Union of India - Act
National Savings Certificates (VIII Issue) Rules, 1989
UNION OF INDIA
India
India
National Savings Certificates (VIII Issue) Rules, 1989
Rule NATIONAL-SAVINGS-CERTIFICATES-VIII-ISSUE-RULES-1989 of 1989
- Published on 8 May 1989
- Commenced on 8 May 1989
- [This is the version of this document from 8 May 1989.]
- [Note: The original publication document is not available and this content could not be verified.]
1. Short title and commencement.
2. Definitions.
- In these rules, unless the context otherwise requires.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.
4A. [ Identification of Account holders. [Inserted by Notification No. G.S.R. 1244(E), dated 29.9.2017 (w.e.f. 8.5.1989).]
- 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 Saving Bank concerned, on or before the 31st day December, 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] [Substituted 'post office' by Notification No. G.S.R. 54(E), dated 18.1.2017 (w.e.f. 8.5.1989).] an application in Form 1, either in person or through an authorised agent of the Small Savings Schemes.7. Legal tender.
- Payment for the purchase of a certificate may be made to a post office in any of the following modes, namely:-8. Issue of Certificates.
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.
11. Transfer of certificate from one person to another.
| Cases in which transfer can be sanctioned | Designation of the officer competent to grantpermission for transfer | |
| a. | (i) From the name ofa deceased holder to his heir(ii) From a holder toa court of law or to any other person under the orders of courtof law.(iii) From a singleholder to the names of joint holders of whom the transferee shallbe one.(iv) From joint holders to the name of one ofthe joint holders. | Postmaster of the post office where thecertificate registered. |
| b. | All other cases | Head Postmaster |
12. Pledging of certificate.
13. Replacement of lost or destroyed certificate.
14. Nomination.
15. Encashment on maturity.
| The year for which interest accrues | Amount of interest (Rs.) accruing oncertificate 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 |
| The year for which interest accrues | Amount of interest (Rs.) accruing oncertificate 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 |
| The year for which interest accrues | Amount of interest (Rs.) accruing oncertificate 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 |
| The year for which interest accrues | Amount of interest (Rs.) accruing oncertificate 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 |
| The year for which interest accrues | Amount of interest (Rs.) accruing oncertificate 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 |
| The year for which interest accrues | Amount of interest (Rs.) accruing oncertificate 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 |
| The year for which interest accrues | Amount of interest (rupees) accruing oncertificate of Rs. 100 denomination |
| First year | 8.58 |
| Second year | 9.31 |
| Third year | 10.11 |
| Fourth year | 10.98 |
| Fifth year | 11.92 |
| The year for which interest accrues | Amount of interest (rupees) accruing oncertificate of Rs. 100 denomination |
| First Year | 8.78 |
| Second Year | 9.56 |
| Third Year | 10.40 |
| Fourth Year | 11.31 |
| Fifth Year | 12.30 |
| The year for which interest accrues | Amount of interest (rupees) accruing oncertificate of Rs. 100 denomination |
| First Year | 8.68 |
| Second Year | 9.43 |
| Third Year | 10.25 |
| Fourth Year | 11.14 |
| Fifth Year | 12.11 |
| The year for which interest accrues | Amount of interest (rupees) accruing oncertificate of Rs. 100 denomination |
| First Year | 8.68 |
| Second Year | 9.43 |
| Third Year | 10.25 |
| Fourth Year | 11.14 |
| Fifth Year | 12.11 |
| The year for which interest accrues | Amount of interest (rupees) accruing oncertificate of Rs. 100 denomination |
| First Year | 8.10 |
| Second Year | 8.76 |
| Third Year | 9.46 |
| Fourth Year | 10.23 |
| Fifth Year | 11.06 |
| The year for which interest accrues | Amount of interest (rupees) accruing oncertificate of Rs. 100 denomination |
| First Year | 8.0 |
| Second Year | 8.64 |
| Third Year | 9.33 |
| Fourth Year | 10.08 |
| Fifth Year | 10.88 |
| The year for which interest accrues | Amount of interest (rupees) accruing oncertificate of Rs. 100 denomination |
| First Year | 7.9 |
| Second Year | 8.52 |
| Third Year | 9.20 |
| Fourth Year | 9.93 |
| Fifth Year | 10.70 |
| The year for which interest accrues | Amount of interest (rupees) accruing oncertificate of Rs. 100 denomination |
| First Year | 7.80 |
| Second Year | 8.41 |
| Third Year | 9.06 |
| Fourth Year | 9.77 |
| Fifth Year | 10.55 |
| The year for which interest accrues | Amount of interest (rupees) accruing oncertificate of Rs. 100 denomination |
| First Year | 7.60 |
| Second Year | 8.18 |
| Third Year | 8.80 |
| Fourth Year | 9.47 |
| Fifth Year | 10.19 |
| The year for which interest accrues | Amount of interest (rupees) accruing oncertificate of Rs. 100 denomination |
| First Year | 7.60 |
| Second Year | 8.18 |
| Third Year | 8.80 |
| Fourth Year | 9.47 |
| Fifth Year | 10.19 |
| The year for which interest accrues | Amount of interest (rupees) accruing oncertificate of Rs. 100 denomination |
| First Year | 7.90 |
| Second Year | 8.52 |
| Third Year | 9.20 |
| Fourth Year | 9.92 |
| Fifth Year | 10.71 |
15A. [ Post-maturity interest. [Inserted by Notification No. G.S.R. 820(E), dated 16.10.2003 (w.e.f. 8.5.1989).]
