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5000 Rupees Post Office 5 Year National Savings Certificate
| Issuer | Government of India |
|---|---|
| Year | 1948 |
| Type | Cheques |
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|---|---|
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| Reverse description | The reverse is printed in orange with a guilloche border and carries the heading 'RECEIPT ON DISCHARGE' in a panel at top. A graduated repayment schedule listing values from 5000 to 5750 Rupees is set at centre-right, alongside spaces for holder signatures or thumb impressions. The foot of the certificate bears the authorising notification reference in small letterpress type. |
| Reverse lettering | 1948 ISSUE RECEIPT ON DISCHARGE. Amount to be invested If payment is claimed Rs. Received payment of Rs. and figures) p. in words after complete years INDOSING CFTS (NOT ENCASHABLE TILL END OF THIRD YEAR) Signature(s) or thumb impression(s) of holder(s). Date The holder(s) 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 NOTIFICATION NO. 1978 (B) - C1/48 DATED THE 21ST MAY 1948 |
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| Comments |
India's National Savings Certificates were instruments of postwar fiscal policy, designed to absorb surplus liquidity from a population that had little confidence in the nascent banking system and considerable cash hoarded from wartime commerce. The 1948 series appeared within months of Independence, before the Reserve Bank had fully consolidated its authority over public debt instruments, placing these certificates in an ambiguous transitional space between colonial-era savings schemes and the new government's own borrowing apparatus.
The five-year lock-in was a deliberate structural choice — long enough to stabilize government balance sheets through the First Five-Year Plan period.