OPENING OF ACCOUNT
W.e.f. 01.07.2016, Savings Certificate is issued in the shape of Savings Bank Passbook. W.e.f. 18.12.2019, National Savings Certificate is also defined as Account.
(1) (i) A person who wishes to open an account under National Savings Certificate should be requested to fill in the Account Opening Form (SB-AOF)/KYC Form as prescribed for opening of other types of accounts. Counter PA and Supervisor has to ensure that applicant is eligible to open the account under this scheme. All rules prescribed for scrutiny of SB-AOF for Savings Accounts shall apply for this type of account also.
(ii) Account under NSC scheme shall be opened by
(a)An adult for himself
(b)An adult on behalf a minor or a person of unsound mind of whom he is guardian
(c)A minor who has attained the age of 10 years
(d)Up to a maximum of three adults jointly
Procedure for Opening of NSC Account
(1). Counter Assistant and Supervisor should follow the same procedure as prescribed for opening of TD account in Finacle CBS Application. The NSC account shall be opened and Passbook (SB-5A) shall be issued for the accounts opened under this scheme from w.e.f 01.07.2016. Rules prescribed for issue of Passbook in case of TD Account shall be applicable to this scheme also.
(2) The date of maturity is calculated from the date of issue - For example a 6-Year National Savings Certificate purchased on 1st April 2014 does not mature on 31st March 2019 but on 1st April 2019. If the date of maturity falls on a Sunday or a Postal Holiday, the payment should be made on the next working day.
Maintenance of the Application for Opening of Account and Purchase of Certificate (SB-AOF)
The applications for purchase of certificates taken up to 30.6.2016 should be serially numbered and carefully preserved in a guard file in the office of issue. The guard file be bound securely in Volumes of 200 applications. The guard file of application when not in use should be kept under lock and key in the custody of the postmaster. Account Opening Forms (SB-AOF) used from 01.07.2016 for opening of accounts / purchase of certificates should be maintained by following the procedure laid for SB-AOFs of other schemes. KYC form is to be sent to the concerned CPC, CBS for scanning and uploading of signature/photograph.
Preparation of List of Transactions and Consolidation of Accounts Opened
The transactions will be included in the common long book and consolidation. The vouchers relating to NSC accounts shall also be sent to SBCO along with the other scheme vouchers.
