MCQs On Important Changes in National Savings Schemes as per the amendments of GSPR 2018 and 2019 | Short notes on Important Changes of GSPR 2018 and 2019 | Useful for all Postal LDC Exams - Postalstudy | Post Office Blog | Materials for | Exams
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    MCQs On Important Changes in National Savings Schemes as per the amendments of GSPR 2018 and 2019 | Short notes on Important Changes of GSPR 2018 and 2019 | Useful for all Postal LDC Exams

     


     


    Important Changes 

    Changes

    Before the amendment

    After the amendment

    GENERAL

    Pledging fee

    NSC Rs 5/- per NSC KVP

    Upto Den, Rs 00: 25 Paise Above Den Rs 100: Re 1/- TD : Free

    Rs 00/- + GST

    GL Code :800423500

    For all three schemes

    Releasing fee

    Same as pledging fee

    NIL

    Transfer of an account

    Can be done by transferring HO or transferee HO

    Can be done by transferring HO only

    Transfer of account from one account office to another

    SSA Rs 100 if no address change involved or else free SCSS: Up to 1lac free

    Above 1lac

    Rs 5/- per Lac for first time Rs 0/- per lac subsequent ly All other schemes were free

    Rs 00 +GST

    GL Code : 8800800040

    For all schemes

    Conversion of accounts From Single to joint and vice versa

    Was allowed

    Not allowed except in case of death of the depositor in a joint account.

    Nomination

    Not mandatory

    Mandatory

    Nomination in minor accounts

    Not allowed

    Mandatory

    Maximum number of

    nominees allowed

    6

    4

    Witness for nomination

    One witness compulsory

    No witness required for literate accounts.

    Two witness required for illiterate account

    Fee for cancellation or variation of  nomination

    Re 1/-

    Rs 50 + GST

    GL Code : 800423200

    Fee for Statement of accounts

    Rs 2/- for 30 entries (ledger copy)

    Rs 20/- per account

    GL Code : 800423500

    Duplicate pass book



    Issue of Passbook in lieu of lost or mutilated certificate per registration

    SB/RD/TD/M IS Rs 10/- SSA Rs 50/-

    SCSS Rs 0/ for first time Rs 20/ subsequent ly

    PPF Re 1/-

    Rs 50/+GST

    GL Code : 880080000

    For all schemes



    Rs 10+GST

    When depositor becomes NRI subsequently after opening of account

    Cannot be continued. Should be closed

    Already opened account can be continued until maturity. But cannot be extended

    When depositor cease to be a citizen of India

     

    The account shall be closed or deemed to be closed with interest up the last day of the preceding month.

    SAVINGS BANK Account

     

     

     

    Types of account

    Basic savings account Pension Accounts

    Althese types of accounts discontinued.


     

     

    Zero balance Account No interest Account

    Only two types of savings account SB - Gen & Basic Savings Account

    Number of joint accounts allowed an individual

    One single account and no limit in the number of joint accounts with different adults

    Only one single account and one Joint account with an adult

    Number individuals allowed in a joint account .

    Two or three

    Two only

    Minor account

    Guardian can open a minor account in the name of the minor even though minor is operating an account

    individually

    Guardian cannot open a minor account if the minor already operating an account in his name.

    Minimum amount to open SB account.

    Rs 50/ for non-cheque account Rs 500/- for a cheque account

    Rs 500/- for Regular Accounts and Rs 00/ for Basic Savings Account

    Minimum amount  of Subsequent Deposits

    Rs 5/-

    Rs 10/-

    Minimum amount of withdrawal

    Rs5/- by SB-7

    Rs 20/- By cheque

    Rs 50/- By SB-7 or Cheque

    Fraction of rupee in transaction

    Allowed

    Not allowed

    Production of Pass Book for withdrawal

    Not compulsory in CBS office

    Compulsory for withdrawal through SB-7

    Maintenance charges

    Rs 20/- per Year if balance is less than Rs 50/-

    Rs 50/-+ GST per year if balance is less than Rs 500/-. Account will be automatically closed when the balance becomes zero

    Issue of cheque book

    No charges

    10 leaves or 20 leaves free in a calendar year. Rs 2/-+ GST for additional

    cheque leaves

    Cheque account/non cheque account

    Separate categories for Cheque account

    Non-Cheque account

    No Separate category. Only one category of account

    Officially valid document

     

    PassportDriving  licence, Voters ID card issued by EC, MGNREGA Job Card,Letter issued by NPR

    ID proof should be taken from

    Any Government issued ID card was enough

    PAN Card ,Adhar card or any of the officially valid document.

    Address proof should be taken

    For address proof electricity

    PAN Card ,Aadhar card or any

    from

    bill, telephone bill or letter

    one of the officially valid

    from a recognised authority or

    documents. If address defers

    Bank Pass book was enough

    any one of the officially valid

    documents should be updated

    and submitted within two

    months from the date of

    opening.


