MCQs On Important Changes in National Savings Schemes as per the amendments of GSPR 2018 and 2019 | Short notes on Important Changes of GSPR 2018 and 2019 | Useful for all Postal LDC Exams

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Important Changes 

Changes

Before the amendment

After the amendment

GENERAL

Pledging fee

NSC Rs 5/- per NSC KVP

Upto Den, Rs 00: 25 Paise Above Den Rs 100: Re 1/- TD : Free

Rs 00/- + GST

GL Code :800423500

For all three schemes

Releasing fee

Same as pledging fee

NIL

Transfer of an account

Can be done by transferring HO or transferee HO

Can be done by transferring HO only

Transfer of account from one account office to another

SSA Rs 100 if no address change involved or else free SCSS: Up to 1lac free

Above 1lac

Rs 5/- per Lac for first time Rs 0/- per lac subsequent ly All other schemes were free

Rs 00 +GST

GL Code : 8800800040

For all schemes

Conversion of accounts From Single to joint and vice versa

Was allowed

Not allowed except in case of death of the depositor in a joint account.

Nomination

Not mandatory

Mandatory

Nomination in minor accounts

Not allowed

Mandatory

Maximum number of

nominees allowed

6

4

Witness for nomination

One witness compulsory

No witness required for literate accounts.

Two witness required for illiterate account

Fee for cancellation or variation of  nomination

Re 1/-

Rs 50 + GST

GL Code : 800423200

Fee for Statement of accounts

Rs 2/- for 30 entries (ledger copy)

Rs 20/- per account

GL Code : 800423500

Duplicate pass book



Issue of Passbook in lieu of lost or mutilated certificate per registration

SB/RD/TD/M IS Rs 10/- SSA Rs 50/-

SCSS Rs 0/ for first time Rs 20/ subsequent ly

PPF Re 1/-

Rs 50/+GST

GL Code : 880080000

For all schemes



Rs 10+GST

When depositor becomes NRI subsequently after opening of account

Cannot be continued. Should be closed

Already opened account can be continued until maturity. But cannot be extended

When depositor cease to be a citizen of India

 

The account shall be closed or deemed to be closed with interest up the last day of the preceding month.

SAVINGS BANK Account

 

 

 

Types of account

Basic savings account Pension Accounts

Althese types of accounts discontinued.


 

 

Zero balance Account No interest Account

Only two types of savings account SB - Gen & Basic Savings Account

Number of joint accounts allowed an individual

One single account and no limit in the number of joint accounts with different adults

Only one single account and one Joint account with an adult

Number individuals allowed in a joint account .

Two or three

Two only

Minor account

Guardian can open a minor account in the name of the minor even though minor is operating an account

individually

Guardian cannot open a minor account if the minor already operating an account in his name.

Minimum amount to open SB account.

Rs 50/ for non-cheque account Rs 500/- for a cheque account

Rs 500/- for Regular Accounts and Rs 00/ for Basic Savings Account

Minimum amount  of Subsequent Deposits

Rs 5/-

Rs 10/-

Minimum amount of withdrawal

Rs5/- by SB-7

Rs 20/- By cheque

Rs 50/- By SB-7 or Cheque

Fraction of rupee in transaction

Allowed

Not allowed

Production of Pass Book for withdrawal

Not compulsory in CBS office

Compulsory for withdrawal through SB-7

Maintenance charges

Rs 20/- per Year if balance is less than Rs 50/-

Rs 50/-+ GST per year if balance is less than Rs 500/-. Account will be automatically closed when the balance becomes zero

Issue of cheque book

No charges

10 leaves or 20 leaves free in a calendar year. Rs 2/-+ GST for additional

cheque leaves

Cheque account/non cheque account

Separate categories for Cheque account

Non-Cheque account

No Separate category. Only one category of account

Officially valid document

 

PassportDriving  licence, Voters ID card issued by EC, MGNREGA Job Card,Letter issued by NPR

ID proof should be taken from

Any Government issued ID card was enough

PAN Card ,Adhar card or any of the officially valid document.

Address proof should be taken

For address proof electricity

PAN Card ,Aadhar card or any

from

bill, telephone bill or letter

one of the officially valid

from a recognised authority or

documents. If address defers

Bank Pass book was enough

any one of the officially valid

documents should be updated

and submitted within two

months from the date of

opening.


