Que.1: Whether the services of National Savings Agent’s are available to the investors?
Ans. Yes. Except in case of Post office savings Bank account. However investors in their own interest should either tender Cheque drawn in favour of the deposit accepting agency i.e. post office or bank to the agents or obtain proper Agent’s Receipt as a token of receipt from the agent.
Que.2: How an individual can become agent of NSI ?
Ans: There are three types of agents operative in the National Savings Agency system namely ,
1. Standardised Agency System(SAS)
2. Mahila Pradhan Agency System(MPKBY)
3. Public Provident Fund Agency System(PPF)
The work relating to appointment, renewal and servicing of the agents has been transferred by Govt. of India to the respective State Governments and in most of the cases District Collector/Dy. Commissioner is the appointing authority in their respective area of operation. The procedure regarding appointment also varies from State to State depending on their requirements of agents and any person interested to work as agent in National Savings can approach the concerned District Magistrate / Dy. Collector/Director Small Savings of the respective state, Regional Director, NSI, of the concerned area.
Que.3: What is the procedure for payments of commission?
Ans: Agents under National Savings are paid commissions at the rate of ½ % in SAS& 4% in MPKBY Agency System which is applicable in case of ladies only and they are authorized to canvass only Recurring Deposit Scheme. The payment of commission is made by the deposit accepting authorities at source.