TMI BlogNational Savings Certificates (IX-Issue) Rules, 2011X X X X Extracts X X X X X X X X Extracts X X X X ..... (v) Form means form appended to these rules and also includes forms as prescribed by the Department of Posts; (vi) Government Company means a company as defined in section 617 of the Companies Act, 1956 (1 of 1956); (vii) Local Authority means a 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; (viii) Old Certificate means a certificate issued under any of the earlier issues of National Savings Certificates; (ix) Post Office means any departmental post office in India doing Savings bank work and such other post office as is authorised by the Department of Posts; 3. Denominations in which certificates shall be issued,- The National Savings Certificates (IX Issue) shall be issued in denominations of ₹ 100, ₹ 500, ₹ 1000, ₹ 5000, ₹ 10000 and such other denominations as may be notified by the Central Government from time to time. 4. Types of Certificates and Issue thereof, - (1) The certificates shall be of the following types, namely:- (a) S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 certificate under these rules, the date of issue being the date on which the old certificate duly discharged is presented. 10. Transfer from one post office to another, - (1) A certificate may be transferred from a post office at which it stands registered, to any other post office on the holder or holders making an application in the prescribed form at either of the two post offices. (2) Every such application shall be signed by the holder or holders of the certificate: Provided that in the case of Joint 'A' Type certificate or a Joint 'B' Type certificate, the application may be signed by one of the joint holders if the other is dead. 11. Transfer of certificate from one person to another,- (1) A certificate may be transferred with the previous consent in writing of an office of the post office as specified below (hereinafter referred to in these rules as authorised Postmaster) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 office of the registration may, at any time, permit the transfer of any certificate as security to- (a) the President of India or Governor of a State in his official capacity; (b) the Reserve Bank of India or a scheduled bank or a cooperative society including a cooperative bank; (c) a corporation or a Government company; and (d) a local authority: Provided that the transfer of a certificate purchased on behalf of a minor shall not be permitted under this sub-rule unless the parent or the guardian of a the minor 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 a 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 circumstances attending such loss, theft, destruction, mutilation or defacement. (3) If the Officer in charge of the post office of registration is satisfied of the loss, theft, destruction, mutilation or defacement of the certificate, he shall issue a duplicate certificate on the applicant furnishing an indemnity bond in the prescribed form with one or more approved sureties or with a bank's guarantee: Provided that where the face value or the aggregate face value of the certificate or certificates lost, stolen, destroyed, mutilated or d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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,- The maturity period of a certificate of any denomination shall be ten 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 ₹ 234.35 for denomination of ₹ 100 and at proportionate rate for any other denomination. The interest 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 of each year up to the end of the ninth year, shall be deemed to have been re-invested on behalf of the holder and aggregated with the amount of face value of the certificate. TABLE The year for which interest accrues Amount of interest (Rs.) accruing on certificate of ₹ 100 denomination (1) (2) First Year 8.89 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om the date of the certificate to the date of its encashment Amount payable inclusive of interest (Rs) (1) (2) 3 years or more, but less than 3 years and 6 months 123.14 3 years and 6 months or more, but less than 4 years 127.49 4 years or more, but less than 4 years and 6 months 131.99 4 years and 6 months or more, but less than 5 years 136.65 5 years or more, but less than 5 years and 6 months 143.81 5 years and 6 months or more, but less than 6 years 149.13 6 years or more, but less than 6 years and 6 months 154.65 6 years and 6 months or more, but less than 7 years 160.37 7 years or more, but less than 7 years and 6 months 166.30 7 years and 6 months or more, but less than 8 years 172.46 8 years or more, but less than 8 years and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hority specified in the Table to sub-rule (2), then if the sum due on the Savings Certificate does not exceed Rs, 20,000 (inclusive of the sum due on the Savings Certificates issued from time to time and held by the deceased), the authority specified in the Table to sub-rule (2) may pay the same to any person appearing to it to be entitled to receive the sum or to administer the estate of the deceased. (2) The authorities specified in the Table below shall be competent to sanction claims upto the limit noted against each on the death of the holder of the savings certificate without production of the probate of his will or letters of administration of his estate or succession certificate granted under the Indian Succession Act, 1925 (39 of 1925). TABLE Name of the authority Limit in (Rs) (1) (2) (i) Time Scale Departmental Sub-Postmasters 1,000 (ii) Sub-Postmaster in Lower Selection Grade 2,000 (iii) Sub-Postmasters/Depu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r nominees shall make an application to the Postmaster of the office of registration, supported by proof of death of the holder and of deceased nominee or nominees, if any. (3) If there are more nominees than one, all the nominees shall give a joint discharge of the certificate at the time of receiving the payment or sub-division. Note: When there is a nomination in favour of single nominee or two adult nominees, the post office of registration may, on an application made in that behalf, issue a fresh certificate in the name of such nominee or nominees jointly as the case may be. 23. Conversion from one denomination to another, - (1) Certificates of lower denomination may be exchanged for a certificate or certificates of higher denominations of the same aggregate face value or a certificate of higher denomination may be exchanged for the certificates of lower denomination of the same aggregate face value: Provided that certificate bearing different 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 c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tmaster Sir, I/We hereby tender Rs. . . . . . . . . . . . . . . . . . . . . . . . .(Rupees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .only) in cash/by cheque No . . . . . . . . . . . . . . . . . . . . . . . . . . . for purchase of National Savings Certificates IX Issue of the type Single/Joint A/Joint B. (a) in the name(s) of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . and . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (b) in case of minor, his/her date of birth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . encashable by the minor's parent/guardian Shri/Smt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. I/We nominate the person(s) named below who shall on my/our death, receive payment. Sl. No. Name of Nominee Full Address Date of birth of minor nominee 3. I/We hereby agree to abide by National Savings Certificates (IX Issue) Rules, 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... certificates. Sl. No. Name of the nominee(s) nominee Full Address Date of birth of in case of minor 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(s). 3. The certificates detailed below are enclosed. Sl. No. of Certificates Denomination Date of Issue Office of Issue Address . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. (In case of illiterate holder, fath ..... X X X X Extracts X X X X X X X X Extracts X X X X
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