Subject : Issue of certificate of annual accrual of interest on NSC (National Savings Certificate)
Download Issue of certificate of annual accrual of interest on NSC in PDF
It has been noticed that many grievances are received in connection with the non-issue of interest certificate by the post offices, on the basis of the annual accrual of interest. Although, there is provision in Finacle system to generate interest certificate and accordingly procedure is prescribed in Rule 45 of POSB CBS Manual. However, there is no provision to generate interest certificate on the basis of annual accrual of interest.
2. In accordance with the Rule 5(2) of NSC scheme 2019, “A certificate of annual accrual of interest shall be issued by the accounts office, on demand, to the account holder. The interest as specified in the Table below shall accrue to the holder or holders of the certificate at the end of each year and the interest so accrued at the end of each year up to the end of the fourth year shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount of face value of the certificate”.
3. Since there is no provision in Finacle to generate interest certificate with the accrued interest, certificate may have to be prepared manually and issued to the depositors on demand. The proforma, in which the certificate of annual accrual of interest is attached herewith.
4. All the post offices may be directed to issue the annual accrual of interest in case of NSC to the depositor on demand the attached proforma.
5. A formal order will be issued shortly.
This is sent with the approval of competent authority. Thanks and Regards
Assistant Director (SB-I) FS Division, Postal Directorate New Delhi - 110001. Phone No. 011 - 2304 4770
Int_Certificate_Format_21072023.pdf
