NSS-87 CONTROL PROCEDURE

NATIONAL SAVINGS SCHEME, 1987 CONTROL PROCEDURE

76. The Scheme was introduced w.e.f. 1.4.1987. The S.B. Control Organisation will follow the procedure for savings accounts with the following changes. The scheme has been discontinued w.e.f. 1.10.1992.

(i) The scheme has been introduced in all the Head Post Offices. The Heads of Circles may permit extension of the scheme to selection grade and above post offices as far as possible and to other post offices only if the traffic warrants. Whenever any sub office is authorised to transact business under this scheme, the Heads of Circles will issue necessary instructions authorising the concerned sub post office. A copy of the instructions issued will also be sent to the Incharge SBCO and AO-ICO(SB). The Registers SB-62, SB-62(a) and SB-63 will be maintained for the new scheme.

(ii) General check of vouchers and checking of vouchers with reference to entries in the ledgers :- The vouchers both receipts and payments will be checked to the following extent :-

(i) All warrants of payment in respect of withdrawals exceeding Rs.5000/- at the head and sub offices.

 (ii) Warrants of payment of 20% of closed accounts of heavy amounts.

(iii) 4% of deposit transactions.

Note :- The checks will apply uniformly to accounts maintained either manually or on computers.

[D.G. Posts letter No. 5-2/99-SB dated 5.3.2003]

(iii) Checking of annual interest:- The annual interest calculation will be checked in respect of 20% of the accounts where calculations are done manually and 5% of the accounts where calculations are done on computers.

[D.G Posts letter No. 5-2/99-SB dated 5.3.2003]

(iv) A separate statistical register will be maintained for the new scheme.

(v) The agreement of binders of the new scheme will be done on six monthly basis like Savings Accounts.

[Para 91B of Manual of S.B. Control procedure as inserted vide D.G.

Posts letters No. 1-2/88-SB dated 10.2.1988 and 17.10.1990]

77. Fixation of norms for calculation, posting and checking of annual interest in NSS, accounts :- Certain Heads of Circles have asked for the clarification whether OTA for calculation, posting and checking of annual interest can be paid on the conditions and rates as applicable for calculation, checking and posting of interest in Savings Accounts.

The matter has been considered in consultation with the Internal Work Study Unit of the directorate and it has been decided that there is no need for separate rates for calculation, posting and checking of interest on NSS Accounts. Rates as for savings accounts will be applicable to calculation, posting and checking of annual interest in respect of NSS Accounts also.

[D.G. Posts letter No. 30-4/87-SB dated 24.1.1991]