National Saving Certificate and Kisan Vikas Patra will be issued in e-form

National Savings Certificate (NSC) and Kisan Vikas Patra will now be issued in electronic mode with government deciding to discontinue the system of pre-printed paper certificates.

“It was decided that the currently existing system of physical pre-printed certificates for KVP and NSC shall stand discontinued w.e.f April 1, 2016 and shall be replaced by National Savings Certificate/ Kisan Vikas Patra certificate on electronic – mode (e-mode),” the Finance Ministry said in an office memorandum.

However, till the Core Banking System transits to that e-mode, banks and post offices may choose to issue a physical certificate recorded on a passbook, it added.

NSC and KVP are popular small saving schemes.

NSC scheme is specially designed for government employees, businessmen and other salaried classes who are Income Tax assesses. Investment up to Rs 1 lakh per annum qualifies for tax rebate under section 80C of Income Tax Act.

Amount invested in Kisan Vikas Patra doubles in 110 months (9 years and 2 months). It is available in denominations of Rs 1,000, 5000, 10,000 and Rs 50,000.
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2 comments:

  1. How this post office will operate. ..The way post office working today seems difficult them to issue e certificate? ...are they giving issuing authority to banker also?

    ReplyDelete
  2. How this post office will operate. ..The way post office working today seems difficult them to issue e certificate? ...are they giving issuing authority to banker also?

    ReplyDelete