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On the occasion of “Azadi ka Amrit Mahotsav,” the Department of Posts, under the supervision of the Ministry of Communications, has implemented online account registration and closure for National Savings Certificates (VIII Issue) (NSC) and Kisan Vikas Patra (KVP) through DOP Online Banking. The facility for opening and closing National Savings Certificates (VIII Issue) Kisan Vikas Patra is now accessible under the ‘General Services’ section of DOP Internet Banking, allowing individuals to open and close NSC and KVP online from the comfort of their homes and no more required to visit the nearest post office for the same.
Steps for the opening of NSC/KVP account online
1. Login into DOP Intemet Banking
2. Under the ‘General Services’ section, click on ‘Service Requests’ and select the ‘New Requests’ option.
3. Now select any of the options from ‘NSC Account – Open a NSC Account (For NSC)’ and ‘KVP Account – Open a KVP Account (For KVP)’.
4. Now enter the minimum deposit amount for NSC or KVP and select your debit account linked to PO Saving Account.
5. Now click on ‘Click Here’ to read terms and conditions and accept terms and conditions and then submit the application online.
6. Now enter the transaction password > Submit and view/download deposit receipt.
7. Users can log in again and go to the “Accounts” section to view the details of NSC account opened. The nominee specified in the linked PO Savings Account will also be used to open the NSC in the name of the DOP Online Banking user.
Steps to close NSC/KVP account online
1. Login into DOP Intemet Banking
2. Under the ‘General Services’ section, click on ‘Service Requests’ and select the ‘New Requests’ option.
3. Now click on any of the options from ‘Closure of NSC Account (For NSC)’ and ‘Closure of KVP Account (For KVP)’.
4. Now select the deposit account as NSC account/KVP Account that you are going to close.
5. Select your credit account linked to your PO Saving Account and click on ‘Submit Online’.
6. Now enter the transaction password, submit the application and after successful completion, you can view or download the closure receipt.
As per the official notification issued on 18th August by DOP, here are some key takeaways to note
1. Logout and login again to view the details of NSC closed Accounts.
2. NSC/KVP purchased on or after 01.07.2015 (i.e. in the form of passbook) can be closed under this option.
3. NSC/KVP issued prior to 01.07.2016 in the form of savings certificates are to be closed at the post office concerned.
4. lnternet Banking user should check maturity date and maturitv amount in the closure screen before submitting the request. ln case of KVP, if date of closure is prior to maturitv date, closure will be treated as premature and closure proceeds will be as per the Scheme Rule.
For the second quarter of the fiscal year 2022–23, which runs from July 1 to September 30, the interest rates on the various small-savings schemes have remained the same. At the moment, the 5-Year National Savings Certificates (NSC) offer an interest rate of 6.8% compounded annually and payable at maturity. A minimum deposit of Rs. 1000 and in multiples of Rs. 100 with no maximum limit are required to open an NSC account. The interest rate offered by Kisan Vikas Patra (KVP), however, would remain at 6.9% annually compounded. An individual must deposit a minimum of Rs. 1000 in multiples of Rs. 100 with no maximum limit in order to open a KVP account.
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