of such nominee or nominees jointly as the case may be.
23. Conversion from one denomination to
another:- (1)
Certificates of lower denomination may be exchanged for a certificate or
certificates of higher denomination of the same aggregate face value or a
certificate of higher denomination may be exchanged for the certificates of
lower denomination of the same aggregate face value;
Provided
that certificates bearing different dates shall not be combined for being
exchanged for certificate or certificates of higher denomination.
(2) The date of the certificate or
certificates issued in exchange shall be the same as that of the original
certificate or certificates surrendered and not the date on which the exchange
is made.
24. Income-tax:- Interest on these
certificates shall liable to tax under the Income-tax, 1961 (43 of 1961) on the
basis of the annual accrual specified in rule 15 but no tax shall be deducted
at the time of payment of discharge value.
25. Fees:- (1) A fee of rupees five shall be chargeable
in respect of the following transactions namely:-
(i) transfer
of certificates from one person to another other than a transfer from the
holder to a court of law;
(ii) issue
of duplicate certificate under rule 13
(iii) issue
of certificate of discharge under rule 18.
(iv)
conversion from one denomination to another under rule 23.
Explanation:-
The
fee to be charged for a conversion under clause (iv) shall be based on the
number of certificates required to be issued on such conversion.
(2) A fee of rupee five shall be chargeable on
every application for registration of nomination or of any variation in
nomination or cancellation thereof.
Provided
that no fee shall be charged on an application for registration of the first
nomination.
26. Responsibility of the Post Office:- The Post
Office shall not be responsible for any loss caused to a holder by any person
obtaining possession of a certificate and fraudulently encashing it.
27. Rectification of mistakes:- The
Department of Posts or the Postmaster General or heads of Postal Divisions in
their respective jurisdictions, may either suomoto or upon an application by
any person interested in any certificate issued in pursuance of these rules,
rectify any clerical or arithmetical mistake with respect to that certificate,
provided that it does not involve any financial loss to the Government or to
any such person.
28. Power to relax:- Where the
Central Government is satisfied that the operation of any of the provisions in
these rules causes undue hardship to the holder of a certificate, it may, by
order, for reasons to be recorded in writing, relax the requirements of that
provision in a manner not inconsistent with the provisions of the Act.