National Savings Certificates (VIII Issue) Scheme, 2019

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....ed 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 account or in accounts held by an account holder. (3) An individual may open any number of accounts. 5. Payment on Maturity.- (1) The....

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....ing 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:- "transferred back to......". (6) A blind or a person with physical infirmity making him incapable of operating the account may pledge his deposit through any literate individual whom he authorises for this purpose. 7. Premature c....

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....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 death of the depositor, and where any other nominee has also died, the proof of death of such nominee. (3) If there are two or more surviving nominees, the eligible balance shall be paid in the proportion as specified by the depositor while making the nomination, and if no such proportion or share is specified, then in eq....

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....ll 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 sub-paragraph (1) of paragraph 3] (Application for opening an account) Paste photograph of applicant/s   To The Postmaster/Manager ......................................................... ......................................................... Sir, I/We _____________(account holder(s)/guardian) hereby apply for opening of an account under National Savings Certificates (VIII issue) scheme....

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.... 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__________________2________________3 _______________ (Name)______________________ 1__________________ 2________________3_______________ (Name)______________________ 1_______________ 2_________________ 3___________________ (Name)________________________ 1_______________ 2__________________3_________________ (Name)__________________________ I hereby undertake to abide by the scheme provisions and Government Savings Promotion rules- 2018 applicable on the Scheme and amendments issued thereto from time to time. Signature or thumb impression of account holder(s)/guardian Date:_______________   Nomination 16. I/we_____________________ hereby nominate the person(s) mentioned below to whom to the exclusion of all other persons in the event of my death th....

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....nd 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.____________________________________________ (+) Interest due Rs. _____________________________________________ (-) Recovery of overpaid interest Rs._______________________________________________________ Deduction if any Rs_____________________________________________ Total Amount due Rs_____________________________________________ Pay Rs.____________________(in figurers)_____________________________________(in words) Date Signature of Postmaster/Manager   Acquittance (to be filled by depositor) Received Rs ._____________(In figures)______________________ (in words) By cash/cheque/DD bearing no...........................................dated....................../by transfer to Account No............................... Date: Signature/thumb impression of account holder(s)/guardian   FORM - 3 [See sub-paragraph (1) of paragraph 6] (Application for pledging of account) To The Postmaster/Manager __....