- 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 for a maximum period of two years from the date of maturity to the date of repayment of the amount subject to the following conditions, namely: -16. Premature encashment.
| Period from the date of the certificate to thedate of its encashment | Amount payable of interest (in) | |
| 1. | 3 years or more but less than 3 years and 6months | 132.00 |
| 2. | 3 years and 6 months or more but less than 4years | 138.50 |
| 3. | 4 years or more but less than 4 years and 6months | 145.00 |
| 4. | 4 years and 6 months or more but less than 5years | 152.00 |
| 5. | 5 years or more but less than 5 years and 6months | 159.00 |
| 6. | 5 years and 6 months or more but less than 6years | 166.50 |
| Period from the date of the certificate to thedate of its encashment | Amount payable inclusive of interest (inrupees) | |
| 1. | 3 years or more but less than 3 years and 6months | 126.43 |
| 2. | 3 years and 6 months or more but less than 4years | 131.71 |
| 3. | 4 years or more but less than 4 years and 6months | 136.90 |
| 4. | 4 years and 6 months or more but less than 5years | 142.48 |
| 5. | 5 years or more but less than 5 years and 6months | 147.98 |
| 6. | 5 years and 6 months or more but less than 6years | 153.89 |
| [Period from the date of the certificate to thedate of its encashment [Substituted by Notification No. G.S.R. 711(E), dated 17.10.2002 (w.e.f. 8.5.1989).] | Amount payable inclusive of interest (Rupees) | |
| 1. | 3 years or more but less than 3 years and 6months | 124.72 |
| 2. | 3 years and 6 months or more but less than 4years | 129.39 |
| 3. | 4 years or more but less than 4 years and 6months | 134.25 |
| 4. | 4 years and 6 months or more but less than 5years | 139.28 |
| 5. | 5 years or more but less than 5 years and 6months | 144.50 |
| 6. | 5 years and 6 months or more but less than 6years | 149.92] |
| Period from the date of the certificate to thedate of its encashment | Amount payable inclusive of interest (inrupees) | |
| 1. | 3 years or more but less than 3 years and 6months | 121.15 |
| 2. | 3 years and 6 months or more but less than 4years | 125.09 |
| 3. | 4 years or more but less than 4 years and 6months | 129.16 |
| 4. | 4 years and 6 months or more but less than 5years | 133.36 |
| 5. | 5 years or more but less than 5 years and 6months | 137.69 |
| 6. | 5 years and 6 months or more but less than 6years | 142.16 |
| Period from the date of the certificate to thedate of its encashment | Amount payable inclusive of interest (Rupees) |
| (1) | (2) |
| Three years or more, but less than three yearsand six months | 123.14 |
| Three years and six months or more, but lessthan four years | 127.49 |
| Four years or more, but less than four years andsix months | 131.99 |
| Four years and six months or more, but less thanfive years | 136.65] |
| Period from the date of the certificate to thedate of its encashment | Amount payable inclusive of interest (Rupees) |
| (1) | (2) |
| Three years or more, but less than three yearsand six months | 124.60 |
| Three years and six months or more, but lessthan four years | 129.26 |
| Four years or more, but less than four years andsix months | 134.08 |
| Four years and six months or more, but less thanfive years | 139.09] |
| Period from the date of the certificate to thedate of its encashment | Amount payable inclusive of interest (Rupees) |
| (1) | (2) |
| Three years or more, but less than three yearsand six months | 124.24 |
| Three years and six months or more, but lessthan four years | 128.81 |
| Four years or more, but less than four years andsix months | 133.56 |
| Four years and six months or more, but less thanfive years | 138.48] |
| Period from the date of the certificate to thedate of its encashment | Amount payable inclusive of interest (Rupees) |
| (1) | (2) |
| Three years or more, but less than three yearsand six months | 124.24 |
| Three years and six months or more, but lessthan four years | 128.81 |
| Four years or more, but less than four years andsix months | 133.56 |
| Four years and six months or more, but less thanfive years | 138.48] |
| Period from the date of the certificate to thedate of its encashment | Amount payable inclusive of interest (Rupees) |
| (1) | (2) |
| Three years or more, but less than three yearsand six months | 122.85 |
| Three years and six months or more, but lessthan four years | 127.13 |
| Four years or more, but less than four years andsix months | 131.57 |
| Four years and six months or more, but less thanfive years | 136.16] |
| Period from the date of the certificate to thedate of its encashment | Amount payable inclusive of interest (Rupees) |
| (1) | (2) |
| Three years or more, but less than three yearsand six months | 122.50 |
| Three years and six months or more, but lessthan four years | 126.72 |
| Four years or more, but less than four years andsix months | 131.08 |
| Four years and six months or more, but less thanfive years | 135.59] |
| Period from the date of the certificate to thedate of its encashment | Amount payable inclusive of interest (Rupees) |
| (1) | (2) |
| Three years or more, but less than three yearsand six months | 122.16 |
| Three years and six months or more, but lessthan four years | 126.31 |
| Four years or more, but less than four years andsix months | 130.59 |
| Four years and six months or more, but less thanfive years | 135.02] |
