TaxTMI 
TaxTMI 
National Savings Certificates (VIII Issue) Rules, 1989
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....defined in the Companies Act, 1956 (1 of 1956); (vi) "corporation" means a corporation established by or under any law for the time being in force; (vii) "firm" means a firm registered under Indian Partnership Act, 1932 (9 of 1932); (viii) "Form" means a form appended to these rules and also includes forms as prescribed by the "Department of Posts; (ix) "Government Company" means a company as defined in section 617 of the Companies Act, 1956 (1 of 1956); (x) "Local Authority" means 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; (xi) "Old Certificate" means n certificate issued under the Post Office Savings Certificate Rules 1960, or the National Savings Certificates (First Issue) Rules, 1965 or the National Savings Certificates' (IV Issue) Rules, 1970 or the National Savings Certificates (V Issues) Rules. 1973 or a Bond issued under the National Development Bonds Rules, 1977 or the National Savings Certificates (VI Issue) Rules, 1981 or the National Savings Certi....
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.... (iii) by presenting a duly signed withdrawal form together with the pass book for withdrawal from the Post Office Savings bank account ; (iv) surrender of a matured old certificate duly discharged as follows.-"Received payment through issue of fresh certificate vide application attached": 8. Issue of certificates.-(1) On payment being made under rule 7, except where payment is made by a cheque, pay order of demand draft, a certificate shall normally be issue immediately, and the date of such certificate shall be the date of payment. (2) Where payment for the purchase of a certificate is made by a cheque, pay order or demand draft, the certificate shall not be issued before the proceeds of the cheque, pay order or demand draft, as the case may be, are realised and the date of such certificate shall be the date of encashment of the cheque, pay order or demand draft, as the case may be. (3) If for any reason a certificate cannot be issued immediately, a provisional receipt shall be given to the purchaser which may later by exchanged for a certificate and the date of such certificate shall be as specified in sub-rule (1) or sub-rule (2), as the case may be. ....
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....relative" means husband, wife, lineal ascendent or descendent, brother or sister. (ii) transfer in the name of the heir of the deceased holder; (iii) transfer from a holder to a court of law or to any other person under the orders of the court of law; (iv) transfer in accordance with rule 12; (v) transfer in the name of the survivor in the event of death of one of the joint holders. (c) An application for transfer is made in the prescribed form and is signed by the holder or holders of the certificate: Provided that in the case of a Joint 'A' Type Certificate or a Joint 'B' Type Certificate the application may be. signed by one of the holders, if the other is dead. (3) Without prejudice to the provisions of sub-rule (2), an authorised Postmaster shall give his consent to the transfer of a certificate held on behalf of a minor only if at the time of the proposed transfer, a parent or the guardian 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 such transfer is in his interest, (4) In every cas....
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....number and date of the notification of the Government authorising him in this behalf. Note 2.-An officer of the Reserve Bank of India or a scheduled bank or a cooperative society including a cooperative bank, a corporation or a Government company or a local authority, as the case may be accepting the certificate as security under sub-rule (1) or relasing the pledge under sub-rule (4) on behalf of the respective institution, shall certify under his dated signature and seal of office that he is duly authorised under the articles of the said institution, to execute such instruments or deeds on its behalf. (5) Where as a result of several endorsements made under sub-rules (2) and (4) on a certificate, no space is left for making further endorsements of a like character on that certificate, a fresh certificate may be issued by the Postmaster of the office of the registration in lieu of such certificate. (6) A fresh certificate issued under sub-rule (5) shall be treated as equivalent to the certificate in lieu of which it has been issued for all purposes of these rules. 13. Replacement of lost or destroyed certificate.- (1) If a certificate is lost, stolen, destroyed, m....
