The important Changes in National Savings Schemes as per the amendments
in GSPR 2018 and 2019
Changes
Pledging fee
Releasing fee
Transfer of an account
Transfer of account from one
account office to another
Conversion of accounts From
Single to joint and vice versa
Before the amendment
GENERAL
NSC Rs 5/- per NSC
KVP
Upto Den, Rs 100: 25 Paise
Above Den Rs 100: Re 1/TD : Free
Same as pledging fee
Can be done by transferring
HO or transferee HO
SSA Rs 100 if no address
change involved or else free
SCSS: Up to 1 lac free
Above 1 lac
Rs 5/- per Lac for first time
Rs 10/- per lac subsequently
All other schemes were free
Was allowed
Nomination
Nomination in minor accounts
Maximum number of
nominees allowed
Witness for nomination
Not mandatory
Not allowed
6
Fee for cancellation or
variation of nomination
Fee for Statement of accounts
Re 1/-
Duplicate pass book
When depositor becomes NRI
subsequently after opening of
account
When depositor cease to be a
citizen of India
One witness compulsory
Rs 2/- for 30 entries
(ledger copy)
SB/RD/TD/MIS Rs 10/SSA Rs 50/SCSS Rs 10/ for first time
Rs 20/ subsequently
PPF Re 1/Cannot be continued.
Should be closed
SAVINGS BANK
Types of account
Basic savings account
Pension Accounts
After the amendment
Rs 100/- + GST
GL Code : 1800423500
For all three schemes
NIL
Can be done by transferring
HO only
Rs 100 +GST
GL Code : 8800800040
For all schemes
Not allowed except in case of
death of the depositor in a
joint account.
Mandatory
Mandatory
4
No witness required for
literate accounts.
Two witness required for
illiterate account
Rs 50 + GST
GL Code : 1800423200
Rs 20/- per account
GL Code : 1800423500
Rs 50/+GST
GL Code : 8800800010
For all schemes
Already opened account can
be continued until maturity.
But cannot be extended
The account shall be closed or
deemed to be closed with
interest up the last day of the
preceding month.
All these types of accounts
discontinued.
Number of joint accounts
allowed an individual
Number individuals allowed in
a joint account .
Minor account
Minimum amount to open SB
account.
Minimum amount of
Subsequent Deposits
Minimum amount of
withdrawal
Fraction of rupee in
transaction
Production of Pass Book for
withdrawal
Maintenance charges
Zero balance Account
No interest Account
One single account and no
limit in the number of joint
accounts with different adults
Two or three
Only one type of savings
account SB - Gen
Only one single account and
one Joint account with an
adult
Two only
Guardian can open a minor
account in the name of the
minor even though minor is
operating an account
individually
Rs 50/ for non-cheque account
Rs 500/- for a cheque account
Rs 5/-
Guardian cannot open a minor
account if the minor already
operating an account in his
name.
Rs5/- by SB-7
Rs 20/- By cheque
Allowed
Rs 50/- By SB-7 or Cheque
Not compulsory in CBS office
Compulsory for withdrawal
through SB-7
Rs 100/-+ GST per year if
balance is less than Rs 500/-.
Account will be automatically
closed when the balance
becomes zero
10 leaves free in a calendar
year. Rs 2/-+ GST for additional
cheque leaves
No Separate category. Only
one category of account
Rs 20/- per Year if balance is
less than Rs 50/-
Issue of cheque book
No charges
Cheque account/non cheque
account
Separate categories for
Cheque account
Non-Cheque account
Officially valid document
ID proof should be taken from
Any Government issued ID
card was enough
Address proof should be taken
from
For address proof electricity
bill, telephone bill or letter
from a recognised authority or
Bank Pass book was enough
Rs 500/- for all types of
account
Rs 10/-
Not allowed
Pass port, Driving licence,
Voters ID card issued by EC,
MGNREGA Job Card, Letter
issued by NPR
PAN Card , Adhar card or any
of the officially valid
document.
PAN Card , Adhar card or any
one of the officially valid
documents. If address defers
any one of the officially valid
documents should be updated
and submitted within two
months from the date of
opening.
