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SB Order 17/2023: National Savings Certificate (NSC) Interest certificate Issuance

SB Order No. 17/2023: Issuance of interest certificate for National Savings Certificate (NSC).  No. FS-10/27/2021-FS-DOP Government of India Ministry of Communications Department of Posts (Financial Services Division) Dak Bhawan, New Delhi - 110001 Dated:24.08.2023

To, All Head of Circles / Regions

Subject: Issuance of interest certificate for National Savings Certificate - Reg. 

Download SB Order 17 2023 in PDF

It has been noticed that many grievances are received in this office in connection with non-issue of interest certificate by the post offices on the basis of the annual accrual of interest.


2. In accordance with the Rule 5(3) of NSC scheme 2019, "A certificate of annual accrual of interest shall be issued by the accounts office, on demand, to the account holder".


3. At present, interest certificates are to be issued by the post offices by generating from Finacle. However, there is no provision in Finacle to generate interest certificate on the basis of accrual of annual interest and hence the same is to be prepared manually for issue to the depositors on demand, in respect ofNSC. A proforma, in which the certificate of annual accrual of interest certificate is, to be issued by the post offices is attached herewith.


4. The Annual Accrual Interest Tables are available on India Post Website which may be referred by the post offices, for calculation ofannual accrual ofinterest in case of NSCs.


5. Hence, till the provision is made in Finacle for generation of interest certificate on accrual of annual interest basis, post offices should issue the interest certificate in the proforma attached herewith.


6. It is requested to circulate to all the offices concerned for information, guidance and necessary action.


7. This is issued with the approval of the Competent Authority.

Yours faithfully


Encl: As Above. (TC VIJAYAN) Assistant Director (SB-I)


Copy to: -


l Sr. PPS to Seoetary (Posts)

2. PS to Director General Postal Services.

3. PPS/ PS to Addl. DG (Co-ordination),Member (Banking),Member (O)/Member (P)/ Member (Planning & HRD)/Member (PLI)/Member (Tech)/AS & FA

4. Addl. Director General, APS, New Delhi

5. Chief General Manager, BD Directorate / Parcel Directorate / PLI Directorate

6. Sr. Deputy Director General (Vig) & CVO) / Sr. Deputy Director General (PAF)

7. Director RAKNPA / GM, CEPT / Directors of all PTCs

8. Director General P & T (Audit), Civil Lines, New Delhi

9. Secretary, Postal Services Board / All Deputy Directors General

10. All General Managers (Finance) / Directors Postal Accounts / DDAP

11.The Under Secretary, MOF (DEA), NS-II Section, North Block, New Delhi.

12.The Joint Director & HOD, National Savings Institute, ICCW Building, 4 Deendayal Upadhyay Marg, New Delhi-l10002

13. All recognized Federations / Unions / Associations

14.ADG (OL) for information and Hindi Translation of SB Order.

15. Guard File/e-File.


Director (SB-I)

DEPARTMENT OF POSTS. INDIA

CERTIFICATE OF ANNUAL ACCRUAL OF INTEREST

ON NATIONAL SAVINGS CERTIFICATE NSC)

TO WHOMSOEVER IT MAY CONCERN


This is to certify an amount of RS ____________has accrued as interest for the year ________ on National Savings Certificate (VIII Issue and IX Issue) particularized below standing in the name of Shri/Smt ____________ at this post office.


1. Sl. No.

2. Savings Certificate Number / NSC Account Number

3. Date of Issue / Date of opening of account

4. Deposit Amountm in Rs

5. Interest accrued in Rs

Total

Date Stamp of Post Office

Signature of Postmaster/Sub Postmaster



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