Govt issues clarification on encashment of discontinued National Savings Certificates (NSC)

Synopsis The small-savings instrument was launched in December 2011 and discontinued in December 2015. The certificate was available in the denominations of Rs. 100, Rs. 500, Rs. 1000, Rs. 5000 and Rs. 10,000. Getty Images The postal department stopped providing National Savings Certificates (IX Issue) from December 20, 2015, after the action was approved and announced by the Ministry of Finance on December 1, 2015. Earlier, closing of any discontinued scheme account/certificate including NSS’87 & NSS-92 was done at the home office only and closure amount was to be paid only by credit into savings account or by cheque and no cash payment could be made. Now, it can be closed at any department post office. It is clarified that in light of the services provided to consumers and the restrictions offered by the Finacle System, certificates issued under this programme may still be redeemed, closed, or discharged at any Departmental Post Office. As per the clarification from the Ministry of Communications issued on December 2, 2022, “Though NSC IX Issue is a discontinued scheme, NSC IX Issue certificates may be discharged / encashed / closed in any Departmental Post Office, following the procedures prescribed in Chapter 13 of POSB CBS Manual Volume (Corrected up to 31.12.202D.” Note that NSC IX Issue certificates which have already been discharged in the SOs following the prescribed procedures, shall be treated as regular. 10-year National Savings Certificate The small-savings instrument was launched in December 2011 and discontinued in December 2015. The certificate was available in the denominations of Rs. 100/-, Rs. 500/-, Rs. 1000/-, Rs. 5000/- and Rs. 10,000/-. These certificates were issued to the individuals only between 1.12.2011 to 19.12.2015 The certificate had a ten-year maturity period starting on the date specified on the certificate. The total amount, including interest, payable upon encashment of a certificate for the denomination of Rs. 100/- bought between 1.12.2011 and 31.3.2012 at any time after the expiration of its maturity period is Rs. 234.35, bought on or after 1.4.2012 is Rs. 238.87, and bought between 1.4.2013 to 19.12.2015 is Rs. 236.60 at proportionate rate for any other denomination. Monday, 05 Dec, 2022 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Companies Companies & Sports More RBI may Opt for a Smaller Rate Hike this Week: Experts Easing inflation expectations both in India and abroad, indications of slower rate hikes in the US and worries over a global economic slowdown are likely to ensure a smaller interest rate increase by the Reserve Bank of India (RBI) this week, bankers and economists expect. Rules for Indian Financial Sector Need to be Reviewed Reserve Bank of India (RBI) rules restrict Indian banks from lending to companies for takeovers. The Indian central bank always viewed lending against shares as a risky activity because a sudden collapse in stock prices could leave banks holding worthless paper. They can lend only up to Rs 20 lakh, a rule that was set after the so-called Harshad Mehta scam of 1992. Deadline for Filing Charge Sheet in Focus A special CBI court judge, while dealing with a bail application in India’s biggest bank fraud case, called for legislation to extend the deadline for filing of charge sheets in “highly serious” cases, highlighting the difficulties faced by investigating agencies in completing complicated case probes. Read More News on National Savings Certificates nsc india post NSC IX postal department (Your legal guide on estate planning, inheritance, will and more.) Download The Economic Times News App to get Daily Market Updates & Live Business News. … more less ETPrime stories of the day Aviation Jyotiraditya Scindia: I would like to see many more airlines coming onboard 17 mins read FMCG Varun Beverages outshines HUL, returns 100% in one year. Can it sustain the momentum ahead? 8 mins read 3 insights to kick-start your day, featuring Maruti’s latest trouble 4 mins read Subscribe to ETPrime

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Published on : 2022-12-05 06:56:12

Source :economictimes_indiatimes

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