Authorisation of Banks to Accept Subscriptions with conditions under the National Savings Certificates (VIII Issue) Scheme, 1989 and Associated Conditions

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.... F. No. 7/10/2014-NS.-In pursuance of clause (ia) of rule 2 read with rule 6 of the National Savings Certificates (VIII Issue) Rules, 1989, the Central Government hereby authorises all public sector banks and ICICI Bank, Axis Bank and HDFC Bank Ltd. to receive subscriptions under the National Savings Certificates (VIII Issue) Scheme, 1989 (herein referred to as the said Scheme), with effect from t....

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....ne day in case of Core Banking Solution branches and three days in case of non-Core Banking Solution branches; (iv) in case of delay in remittances beyond the period in clause (iii), the Bank shall pay a penalty equal to the rate of interest payable to the depositor plus 0.5% in case of delays upto thirty days, and 1% in case of delays beyond thirty days; (v) the Bank shall, subj....

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....said Scheme. Explanation.- For the purpose of this notification, the expression "public sector bank" shall have the same meaning as assigned to it in the explanation to clause (23D) of section 10 of the Income-tax Act, 1961 (43 of 1961). [F.No. 7/10/2014-NS] PRASHANT GOYAL, Jt. Secy. Note : The principal rules were published vide G.S.R. 496(E), dated the 1st May, 1989, and subseq....