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 1 00: 25 Paise Above Den Rs 100: Re 1/- TD : Free	Rs 1 00/- + GST GL Code :1 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 1 0/- per lac subsequent ly All other schemes were free	Rs 1 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 : 1 800423200
Fee for Statement of accounts	Rs 2/- for 30 entries (ledger copy)	Rs 20/- per account GL Code : 1 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 1 0/ for first time Rs 20/ subsequent ly PPF Re 1/-	Rs 50/+GST GL Code : 880080001 0 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	All these 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		Passport, Driving  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 1 0/-	Rs 1 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: 1 8 to 53	Maximum benefit limited up to maturity value of Rs 100 Age limit:  1 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: 1 2 Months	2 Year TD: 1 2 Months
	3 Year TD : 1 8 Months	3 Year TD : 1 8 Months
	5 Year  TD :36 Months	5 Year TD : 1 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 1 000	Rs 1000 and multiples of 1 000 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	l. Spouse 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 port, Hospital record were enough	l. Birth 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 1 873
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	1 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 1 000 and multiples of 1 000	Rs 1 000 and multiples of 1 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

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