Section 8(2) in National Savings Certificates (VIII Issue) Rules, 1989
(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.
