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Amendments to procedural rules relating to Kisan Vikas Patras (KVP) Issue schemes in POSB(CBS) Manual in the light of recent changes circulated vide SB Order 13/2019 dated 18.12.2019.
MoF(DEA) has revised many statutory rules relating to different National Savings Schemes which were circulated vide SB order 13/2019 dated 18.12.2019. The competent authority has now approved to change relevant procedural rules and issue corrections slips of POSB(CBS) Manual [circulated vide SB Order No.9/2018 dated 17.7.2018j.
Till necessary provisions are made in Finacle/CSI for collection of various types of fee/charges on services, following process should be adopted by all concerned. (i) Collection of various types of fee to be collected in CSI — SAP through F-02/FB50
Now TDS @2% under section 194N will be applicable on all cash withdrawals above Rs. One Crore taken by an account holder in his/her all type of Small Savings Schemes Accounts /Certificates taken together, from 1.4.2019 onwards.
Rate of interest on various National Small Savings Schemes for the fourth quarter of financial year 2019-20 ( starting from 1st January ,2020 and ending on 31st March, 2020) shall remain unchanged from those notified for the third quarter of Financial Year 2019-20 (01st October 2019 to 31st December,2019).
There shall be four categories of time deposit accounts, namely, One-year account, Two-year account, Three-year account and Five-year account in which a deposit may be made for a period of one year, two years, three years and five years respectively.
An account under Post Office Savings Account Scheme, 2019 may be opened by making an application in Form-1 by the following- a single adult, two adults jointly, a guardian on behalf of a minor, a guardian on behalf of a person of unsound mind, a minor who has attained the age of ten years, in his own name.
On an application in Form-1 to the accounts office, an account under National Savings Recurring Deposit Scheme, 2019 may be opened by-(a) a single adult; or (b) upto three adults jointly; (c) a guardian on behalf of a minor or a person of unsound mind; or (d) a minor who has attained the age of ten years, in his own name.
The account under National Savings (Monthly Income Account) Scheme, 2019 may be opened by making an application in Form-1 by-(i) a single adult; (ii) upto a maximum of three adults in joint names; (iii) a minor who has attained the age of ten years; (iv) a guardian on behalf of a minor or a person of unsound mind.
An individual may open a PPF account by making an application in Form-1. (2) An individual may also open one account on behalf of each minor or a person of unsound mind of whom he is the guardian:
