TaxTMI 
TaxTMI 
TaxTMI 
National Savings Certificates (VIII Issue) Rules, 1989
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....ished 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 Certificates (VII Issue) Rules 1981 or the Social Security Certificates Rules, 1982 or the Kisan Vikas Patra Rules, 1988. (xii) "Post Office....
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.... 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. 9. Certificate in lieu of proceeds of old certificate.-A holder of an old certificate entitled to encash 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 cer....
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....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 case of transfer, other than a transfer under rule 12, the original certificate shall be duly discharged and the new certificate bearing the same date as that of the original certificate surrendered 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....
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....r 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, mutilated or defaced, the person entitled thereto may apply for the issue of duplicate certificate to the post office, where 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 circumstance attending such loss, theft, destructio....
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....tificate 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 certificate of any denomination shall be six years commencing from the date of the certificate. The amount, inclusive of interest, payable on encashment of a certificate at any time after the expiry of its maturity period shall be Rs. 201.50 for denomination of Rs. 100/- and at proportionate rate for any other denomination. The interest as 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 ....
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....hs 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 person presenting the certificate tor encashment is entitled thereto. 18. Discharge of certificates.-(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 oil a minor who has since attained majority, the certificate shall be signed by such a 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 disch....
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.... (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 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 decreased or deserter belonged or the committee of Adjustment as the case may be, send a requisition to the officer in charge of the post office where the certificate stand 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 re....
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....r 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 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 Divisions in their respective jurisdictions, may either suo motu or upon an application by any person interested in any certificate issued in pursuance of these ru....
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....s 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 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/Wo have not so far made any nomination in respect of these certificates. Sl. No. Name of the nominee(s) Full Address Date of birth of nominee in case of minor 1. 2. 3. 4. 2. As the nominee(s) at serial number(s)_______________ above is/are minor(s), I/We appoint Shri/Smt./Kumari________________________ name and full address as the person to receive the sum due thereon in the event of my/our death during the minority of the nominee(o). 3. The certificate detailed below are e....