| Period from the date of the certificate to thedate of its encashment | Amount payable inclusive of interest (Rupees) |
| (1) | (2) |
| Three years or more, but less than three yearsand six months | 121.82 |
| Three years and six months or more, but lessthan four years | 125.89 |
| Four years or more, but less than four years andsix months | 130.10 |
| Four years and six months or more, but less thanfive years | 134.45] |
| Period from the date of the certificate to thedate of its encashment | Amount payable inclusive of interest (Rupees) |
| (1) | (2) |
| Three years or more, but less than three yearsand six months | 121.14 |
| Three years and six months or more, but lessthan four years | 125.07 |
| Four years or more, but less than four years andsix months | 129.13 |
| Four years and six months or more, but less thanfive years | 139.32] |
| Period from the date of the certificate to thedate of its encashment | Amount payable inclusive of interest (Rupees) |
| (1) | (2) |
| Three years or more, but less than three yearsand six months | 122.50 |
| Three years and six months or more, but lessthan four years | 126.72 |
| Four years or more, but less than four years andsix months | 131.08 |
| Four years and six months or more, but less thanfive years | 135.59] |
| Period from the date of the certificate to thedate of its encashment | Amount payable inclusive of interest (Rupees) |
| (1) | (2) |
| Three years or more, but less than three yearsand six months | 122.16 |
| Three years and six months or more, but lessthan four years | 126.31 |
| Four years or more, but less than four years andsix months | 130.59 |
| Four years and six months or more, but less thanfive years | 135.02] |
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-incharge 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.
19. Encashment of minors certificate.
20. Payment to heirs.
| [Sl. No [Substituted by Notification No. G.S.R. 820(E), 16.10.2003.] | Name of authority | Limit (in Rs.) |
| 1 | 2 | 3 |
| (i) | Time Scale Departmental Sub-Postmasters | 1,000 |
| (ii) | Sub-Postmasters in Lower Selection Grade | 2,000 |
| (iii) | Sub-Postmasters/ Deputy Postmasters/ Postmasters inHigher Selection Grade(All Non-Gazetted) | 5,000 |
| (iv) | Deputy Postmasters/ Senior Postmasters/ Deputy Chief Post Masters/Superintendent of Post Offices/Deputy Superintendents(All GazettedGroup-B) | 20,000 |
| (v) | Chief Postmasters in Head Offices, SeniorSuperintendents(All Gazetted Group-A) | 50,000 |
| (vi) | Regional Directors/Director (General PostOffices)(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.
23. [ [Omitted by Notification No. G.S.R. 266(E), dated 13.3.2014 (w.e.f. 8.5.1989).]
***]| 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.
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 suo moto 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 Centra l 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 in-consistent with the provisions of the Act.Form 1[See Rule 6]Form of Application For Purchase of National Savings Certificates (VIII Issue)Serial No......................ToThe Postmaster........................I/We hereby tender Rs....................... (Rupees .................................... only) in cash/by cheque No............................. for purchase of National Savings Certificates (VIII Issue) of the type Single/Joint A/Joint B.2. I/We nominate the person(s) named below who shall, on my/our death receive payment
| Sl No. | Name of Nominee | Full Address | Date of birth of minor nominee |
3. I/We hereby agree to abide by National Savings Certificates (VIII Issue) Rules, 1989
4. The Certificates may be made over to my/our agent Shri/Smt ....................................Authority No..................................... or messenger who present the application.
Signature/Thumb impression of InvestorDate ..............................Address ..............................Signature and Address ofWitness to nominationReceived the Certificate(s)Signature of investor/messenger/Authorized agentDelete whichever is not applicableDate......................To be Completed by the Post Office| Sl No. of certificates | Issue Price Rs. | Date of encashment | Initials of the Postmaster | Remarks like transfer, issue of duplicate etcwith initials |
| Total |
| Sl No | Name of the nominee(s) | Full Address | Date of birth of nominee in case of minor |
2. As the nominee(s) at the serial number(s) ....................................... above is/are minor(s), I/We appoint Sri/Smt/Kumari .................................. (name and full address) as the person to receive the sum due thereto in the event of my/our death during the minority of the nominee(s).
3. The Certificates detailed below are enclosed: -
| Sl No. of certificates | Denomination | Date of Birth | Office of issue |
| Sl No. | Name of the nominee(s) | Full Address | Date of birth of nominee in case of minor |
2. As the nominee(s) at the serial number (s) ........................... above is/are minor(s). I/We appoint Shri/Smt/Kumari .................................. (name and full address) as the person to receive the sum due thereon in the event of my/our death during the minority of the nominee(s).
3. The certificates detailed below are enclosed :-
| Serial No. of certificates | Denomination Date of issue | Office of issue |