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5 Rupees Post Office 7 Year National Savings Certificate
| Issuer | Government of India |
|---|---|
| Year | 1948 |
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| Size | 165 x 85 mm |
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|---|---|
| Obverse lettering | POST OFFICE 7 YEAR NATIONAL SAVINGS CERTIFICATE NOT TRANSFERABLE EXCEPT WITH THE PERMISSION OF THE COMPETENT POSTAL AUTHORITY FREE OF INDIAN INCOME TAX 5 FIVE RUPEES 7NS/ FIVE RUPEES 5 This is to certify that XXXXXXXXXX is registered at the XXXXXXXXX Post Office as the holder of a Post Office 7 Year National Savings Certificate, issued in accordance with the terms of the Notification specified on the reverse, and subject to the Application and Declaration of the Purchaser which shall be the basis of this Contract. The Government of India undertake to pay to him on presentation of this Certificate at the aforesaid Post Office on or after the XXXXXXXXX the sum not exceeding Rs. /- specified on the reverse of this Certificate as due on such date. Post Office XXXXXXXX Date of Issue Register No. POST-OFFICE Postmaster. |
| Reverse description | Brown-toned reverse with matching guilloche border and Ashoka Lion Capital vignettes at left and right. The upper portion carries a "Receipt on Discharge" panel with a tabulated schedule of redemption values payable after one through seven complete years. The lower margin bears the authorising notification reference and a note advising holders to record the certificate's serial number. |
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| Comments |
National Savings Certificates occupy an odd corner of notaphily — they are not banknotes and not bonds in the conventional sense, but fiscal instruments issued through post offices as a direct government borrowing mechanism from the public. India's post-war savings drive in 1948 was partly aimed at absorbing liquidity left over from wartime military spending and suppressing inflationary pressure in the early months of independence.
The "7 Year" designation is the key detail: these matured at a fixed rate set at issue, redeemable only at a post office rather than through any banking channel.