TaxTMI 
TaxTMI 
National Savings Certificates (IX-Issue) Rules, 2011
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....also includes forms as prescribed by the Department of Posts; (vi) "Government Company" means a company as defined in section 617 of the Companies Act, 1956 (1 of 1956); (vii) "Local Authority" means a municipal corporation, municipal committee, district board, Body of port commissioners or other authority legally entitled to or entrusted by the Government with the control or management of municipal or local fund; (viii) "Old Certificate" means a certificate issued under any of the earlier issues of National Savings Certificates; (ix) "Post Office" means any departmental post office in India doing Savings bank work and such other post office as is authorised by the Department of Posts; 3. Denominations in which certificates shall be issued,-The National Savings Certificates (IX Issue) shall be issued in denominations of ₹ 100, ₹ 500, ₹ 1000, ₹ 5000, ₹ 10000 and such other denominations as may be notified by the Central Government from time to time. 4. Types of Certificates and Issue thereof,- (1) The certificates shall be of the following types, namely:- (a) Single Holder Type certificates; (b) Joint &....
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....ash that certificate may make an application in Form 1 for the grant of a certificate under these rules; on receipt of such an application, there shall be issued to the applicant a certificate under these rules, the date of issue being the date on which the old certificate duly discharged is presented. 10. Transfer from one post office to another,- (1) A certificate may be transferred from a post office at which it stands registered, to any other post office on the holder or holders making an application in the prescribed form at either of the two post offices. (2) Every such application shall be signed by the holder or holders of the certificate: Provided that in the case of Joint 'A' Type certificate or a Joint 'B' Type certificate, the application may be signed by one of the joint holders if the other is dead. 11. Transfer of certificate from one person to another,-(1) A certificate may be transferred with the previous consent in writing of an office of the post office as specified below (hereinafter referred to in these rules as authorised Postmaster) TABLE Cases in which transfer can be sanctioned Designation of the officer competent to grant permission....
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....endered shall be issued in the name of the transferee. 12. Pledging of certificate,- (1) On an application being made in the prescribed form, by the transferor and the transferee, the Postmaster of the office of the registration may, at any time, permit the transfer of any certificate as security to- (a) the President of India or Governor of a State in his official capacity; (b) the Reserve Bank of India or a scheduled bank or a cooperative society including a cooperative bank; (c) a corporation or a Government company; and (d) a local authority: Provided that the transfer of a certificate purchased on behalf of a minor shall not be permitted under this sub-rule unless the parent or the guardian of a the minor referred to in sub-clause (i) or as the case may be sub-clause (ii), of clause (b) of section 5 of the Act certifies in writing that the minor is alive and that the transfer is for the benefit of the minor. (2) When any certificate is transferred as security under sub-rule (1), the Postmaster of the office of the registration shall make the following endorsement on the certificate, namely:- "Transferred as security to. . . . . . . . . . . . . . . . . . . . .....
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....the certificate is registered or to any other post office in which case the application will be forwarded to the post office of registration. (2) Every such application shall be accompanied by a statement showing particulars, such as number, amount and date of the certificate and the circumstances attending such loss, theft, destruction, mutilation or defacement. (3) If the Officer in charge of the post office of registration is satisfied of the loss, theft, destruction, mutilation or defacement of the certificate, he shall issue a duplicate certificate on the applicant furnishing an indemnity bond in the prescribed form with one or more approved sureties or with a bank's guarantee: Provided that where the face value or the aggregate face value of the certificate or certificates lost, stolen, destroyed, mutilated or defaced is ₹ 500 or less, a duplicate certificate or certificates may be issued on the applicant furnishing an indemnity bond without any such surety or guarantee: Provided further that where such application is made with respect to a certificate mutilated or defaced, of whatever face value, a duplicate certificate may be issued without any such indemnity ....
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....ncashment of a certificate at any time after the expiry of its maturity period shall be ₹ 234.35 for denomination of ₹ 100 and at proportionate rate for any other denomination. The interest specified in the Table below shall accrue to the holder or holders of the certificate at the end of each year and the interest so accrued at the end of each year up to the end of the ninth year, shall be deemed to have been re-invested on behalf of the holder and aggregated with the amount of face value of the certificate. TABLE The year for which interest accrues Amount of interest (Rs.) accruing on certificate of ₹ 100 denomination (1) (2) First Year 8.89 Second Year 9.68 Third Year 10.54 Fourth Year 11.48 Fifth Year 12.50 Sixth Year 13.61 Seventh Year 14.82 Eighth Year 16.13 Ninth Year 17.57 Tenth Year 19.13 Note: The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in Table above. 16. Premature encashment,- (1) Notwithstanding anything contained in rule 15 and subject to sub-rules (2), (3) and (4), a certificate may be prematurely encashed in any of the following circumstances, ....
