Issuance of interest certificate for National Savings Certificate: Department of Posts

Issuance of interest certificate for National Savings Certificate: Department of Posts Order dated 24.08.2023

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.

Madan / 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 demund, 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.

Yours faithfully

Enel: As Above.

(T C VIJAYAN)
Assistant Director (SB-I)

DEPARTMENT OF POSTS

CERTIFICATE OF ANNUAL ACCRUAL OF INTEREST
ON NATIONAL SAVINGS CERTIFICATE (NSC)

TO WHOMESOEVER IT MAY CONCERN

This is to certify an amount of ₹ ____________ has accrued as interest for the year _________ on National Savings Certificate (VIII Issue and IX Issue) particularized below standing in the name of Shri/Smt. ________________________________ at this post office.

Date Stamp of Post Office

Signature of Postmaster/Sub Postmaster

Source: Department of Posts