National Savings Certificates (VIII Issue) and Kisan Vikas Patra – Introduction of the online account opening and closure: DOP

Introduction of the online account opening and closure through DOP Internet Banking for National Savings Certificates (VIII Issue) and Kisan Vikas Patra: DOP Order dated 18.08.2022

SB Order No. 13/ 2022

F. No. FS-13/7/2020-FS
Government of India
Ministry of Communications
Department of Posts
(FS Division)

Dak Bhawan, New Delhi-110001

Dated: 18.08.2022

To,
All Head of Circles / Regions

Subject: – Regarding introduction of the online account opening and closure through DOP Internet Banking for National Savings Certificates (VIII Issue) and Kisan Vikas Patra.

Madam / Sir,

During the auspicious occasion of ‘Azadi ka Amrit Mahotsav’, the undersigned is directed to say that online account opening and closure for National Savings Certificates (VIII Issue) (NSC) and Kisan Vikas Patra (KVP) have been introduced in DOP Internet Banking. Now users of DOP Internet Banking can open and close NSC and KVP online.

2. The option for opening and closing of National Savings Certificates (VIII Issue) Kisan Vikas Patra is available under the ‘General Services’ tab of DOP Internet Banking. Internet Banking user should follow the below prescribed procedure for opening and closure of NSC/KVP: –

(a) Procedure for opening of NSC/KVP: –

• Login into DOP Internet Banking
• ‘General Services’
• ‘Service Requests’
• ‘New Requests’
• NSC Account — Open a NSC Account (For NSC) and KVP Account — Open a KVP Account (For KVP)
• Deposit Amount (Enter Amount for which NSC to be opened minimum & 1000 and in multiple of = 100)
• Debit Account (Select linked PO Saving Account)
• Click on ‘Click Here’ to read terms and conditions and accept terms and conditions
• Submit online
• Enter Transaction Password
• Submit.
• View/Download Deposit Receipt.

Note: -(i) Log in again to view the details of NSC opened under ‘Accounts’.
(ii) NSC will be opened in the name of DOP Internet Banking user and nominee will be same as registered in linked PO Savings Account.

(b) Procedure for Closure of NSC/KVP: –

• Login into DOP Internet Banking
• ‘General Services’
• ‘Service Requests’
• ‘New Requests’
• Closure of NSC Account (For NSC) and Closure of KVP Account (For KVP)
• Deposit Account (Select NSC account/KVP Account to be closed)
• Credit Account (Select linked PO Saving Account)
• Submit online
• Enter Transaction Password
• Submit.
• View/Download Closure Receipt.

(ii) NSC/KVP purchased on or after 01.07.2016 (i.e. in the form of passbook) can be closed under this option.
(iii) NSC/KVP issued prior to 01.07.2016 in the form of savings certificates are to be closed at the post office concerned.
(iv) Internet Banking user should check maturity date and maturity amount in the closure screen before submitting the request. In case of KVP, if date of closure is prior to maturity date, closure will be treated as premature and closure proceeds will be as per the Scheme Rule.

3. It is requested to circulate these instructions to all post offices for information and guidance. Adequate promotion of this functionality is to be given for the benefit of POSB customers.

4. Hindi version of this SB order will be issued in due course.

5. This issues with the approval of the competent authority.

Yours Sincerely,

(Devendra Sharma)
Asst. Director (SB-IT)

Source: Department of Posts