Wednesday, 30 November 2011
Patch for Revision of Interest Rates and Various Changes in SB Rulings (w.e.f. 01/12/2011)
IMPORTANT INFORMATION
• The patch can be executed only after day-end of 30/11/2011
• It can be executed on the server or on any one of the client systems running a 32 bit Operating system in which DBAnalyzer is installed
• The patch does not require SQL ‘SA’ password for execution and hence can be run by any official working on systems or by the supervisor
• Supervisor has to ensure the execution of the patch before commencing counter operations on 01/12/2011.
The patch does NOT incorporate the following points, and hence and in cases where it becomes applicable the changed rule has to be implemented manually.
• The maturity period for Monthly Income Scheme (MIS) and National Savings Certificate (NSC) will be reduced from 6 years to 5 years – problem will not arise at present.
• New NSC instrument, with maturity period of 10 years introduced is to be handled manually.
• The change in rate of interest in case of TD premature closure will have to be done manually till the requisite changes are made.
INSTRUCTIONS FOR RUNNING THE PATCH
• Download the ‘MoF_RateChange.zip’, unzip and copy it to the DBAnalyzer folder
• Run ‘MoF_RateChange.exe’ from the DBAnalyzer folder itself.
• Enter the name of the SB Server and click ‘OK’.
• A message will be displayed for each scheme.
• Continue clicking on ‘OK’ until the message ‘Interest rates updation completed successfully’ is displayed.
• In case any other message or error code is displayed, email the error code to SDC for solution.
Notification for Launch of 10-Year National Savings Certificate (IX-Issue), 2011 Issued
In accordance with the decisions taken by the Government on the basis of the recommendations of the Committee for Comprehensive Review of National Small Savings Fund (NSSF), headed by Smt Shyamala Gopinath, the then Deputy Governor, Reserve Bank of India, Notifications on changes made in various small saving schemes except 10-Year National Savings Certificate, have already been issued on 25th November 2011.
The Notification for launch of new savings instrument, namely 10-Year National Savings Certificate (IX-Issue), 2011, has been issued today, the 29th November, 2011.
The major highlights of this scheme are as follows:
· Investments in Certificate will earn Interest at the rate of 8.7% p.a. compounded semi-annually.
· On investment of Rs. 100, the depositor will get Rs. 234.35 on maturity of the Certificate.
· This Certificate will be available in the denominations of Rs. 100, Rs. 500, Rs. 1000, Rs. 5000 and Rs. 10,000.
· There is no upper limit for investment in the Certificate.
· This Certificate can be transferred from a post office where it is registered to any other post office and it can be pledged as a security.
The scheme will come into effect from 1st December 2011.
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