Clearing charge of cheque
Dis honoured charge of
cheque
Minimum denomination
Denomination in multiples of
Number of individuals allowed
in a Joint account
RD loan should be in multiples
of
RD loan repayment should be
in multiples of
RD Loan interest
Protected Savings Scheme
Up to Rs 1000/- Rs 30/- and Rs
3/- for additional 1000 and
part there of
Rs 50/-
On actual basis as per the
guidelines of RBI
Rs 100/- + GST
RECURRING DEPOSIT
Rs 10/Rs 5/2
Rs 100/Rs 10/3
Rs 5/-
Rs 10/-
Rs 5/-
Rs 10/-
5 Year TD Interest + 2%
Maximum benefit limited up
to maturity value of Rs 50/Age limit: 18 to 53
RD Scheme Interest + 2%
Maximum benefit limited up
to maturity value of Rs 100
Age limit: 18 to 55
TIME DEPOSIT
Deposit should be
Number of individuals allowed
in a Joint account
Number of times extension
allowed
Application for extension
should be submitted within
Premature Closure
Deposit should be
If any deposit is made than the
prescribed limit
Minimum amount to open an
account
Premature closure
100 and multiples of 100
2
1000 and multiples of 100
3
Any number of times
Maximum two times
1 Year TD : 6 Months
2 Year TD: 12 Months
3 Year TD : 18 Months
5 Year TD : 36 Months
Completed Years: Completed
years TD interest rate – 1%
(Compounded quarterly)
Completed Months:
Completed years TD interest
rate at simple interest rate
MONTHLY INCOME SCHEME
1 Year TD : 6 Months
2 Year TD: 12 Months
3 Year TD : 18 Months
5 Year TD : 18 Months
Completed Years: Completed
years TD interest rate – 2%
(Compounded quarterly)
Completed Months : SB rate of
interest
100 and multiples of 100
1000 and multiples of 1000
Should be repaid without any
Should be repaid with SB rate
interest
of interest
SENIOR CITIZEN SAVINGS SCHEME
Rs 1000 and multiples of 1000
Not allowed for first one year
Rs 1000 and multiples of 1000
No change
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
Registration of nomination
If any deposit is made than the
prescribed limit
Annexure -1
Not mandatory
Should be repaid without any
interest
Required
SUKANYA SAMRIDHI ACCOUNT
Rs 250/-
Minimum amount to open the
account and minimum deposit
to be made in a financial year
Subsequent deposit should be
in multiples of
Birth certificate
For opening more than two
accounts in case of twins /
triplets
If the girl child becomes NRI
( With Indian Citizenship)
If discontinued account is not
regularised within 15 years
Registration of nomination
At the time of marriage
Premature closure other than
extreme compassionate
grounds.
PMI
Governed by
Office in which the account
can be opened
Minimum amount to open an
account
Maximum number of
instalments in a month
Rs 100/-
1.Spouse 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.
Mandatory
Should be repaid with SB rate
of interest
Not required
Rs 250/- ( No change)
Rs 50/-
Any proof of date of birth like
school certificate, PAN card,
Pass port, Hospital record
were enough
1.Birth 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.
Medical certificate was enough Affidavit by the guardian
regarding the birth of multiple
girl children is required
Should be closed with interest Allowed to continue until
up to the previous month
maturity of the account.
SB rate of interest only
SSA rate is admissible
payable
Was not allowed
Mandatory
Age proof of the account
The account holder should
holder to prove that she is 18
furnish a declaration in nonyears was enough
judicial stamp paper attested
by the notary in support with
age proof.
Was allowed with SB rate of
Not allowed
interest
Was not eligible
PUBLIC PROVIDENT FUND
PPF Act 1968
Allowed at SB rate
“B” Class offices and above
only allowed
Rs100/-
Government Savings Bank
Promotion Act 1873
In all the departmental post
offices allowed
Rs 500/-
One
No limit
Maximum number of
instalments in a year
Loan interest if paid within 36
months
Repayment of Loan interest
Minimum amount to open
Can be opened in the name of
minor by
Number of adults allowed in a
Joint Account
Interest rate on PMC
Fee for Issue of pass book in
leu of lost or mutilated
certificates
Conditions for transfer from
one holder to another
(NSC and KVP)
Minimum amount to open
Can be opened n the name of
minor by
Number of adults allowed in a
Joint Account
Issue of pass book in the name
of mutilated certificates
12
No limit
2%
1%
Debited from the loan account
By batch process in Finacle CBS
application
NATIONAL SAVINGS CERTIFICATE
Rs 100 and multiples of 100
Rs 1000 and multiples of 100
Any Adult
Guardian only
Two
Two or three
As per the table
For first one year – No interest
From one Year to three YearsSB rate
As per the table for completed
years and half years
Rs 10- per registration number
Rs 5/- per certificate
(duplicate)
1.To the near relative out of
natural love and affection.
2.On the death of the holder in
the name of nominee.
3.When ordered by court of
law.
4.On pledging.
5.On the death of one account
holder in a Joint NSC account.
KISAN VIKAS PATHRA
1.On the death of the holder in
the name of nominee.
2.When ordered by court of
law.
3.On pledging.
4.On the death of one account
holder in a Joint NSC account.
Rs 1000 and multiples of 1000
Any Adult
Rs 1000 and multiples of 100
Guardian only
Two
Two or Three
Rs 5/- per certificate
(duplicate)
Rs 10- per registration