How to encash your discontinued National Savings Certificates (IX Issue)?


After the decision was authorised and made public on December 1, 2015, the Department of Posts (DoP), which is under the direction of the Ministry of Communications, discontinued issuing National Savings Certificates (IX Issue) on December 20, 2015.

DoP said in a notification dated 30.11.2022 said that earlier closing of any discontinued scheme account/certificate including NSS’87 & NSS-92 should be done at HO only and closure amount should be paid only by credit into savings account or by cheque and no cash payment should be made. In a letter dated 16.11.2022, DoP said it has sought for the clarification on encashment of NSC (IX Issue) which is one of the discontinued schemes.

“Keeping in view of the services to the customers and the restriction available in Finacle System, it is clarified that Though NSC IX Issue is a discontinued scheme, NSC IX Issue certificates may be discharged / encashed / closed in any Departmental Post Office, following the procedures prescribed in Chapter 13 of POSB CBS Manual Volume (Corrected up to 31.12.2021),” said DoP in a statement.

NSC IX Issue.certificates which have already been discharged in the SOs following the prescribed procedures, shall be treated as regular, said DoP on 30th November 2022.

With effect from 1.12.2011, 10 Year National Savings Certificates (IX Issue) were made available for purchase through Departmental Post Offices and other post offices as may be permitted by Heads of Circles working in Savings Banks. The sale of these certificates was halted as of 20.12.2015. The certificate was available in the 100/-, Rs. 500/-, Rs. 1000/-, Rs. 5000/- and Rs. 10,000/- and the scheme was issued to the individuals only with effect from 1.12.2011 to 19.12.2015. The 10 Year National Savings Certificates (IX Issue) had a ten-year maturity period starting on the date specified on the certificate.

“The amount inclusive of interest payable on encashment of a certificate for the denomination of Rs.100/- purchased between 1.12.2011 to 31.3.2012 at any time after the expiry of its maturity period shall be Rs. 234.35,purchased on or after 1.4.2012 shall be Rs. 238.87 and purchased between 1.4.2013 to 19.12.2015 shall be Rs. 236.60 at proportionate rate for any other denomination,” said DoP in a notification dated 30.11.2022.

Ministry of Finance, Department of Economic Affairs has decided to replace the existing 6 years NSC(VIII-Issue) with 5 Years NSC(VIII-Issue) with effect from 1.12.2011. From 01.04.2020, interest rates are 6.8 % compounded annually but payable at maturity.

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