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.... 192.32 9 years and 6 months or more, but less than 10 years 199.43 17. Place of encashment,- A certificate shall be encashable at the post office at which it stands registered: Provided that a certificate may be encashed at any other post office if the officer-in-charge of that post office is satisfied on verification from the office of its registration that the person presenting the certificate for encashment is entitled thereto. 18. Discharge of certificate,- (1) The person entitled to receive the amount due under a certificate shall, on its encashment, sign on the back thereof in token of having received the payment. (2) In the case of a certificate purchased on behalf of a minor who has since attained majority, the certificate shall be signed by such person himself, but his signature shall be attested by the person who purchased it on his behalf or by any other person who is known to the Postmaster. (3) A certificate of discharge may be issued by the post office to any person encashing a certificate on payment of the fee specified in sub-rule (1) of rule 25. 19. Encashment of minor's certificate,- (1) A person encashing a certificate on behalf of a minor shall fu....
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....Certificates held by Army, Air Force and Navy Personnel,-Where a certificate is held by a person who is subject to the Army Act, 1950 (46 of 1950) or the Air Force Act, 1950 (45 of 1950) or the Navy Act, 1957 (62 of 1957), and such person dies or deserts, the Commanding Officer of the Corps, department, unit or ship to which the deceased or deserter belonged or the Committee of Adjustment, as the case may be, may send a requisition to the officer-in-charge of the post office where the certificate stands registered to pay him or it, the amount due under the certificate; and the officer-in-charge of the post office shall be bound to comply with such requisition even though there is in force at the time of death or desertion of holder of the certificate a nomination made in favour of any person. Explanation: The aforesaid requisition must be made under section 3 or section 4 of the Army and Air Force (Disposal of Private Property) Act, 1950 (40 of 1950) in the case of a person belonging to the Army or the Air Force, or under section 171 or 172 of the Navy Act 1957 (62 of 1957) in the case of a person belonging to the Navy. 22. Rights of nominees,- (1) In the event of the death of t....
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....clause (iv) shall be based on the number of the certificates required to be issued on such conversion. (2) A fee of rupees five shall be chargeable on every application for registration of nomination or of any variation in nomination or cancellation thereof: Provided that no fee shall be charged on an application for registration of the first nomination. 26. Responsibility of the Post Office,-The post office shall not be responsible for any loss caused to a holder by any person obtaining possession of a certificate and fraudulently encashing it. 27. Rectification of mistakes,-The Department of Posts, or the Postmasters General or the Heads of Postal Division in their respective jurisdictions, may either suo motu or upon an application by any person interested in any certificates issued in pursuance of these rules, rectify any clerical or arithmetical mistakes, with respect to that certificate, provided that it does not involve any financial loss to the Government or to any such person. 28. Power to relax-Where the Central Government is satisfied that the operation of any of the provisions of these rules causes undue hardship to the holder or holders of a certificate, it may, b....
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....gnature of Head/Sub Postmaster FORM-2 DEPARTMENT OF POSTS [See Rule 14(1)] Serial No. . . . . . . . . . . . . . . . . . . . FORM OF APPLICATION FOR NOMINATION UNDER SECTION 6 OF THE GOVERNMENT SAVINGS CERTIFICATES ACT, 1959 (This form will be filled in by the holder(s) and submitted with the certificates to the Postmaster of the office where the certificate stands registered) To The Postmaster Sir, Under provisions of section 6(1) of the Government Savings Certificates Act, 1959, I/We . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .the holder(s) of Savings Certificates detailed below, hereby nominate the persons mentioned below, who shall, on my/our death, become entitled to the Savings Certificate(s) and to be paid the sum due thereon to the exclusion of all other persons. I/We hereby declare that I/We have not so far made any nomination in respect of these certificates. Sl. No. Name of the nominee(s) nominee Full Address Date of birth of in case of minor 2. As the nominee(s) at serial number(s). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .above is/are minor(s). I/We appoint Shri/Smt./Kumari. . . . . . . . . . . . . . . . . . . . ....