     

    Clearing charge of cheque

    Up to Rs 1000/- Rs 30/- and Rs 3/- for additional 1000 and part there of

    On actual basis as per the guidelines of RBI

    Dis honoured charge of cheque

    Rs 50/-

    Rs 100/- + GST

    RECURRING DEPOSIT

    Minimum denomination

    Rs 0/-

    Rs 00/-

    Denomination in multiples of

    Rs 5/-

    Rs 10/-

    Number of individua ls allowed in a Joint account

    2

    3

    RD loan should be in multiples of

    Rs 5/-

    Rs 10/-

    RD loan repayment should be in multiples of

    Rs 5/-

    Rs 10/-

    RD Loan interest

    5 Year TD Interest + 2%

    RD Scheme Interest + 2%

    Protected Savings Scheme

    Maximum benefit limited up to maturity value of Rs 50/- Age limit: 8 to 53

    Maximum benefit limited up to maturity value of Rs 100 Age limit:  8 to 55

    TIME DEPOSIT

    Deposit should be

    100 and multiples of 100

    1000 and multiples of 100

    Number of individua ls allowed in a Joint account

    2

    3

    Number of times extension allowed

    Any number of times

    Maximum two times

    Application for extension

    1Year TD : 6 Months

    1Year TD : 6 Months

    should be submitted within

    2 Year TD: 2 Months

    2 Year TD: 2 Months

    3 Year TD : 8 Months

    3 Year TD : 8 Months

    5 Year  TD :36 Months

    5 Year TD : 8 Months

    Premature Closure

    Completed Years: Completed years TD interest rate - 1% (Compounded quarterly) Completed Months: Completed years TD interest rate at simple interest rate

    Completed Years: Completed years TD interest rate - 2% (Compounded quarterly)

     

    Completed Months :SB rate of interest

    MONTHLY INCOME SCHEME

    Deposit should be

    100 and multiples of 100

    1000 and multiples of 1000

    If any deposit is made than the prescribed limit

    Should be repaid without any interest

    Should be repaid with SB rate of interest

    SENIOR CITIZEN SAVINGS SCHEME

    Minimum amount to open an account

    Rs 1000 and multiples of 000

    Rs 1000 and multiples of 000 No change

    Premature closure

    Not allowed for first one year

    Allowed at any time

    But no interest allowed in the first one year. If any interest is paid, it is adjusted from the amount of deposit.


     

    Continuation by Joint account holder/ nominee (spouse) after death of the account holder

    No age limit for spouse for continuing the account

    lSpouse should  be eligible to open a SCSS account (should be a senior citizen).

    2.There should not be any other account in the name of the spouse.

    Registration of nomination

    Not mandatory

    Mandatory

    If any deposit is made than the prescribed limit

    Should be repaid without any interest

    Should be repaid with SB rate of  interest

    Annexure -1

    Required

    Not required

    SUKANYA SAMR IDHI ACCOUNT

    Minimum amount to open the account and minimum deposit to be made in a financial year

    Rs 250/-

    Rs 250/- ( No change)

    Subsequent deposit should be

    in multiples of

    Rs 100/-

    Rs 50/-

    Birth certificate

    Any proof of date of birth like school certificate, PAN card, Pass portHospital record were enough

    lBirth certificate issued by Municipal authority.

    2. Any office authorised to issue birth and death certificate by Registrar of birth and deaths.

    3. The Indian consulate in any foreign country as per the

    Indian citizenship Act.

    For opening more than two accounts in case of twins I triplets

    Medical certificate was enough

    Affidavit by the guardian regarding the birth of multiple girl children is required

    If the girl child becomes NRI ( With Indian Citizenship)

    Should be closed with interest up to the previous month

    Allowed to continue until maturity of the account.

    If discontinued account is not regularised within 15 years

    SB rate of interest only payable

    SSA rate is admissible

    Registration of nomination

    Was not allowed

    Mandatory

    At the time of marriage

    Age proof of the account holder to prove that she is 18 years was enough

    The account holder should furnish a declaration in non- judicial stamp paper attested by the notary in support with age proof.

    Premature closure other than extreme compassionate grounds.

    Was allowed with SB rate of interest

    Not allowed

    PMI

    Was not eligible

    Allowed at SB rate

    PUBLIC PROVIDENT FUND

    Governed by

    PPF Act 1968

    Government Savings Bank

    Promotion Act 873

    Office in which the account can be opened

    "B" Class offices and above only allowed

    In all the departmental post offices allowed

    Minimum amount to open an account

    Rs 100/-

    Rs 500/-

    Maximum number of instalments in a month

    One

    No limit


     

    Maximum number of instalments in a year

    2

    No limit

    Loan interest if paid within 36 months

    2%

    1  %

    Repayment of Loan interest

     

    Debited from the loan account By batch process in Finacle CBS application

    NATIONAL SAVINGS CERTIFICATE

    Minimum amount to open

    Rs 100 and multiples of 100

    Rs 1000 and multiples of 100

    Can be opened in the name of minor by

    Any Adult

    Guardian only

    Number of adults allowed in a

    Joint Account

    Two

    Two or three

    Interest rate on PMC

    As per the table

    For first one year - No interest From one Year to three Years- SB rate

    As per the table for completed years and half years

    Fee for Issue of pass book in leu of lost or mutilated certificates

    Rs 5/- per certificate (duplicate)

    Rs 10- per registration number

    Conditions for transfer from one holder to another

     

    (NSC and KVP)

    1.To the near relative out of natural love and affect ion. 2.0n the death of the holder in the name of nominee.

    3.When ordered by court of law.

    4.0n pledging.

    5.0n the death of one account holder in a Joint NSC account.

     

     

    1.0nthe death of the holder in the name of nominee.

    2.When ordered by court of law.

    3.0n pledging.

    4.0n the death of one account holder in a Joint NSC account.

    KISA N VIKAS PATRA

    Minimum amount to open

    Rs 000 and multiples of 000

    Rs 000 and multiples of 00

    Can be opened n the name of minor by

    Any Adult

    Guardian only

    Number of adults allowed in a

    Joint Account

    Two

    Two or Three

    Issue of pass book in the name of mutilated certificates

    Rs 5/- per certificate (duplicate)

    Rs 10- per registration

     Quiz will be posted here....

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