When investing in a National Savings Scheme (NSS) through an agent, it’s crucial to be aware of certain dos and don’ts to ensure your investment is secure and meets your financial goals.
By following a few guidelines, you can safeguard your investments and ensure that your experience with the National Savings Scheme is smooth and secure. This article lists all the ‘Do and Don’ts’, for investors while investing through agents, by National Savings Institute.
Types of National Savings Schemes
According to the information available on the National Savings Institute website, the following schemes are currently available as part of National Savings Schemes;
- Post Office Saving Account
- National Saving Recurring Deposit Account
- National Saving Time Deposit Account
- National Saving Monthly Income Account
- Senior Citizen Savings Scheme
- National Savings Certificate (VIII Issue)
- Kisan Vikas Patra
- Public Provident Fund Account
- Sukanya Samridhhi Account
- Mahila Samman Savings Certificate 2023
While agents can be helpful, do not rely solely on their advice. Conduct your research or consult a financial advisor before making any decisions.
Do and Don’t for Investors While Investing through Agents
An account for any of the National Small Savings Schemes can be opened and money can be deposited by himself/herself by visiting the Post Office/Bank Branch in person.
The facility of making online deposits is also available for certain schemes in Banks such as E-Kisan Vikas Patra, Public Provident Fund and Sukanya Samriddhi Account.
In case one decides to avail the services of Authorised Agents, the following is the advice:
- Establish the identity of Authorised Agents by checking their Certificate of Authority and the date of validity of the agency
- Fill in the application form yourself. However, help/guidance of the agent may be availed
- Always insist for Authorised Receipt duly completed by the agent while handing over money/instruments and documents to the agent for opening an account or making a deposit. These receipt books are supplied by Government to the agents (Authorised Agents Receipt Books and ASLAAS – 5 cards for MPBKY agents)
- Preserve counterfoils of the ASLAAS 5 cards till the maturity of the account
- If an agent declines or avoids the issue of a receipt book/ASLAAS card, do not entertain him/her and report the matter to the Postal/District Authorities.
- Ensure receipt of the passbook from the agent within 10 days from the date of investment.
- In case of non-receipt of the passbook from the agent within 10 days from the date of Investment, lodge a complaint with either the Appointing Authority; Regional Director, National Savings Institute; Concerned Postmaster.
- Invariably verify the correctness of the amount, date, stamp, signature etc. mentioned in the Passbook from the concerned Post Office from time to time
- Do not hand over the cash to any unauthorised person or issue a cheque in favour of an agent
- For investments over and above Rs 10,000; issue only an account payee cheque drawn in favour of the concerned Postmaster
- Do not fill/sign the withdrawal form before maturity.
By paying attention to dos and don’ts, you can safeguard your investment and ensure that it aligns with your financial goals and risk tolerance. Taking a cautious and informed approach when dealing with agents will help you make the most of your National Savings Scheme investment.