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....ny time after the purchase of the certificate but before its maturity, by means of an application in Form 2 to the Post master of the office at which the certificate stands registered. (2) There shall not be more than one nominee except in cases where the denomination of a certificate is Rs. 500 or more. (3) No nomination shall be made in respect of a certificate applied for and held by or on behalf of a minor. (4) A nomination made by the holder or holders of a certificate under this rule may be cancelled or varied by submitting an application in Form 3 affixing postage stamps of the value specified in sub-rule (2) of rule 25 together with the certificate to the Postmaster of the post office at which the certificate stands registered. (5) Separate applications for nomination or cancellation of a nomination or variation of a nomination shall be made in respect of certificates registered on different dates. (6) The nomination or the cancellation of a nomination or the variation of a nomination shall be effective from the date it is registered in the post office, which shall be noted on the certificate. 15. Encashment on maturity.-(1) The maturity period of a certif....
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....ficate is encashed under sub-rule (1) after the expiry of three years from, the date of the certificate, the amount payable inclusive of interest accrued under rule 15 and after adjustment of discount, shall be as specified in the Table below for a certificate of Rs. 100 denomination and at a proportionate rate for a certificate of an other denomination. TABLE Period from the date of the certificate to the date of its encashment Amount payable inclusive of interest (Rupees) (1) (2) 3 years or more, but less than 3 years and 6 months 132.00 3 years and 6 months or more, but less than 4 years 138.50 4 years or more, but less than 4 years and 6 months 145.00 4 years and 6 months or more, but less than 5 years. 152.00 5 years or more, but less than 5 years and 6 months 159.00 5 years and 6 months or more, but less than 6 years 166.50 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 pers....
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.... estate or succession certificate granted under the Indian Succession Act, 1925 (39 of 1925). TABLE Name of the authority Limit (Rs.) (1) (2) (i) Departmental Sub-Postmasters in Time Scale Post Office 500 (ii) Sub Postmasters in Lower Selection Grade Post Office 1000 (iii) Non-gazetted Head Post master and Sub Postmasters in Higher Selection Grade 2000 (iv) Deputy Postmasters (Non-gazetted in Higher Selection Grade) and Assistant Presidency Postmasters (Non-Gazetted in Higher Selection Grade) in the Presidency Post Office in Charge of Saving Bank Branch 2000 (v) Deputy Postmasters (Gazetted in High Selection Grade and Deputy Presidency post masters in the Presidency Post Office in charge of Savings Bank Branch 5000 (vi) Gazetted Postmasters/Superintendents of Post Offices/Senior Superintendents of Post Offices/Presidency Postmasters. 10000 (vii) Heads of Postal Circles/Regional Directors. 20000 21. Encashment of 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) on the Air force Act, 1950 (45 of ....
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....fferent dates shall not be combined for being exchanged for certificate or certificates of higher denomination. (2) The date of the certificate or certificates issued in exchange shall be the same as that of the original certificate or certificate surrendered and not the date on which the exchange is made. 24. Income-tax.-Interest on these certifications shall be liable to tax under the Income-tax Act, 1961 (43 of 1961), on the basis of the annual accrual specified in rule 15, but no tax shall be deducted at the time of payment of discharge value. 25. Fees.-(1) A fee of rupees five shall be chargeable in respect of the following transactions, namely:- (i) transfer of certificate from one person to another, other than a transfer from the holder to a court of law or under the orders of court of law; (ii) issue of duplicate certificate under rule 13; (iii) issue of a certificate of discharge under Rule 18; (iv) conversion from one denomination to another under rule 23. Explanation.-The fee to be charged for a conversion under clause (iv) shall be based on the number of the certificates required to be issued on such conversion. (2) A f....
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....__ _______________________ Signature/thumb Impression of Investor Date_______________ Address_____________ Received the certificate(s) Delete whichever is not applicable Signature of Investor/ Messenger/ authorised agent Date______________ TO BE COMPLETED BY THE POST OFFICE Serial Nos. of Certificates Issue Price Rs. Date of encashment Initials of the Postmaster Remark like transfer issue of duplicate etc. with initials 1. 2. 3. Total Date Signature of Postmaster FORM 2 DEPARTMENT Of POSTS [Sec 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 certificates stand registered) To The Postmaster, _______________ _______________ Under provisions of Section 6(1) of the Government Savings Certif....