Issuance of interest certificate for National Savings Certificate
SB Order No. 17/2023 outlines the issuance of interest certificates for National Savings Certificates (NSCs) by the Indian Ministry of Communications. The order addresses concerns regarding the non-issuance of annual accrual interest certificates by post offices and provides guidelines for manual issuance until automated provisions are established. It highlights Rule 5(3) of the NSC Scheme 2019 and encourages referencing the Annual Accrual Interest Tables on the India Post website. The directive urges the circulation of information for necessary action.
SB Order No. 17/2023
No. FS-10/2 7/2020-FS-DOP
Government of India
Ministry of Communications
Department of Posts
(Financial Services Division)
Dak Bhawan, New Delhi – 110001
Dated: 24.08.2023
To
All Head of Cireles / Regions
Subject: Issuance of interest certificate for National Savings Certificate – Reg.
Madam / Sir,
It has been noticed that many grievances are received in this office in connection with the non-issue of intercst certificate By the post offices on the bases of the annual accrual of interest.
2. In accordance with the Rule 5(3) of NSC scheme 2019, “A certificate of annual accrual of interest shail be issued by the accounts office, on demand, to the account holder”.
3. At present, interest certificates are to be issued by the post offices by generating from Finacle. However, there is no provision in Finacle to generate interest certificate on the basis of accrual of annual interest and hence the same is to be prepared manually for issue to the depositors on demand, in respect of NSC. A proforma, in which the certificate of annual accrual of interest certificate is, to be issued by the post offices is attached herewith.
4. The Annual Accrual Interest Tables are available on India Post Website which may be referred by the post offices, for calculation of annual accrual of interest in case of NSCs.
5. Hence, till the provision is made in Finacle for generation of interest certificate on accrual of annual interest basis, post offices should issue the interest certificate in the proforma attached herewith.
6. It is requested to circulate to all the offices concerned for information, guidance and necessary action.
7. This is issued with the approval of the Competent Authority.
Enel: As Above.
Yours faithfully,
(T C VIJAYAN)
Assistant Director (SB-I)
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