 

Clearing charge of cheque

Up to Rs 1000/- Rs 30/- and Rs 3/- for additional 1000 and part there of

On actual basis as per the guidelines of RBI

Dis honoured charge of cheque

Rs 50/-

Rs 100/- + GST

RECURRING DEPOSIT

Minimum denomination

Rs 0/-

Rs 00/-

Denomination in multiples of

Rs 5/-

Rs 10/-

Number of individua ls allowed in a Joint account

2

3

RD loan should be in multiples of

Rs 5/-

Rs 10/-

RD loan repayment should be in multiples of

Rs 5/-

Rs 10/-

RD Loan interest

5 Year TD Interest + 2%

RD Scheme Interest + 2%

Protected Savings Scheme

Maximum benefit limited up to maturity value of Rs 50/- Age limit: 8 to 53

Maximum benefit limited up to maturity value of Rs 100 Age limit:  8 to 55

TIME DEPOSIT

Deposit should be

100 and multiples of 100

1000 and multiples of 100

Number of individua ls allowed in a Joint account

2

3

Number of times extension allowed

Any number of times

Maximum two times

Application for extension

1Year TD : 6 Months

1Year TD : 6 Months

should be submitted within

2 Year TD: 2 Months

2 Year TD: 2 Months

3 Year TD : 8 Months

3 Year TD : 8 Months

5 Year  TD :36 Months

5 Year TD : 8 Months

Premature Closure

Completed Years: Completed years TD interest rate - 1% (Compounded quarterly) Completed Months: Completed years TD interest rate at simple interest rate

Completed Years: Completed years TD interest rate - 2% (Compounded quarterly)

 

Completed Months :SB rate of interest

MONTHLY INCOME SCHEME

Deposit should be

100 and multiples of 100

1000 and multiples of 1000

If any deposit is made than the prescribed limit

Should be repaid without any interest

Should be repaid with SB rate of interest

SENIOR CITIZEN SAVINGS SCHEME

Minimum amount to open an account

Rs 1000 and multiples of 000

Rs 1000 and multiples of 000 No change

Premature closure

Not allowed for first one year

Allowed at any time

But no interest allowed in the first one year. If any interest is paid, it is adjusted from the amount of deposit.


 

Continuation by Joint account holder/ nominee (spouse) after death of the account holder

No age limit for spouse for continuing the account

lSpouse should  be eligible to open a SCSS account (should be a senior citizen).

2.There should not be any other account in the name of the spouse.

Registration of nomination

Not mandatory

Mandatory

If any deposit is made than the prescribed limit

Should be repaid without any interest

Should be repaid with SB rate of  interest

Annexure -1

Required

Not required

SUKANYA SAMR IDHI ACCOUNT

Minimum amount to open the account and minimum deposit to be made in a financial year

Rs 250/-

Rs 250/- ( No change)

Subsequent deposit should be

in multiples of

Rs 100/-

Rs 50/-

Birth certificate

Any proof of date of birth like school certificate, PAN card, Pass portHospital record were enough

lBirth certificate issued by Municipal authority.

2. Any office authorised to issue birth and death certificate by Registrar of birth and deaths.

3. The Indian consulate in any foreign country as per the

Indian citizenship Act.

For opening more than two accounts in case of twins I triplets

Medical certificate was enough

Affidavit by the guardian regarding the birth of multiple girl children is required

If the girl child becomes NRI ( With Indian Citizenship)

Should be closed with interest up to the previous month

Allowed to continue until maturity of the account.

If discontinued account is not regularised within 15 years

SB rate of interest only payable

SSA rate is admissible

Registration of nomination

Was not allowed

Mandatory

At the time of marriage

Age proof of the account holder to prove that she is 18 years was enough

The account holder should furnish a declaration in non- judicial stamp paper attested by the notary in support with age proof.

Premature closure other than extreme compassionate grounds.

Was allowed with SB rate of interest

Not allowed

PMI

Was not eligible

Allowed at SB rate

PUBLIC PROVIDENT FUND

Governed by

PPF Act 1968

Government Savings Bank

Promotion Act 873

Office in which the account can be opened

"B" Class offices and above only allowed

In all the departmental post offices allowed

Minimum amount to open an account

Rs 100/-

Rs 500/-

Maximum number of instalments in a month

One

No limit


 

Maximum number of instalments in a year

2

No limit

Loan interest if paid within 36 months

2%

1  %

Repayment of Loan interest

 

Debited from the loan account By batch process in Finacle CBS application

NATIONAL SAVINGS CERTIFICATE

Minimum amount to open

Rs 100 and multiples of 100

Rs 1000 and multiples of 100

Can be opened in the name of minor by

Any Adult

Guardian only

Number of adults allowed in a

Joint Account

Two

Two or three

Interest rate on PMC

As per the table

For first one year - No interest From one Year to three Years- SB rate

As per the table for completed years and half years

Fee for Issue of pass book in leu of lost or mutilated certificates

Rs 5/- per certificate (duplicate)

Rs 10- per registration number

Conditions for transfer from one holder to another

 

(NSC and KVP)

1.To the near relative out of natural love and affect ion. 2.0n the death of the holder in the name of nominee.

3.When ordered by court of law.

4.0n pledging.

5.0n the death of one account holder in a Joint NSC account.

 

 

1.0nthe death of the holder in the name of nominee.

2.When ordered by court of law.

3.0n pledging.

4.0n the death of one account holder in a Joint NSC account.

KISA N VIKAS PATRA

Minimum amount to open

Rs 000 and multiples of 000

Rs 000 and multiples of 00

Can be opened n the name of minor by

Any Adult

Guardian only

Number of adults allowed in a

Joint Account

Two

Two or Three

Issue of pass book in the name of mutilated certificates

Rs 5/- per certificate (duplicate)

Rs 10- per registration

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