TaxTMI 
TaxTMI 
National Savings Certificates (VIII Issue) Scheme, 2019
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....of twelve months commencing from the date of deposit in the account. (2) Words and expressions used herein but not defined shall have the meanings respectively assigned to them in the Act and in the General Rules. 3. Type of accounts.- (1) On an application to the accounts office in Form-1, the following types of accounts can be opened under the Scheme, namely:- (a) Single Holder Type Account; (b) Joint A- Type Account; and (c) Joint B - Type Account. (2) (a) A Single Holder Type Account may be opened by an adult for himself, or on behalf of a minor or a person of unsound mind of whom he is the guardian; or by a minor who has attained the age of ten years; (b) Joint A- Type Account may be opened jointly in the names of upto three adults payable to all the holders jointly or to the survivor or survivors; (c) Joint B-Type Account may be opened jointly in the name of upto three adults payable to any of the account holders or to the survivor or survivors. 4. Deposits.- (1) A minimum of one thousand rupees and any sum in multiples of one hundred rupees may be deposited in an account. (2) There shall be no maximum limit for deposit in an ac....
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....r of an account opened on behalf of a minor or a person of unsound mind shall not be permitted under this rule unless the guardian of the minor or the person of unsound mind, as the case may be, certifies in writing that the minor or the person of unsound mind, as the case may be, is alive and that the transfer is for the benefit of the minor or the person of unsound mind. (3) When any account is transferred as security under sub-paragraph (1), the authorised officer shall make the following endorsement in the record of the Account, including the Savings Certificate, namely:- "Transferred as security to ....." . (4) Except as otherwise provided in this scheme, the transferee of an account under this paragraph shall, until it is transferred back under sub-paragraph (5), be deemed to be the depositor. (5) An account transferred under this paragraph may, on written authority of the transferee, be re-transferred back with the previous sanction in writing of the authorised officer and when any such retransfer is made, the authorised officer of the accounts office shall make the following endorsement in the record of the account, including Certificate, namely:- ....
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.... holder in case of a single account or on the death of all the account holders in a joint account, the amount shall be transferred to the legal heirs or the nominees as the case may be. (ii) on the order of the court, the account shall be transferred from the account holder to the court or to any other individual as per the orders of the court; (iii) on pledging, account shall be transferred in accordance with paragraph 6; (iv) in the event of the death of any of the account holders in a joint account, the account shall be transferred in the name of the surviving account holder or account holders, as the case may be. 9. Payment on the death of account holder.- (1) In the event of death of the depositor of a single account or of all the depositors in a joint account, the eligible balance in the account shall be payable as specified in paragraphs (2) to (6). (2) If a nomination is in force at the time of death of the depositor of a single account or all the depositors of a joint account, the nominee may make an application in Form-2 to the accounts office for payment of the eligible balance and the application shall be accompanied by the proof of....
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....turity in the manner provided for in this Scheme, as if they had opened the account themselves. (3) Where the account is not continued under sub-paragraph (2), it shall be closed and the amount of deposit along with interest as provided in paragraph 7 shall be paid. (4) On the death of one or two of the account holders in a joint account, the surviving account holder or holders, if any, shall be treated as the owner or owners of the account and such account holder or holders may continue the account or close the account in the manner specified under sub-paragraph (3). 10. Application of General Rules.- The provisions of the General Rules shall, so far as may be, apply in relation to the matters for which no provision has been made in this Scheme. 11. Power to relax.-Where the Central Government is satisfied that the operation of any of the provisions of this Scheme causes undue hardship to the account holder, it may by order, for reasons to be recorded in writing, relax the requirements of that provision or provisions in a manner not inconsistent with the provisions of the Act. [F.No. 2/2/2018 NS (Pt. I)] RAJAT KUMAR MISHRA, Jt. Secy. FORM - 1 [See....
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....birth of minor ___________________________ (Applicable in case of minor account) a) Certificate No. _________________________________ b) Date of Issue __________________________ c) Issuing authority ________________________ 11. (*) Name of Guardian (Natural/Legal) ______________________ (In case the account is opened on behalf of a Minor/person of unsound mind) 12. Details of other KYC documents attached 1. Proof of identification ____________________________ 2. Address proof ____________________________ The following documents are accepted as valid documents for the purpose of identification and address proof: 1. Passport 2. Driving license 3. Voter's ID card 4. Job card issued by NREGA signed by the State Government officer 5. Letter issued by the National Population Register containing details of name and address; 13. The operation of the account will be:- (a) By all the holders together or the surviving holder/s. (In case of joint account) (b) By either of the holder/s, or the surviving depositor/s, 14. My/our specimen Signatures 1___________....
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....____________________dated_____________________ Signature and seal of competent authority FORM - 2 [See sub-paragraph (1) of paragraph 5] (Application for closure of account) Name of Post Office/Bank__________________________ Date___________________ Account Number___________________________ 1. I/we hereby submit pass book/deposit receipt and apply for closure of my/our above mentioned account matured on_________________. 2. Please Credit the amount of eligible balance in my matured account to my SB Account no.________________________ standing at______________________(Name of Account office). or Please issue a Demand Draft/account payee cheque or Please pay in cash (applicable if the amount is below permissible limit). *Certified, that the amount held in the account is required for the use of .............................................who is alive and still a Minor. Signature or thumb impression of account holder(s)/guardian (Thumb impression should be attested by a person known to Accounts office) Payment Order (For office use only) Date ________________ Payment detail Principal amount Rs.__________....