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Revision of Interest Rates for NSC and KVP Certificates

Income Tax - F.NO.1/04/2016-NS.II - Dated:- 13-5-2016 - F.NO.1/04/2016-NS.II OFFICE MEMORANDUM DATED 13-5-2016 1. The undersigned is directed to refer to this Department's OM of even number dated 23rd March, 2016, vide which the modalities of discontinuing pre-printed KVP and NSC certificates from 1-4-2016 were stated. The current OM states the reconsidered decision in this regard, in supersession of the OM of even number dated 23rd March, 2016. Date of implementation 2. In view of the diffi .....

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ay be issued on or after 1-7-2016 by banks or Post Offices. Two modes of issue of NSC/KVP certificates on and after 1-7-2016 4. The NSC/KVP certificates shall be issued in the following 2 modes on and after 1-7-2016 (a) Exclusive e-mode: The format for e-mode is given in Annex I for KVP and NSC. The Part A of the format is to be made accessible for viewing by a customer online in a non-printable form and Part B of the format needs to be maintained as part of the database only. Any customer can a .....

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ually on a pass-book and such Pass-book should be issued with physical signature (in blue ink) of the authorized official. Manual entries should be made only if either printer is not supplied or it is not in a working condition. Efforts should be made to provide adequate Pass-book printers to all Post Offices and bank branches authorized to handle Small Savings schemes. 5. The Government advises the use of "exclusive e-mode" over the "pass-book mode", wherever possible. The c .....

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rless system. 6. In all cases, the system should be able to record with date the issue of NSC/KVP certificates under both the modes and keep track of the modes used by individual customers. The physical signature of the issuing officer at the time of issue of the certificate in pass-book mode should have designation stamp as the same is of crucial importance for establishing the authenticity of the certificate issued. In case of the pass-book mode, the Post Office or Bank Branch, shall take rece .....

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sue of duplicate NSC or KVP should be followed but instead of pre printed duplicate NSC or KVP, only Pass-book should be given in lieu of pre-printed NSC or KVP. The old certificate number may be noted in this case, on the pass-book issued. Pledging 8. The pass-book mode shall be eligible for pledging throughout the country from 1-7-2016. In case of pledging of NSC or KVP, the authorized Authority or bank shall send requisition to relevant CBS Post Office/bank branch along with the pass-book for .....

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l continue according to existing rules. NSC or KVP once pledged should not be transferred unless security is released. 9. Transfer 10. In case of transfer of NSC or KVP from one person to another, both the persons shall apply for transfer of NSC or KVP in the prescribed format. The Post Office or Bank concerned shall allow transfer after applying due diligence and enable online viewing to the new owner if exclusive e-mode is applied and remove the NSC or KVP from the online view of old owner. 11 .....

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emature closure 12. At the time of closure or premature closure, Pass-book issued should be collected back and receipt of the amount paid should be obtained in the Pass-book. All the pages should be cancelled by drawing lines in red ink followed by dated signatures of authorized official with designation stamp. Pass-book should be half torn and preserved as a closed voucher. Serial numbers 13. The serial number system of KVP and NSC shall stand discontinued from 1-7-2016. There shall be only acc .....

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e-mode or one entry in the pass-book on any one day. Instructions for non-CBS offices All non-CBS PCs shall be given unique SOL ID by DOP by 30-6-2016 and from 1-7-2016, these offices shall issue NSC or KVP only in Pass-book mode by assigning Account/Registration number from the block of accounts allotted by their HOs. As and when these offices are migrated to CBS, new account/registration number should be allotted by CBS system and same should be informed to the customer. General instructions .....

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umber of KVPs/NSCs issued in this way w.e.f 1-7-2016 and report to pankaj.awasthi@nic.in on a bi-monthly basis starting from 15-7-2016 including Non CBS Offices. 18. Necessary amendments to the relevant rules of NSC-VIII Issue and KVP Rules 2014, shall be circulated in due course. ANNEX I Part A Details on Receipt Kisan Vikas Patra Certificate/NSC VIII issue (e-mode and also on Certificate recorded on pass-book) Kisan Vikas Patra Certificate /NSC VIII Issue Sl. No. 1 Registration/Account number .....

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