SB ORDER 04/2020 DATED 14/02/2020 : AMENDMENTS TO PROCEDURAL RULES RELATING TO NSC/NSC-VIII ISSUE

SB ORDER 04/2020 DATED 14/02/2020 : AMENDMENTS TO PROCEDURAL RULES RELATING TO NSC/NSC-VIII ISSUE

SB Order 4 / 2020 dated 14.02.2020

Amendments to procedural rules relating to National savings certificates/NSC-VIII issue schemes in POSB(CBS) Manual in the right of recent changes circulated vide SB Order 13/2019 dated 18.12.2019.

Rule 155(6): Add Sub Rule (7) 

Registration of Nomination is Mandatory from date of receipt SB Order 13/2019 dated 18.12.2019. Procedure laid down for registration/cancellation/modification of nomination for other schemes shall also be applicable for NSC

Rule 159(6) Add sub rule(&) below this sub rule:

From Date of receipt of SB Order 13/2019 dated 18.12.2019, the NSC Certificate can pledge in the following circumstance 

Correction slips for NSC-VIII issue Rule 169(1)(a) add following text below this sub rule

• Minimum Deposit Rs.1000/- Additional Rs.100/- thereafter.
• Charges in r/o issue of duplicate passbook, statement, lost of passbook, cancellation of nomination, transfer and pledge fee including GST of 18%

SB Order Rule 169(5) Sub Rule should be replaced with below text for PMI and Payment of Maturity Value

• PMI - SBA interest is applicable for NSC after Maturity
• Payment of Maturity - Shall be transferred to SB Account/Cross cheque or by Cash upto the limit prescribed in the IT act 1961.