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50 Rupees Post Office 7 Year National Savings Certificate
| Issuer | Government of India - Post Office |
|---|---|
| Year | 1948 |
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| Size | 165 x 85 mm |
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| Reverse description | Blue letterpress reverse headed "RECEIPT ON DISCHARGE" with "1949 ISSUE" in a box at upper left. A table of maturity values for the 7-year certificate is printed on the left half, listing accrued sums from one to seven years. The right panel provides spaces for the received payment amount, date, and signature or thumb impression of the holder, with a note advising retention of the serial number. |
| Reverse lettering | 1949 ISSUE RECEIPT ON DISCHARGE. 7 Year certificate Amount to be invested .. Rs. 50 If payment is claimed after one complete year or earlier .. 50-0 after two complete years .. 50-15 " three " " .. 52-3 " four " " .. 54-6 " five " " .. 56-14 " six " " .. 60-0 " seven " " .. 62-8 Received payment of Rs. (in words and figures) Date Signature(s) or thumb impression(s) of holder(s). Note. The holder(s) are recommended to keep a note of the serial No and date of issue of this certificate and to notify immediately the post office in which the certificate is registered, in the event of the certificate being lost. THIS CERTIFICATE IS ISSUED IN ACCORDANCE WITH THE TERMS OF THE NOTIFICATION No. 3988-C-1/49, DATED 26TH JULY 1949 |
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| Comments |
National Savings Certificates were introduced in India under British administration and continued uninterrupted after independence in August 1947 — this 1948 issue was among the earliest instruments issued under the sovereign Government of India rather than the Crown. The Post Office network, which already had deep rural penetration, served as the distribution backbone precisely because commercial banks did not. Savings mobilization in the immediate post-partition economy was a genuine fiscal priority, not a formality.
The seven-year maturity term was deliberate — long enough to lock capital into government coffers through the critical first years of the republic's development planning cycle.