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Standardised Agency System

Standardised Agency System (SAS) was introduced by the Government w.e.f. 01.10.1960 to appoint authorised agents to canvass for the sale of specified National Savings Schemes. Under the agency system, an adult individual is eligible for appointment as authorised agent. Applicant desirous to be appointed as an authorised agent under the agency system should be a person of substance having wide contacts and sufficiently educated to transact the agency business to the satisfaction of the appointing authority. He/She must be a person of integrity preferably owning some immovable property. Central and State Government employees are not eligible for appointment.

Management of authorised agency system including appointment, renewal and supervision has been transferred to the State Government. Individual desirous to be appointed as an agent under the agency system should approach appointing authority of their area i.e. Director, Small Savings of the State or District Collector of the District where the applicant resides. In some of the States BDOs/Tehsildars have also been designated as appointing authority under SAS. Authorised agents are entitled to payment of commission on the deposits secured by them in specific National Savings Schemes at the rate as may be notified by the Government from time to time. A certificate of Authority showing details of the agent and validity of Agency is issued by the appointing authority to the appointed agent under SAS.

Authorised agents appointed under this system are issued printed receipt books by the Government which is to be issued by the agent while receiving cash/cheque for deposit. An agent can accept cash upto Rs.10,000 (Rupees Ten Thousand only) from a depositor at a time. Investor should insist for and obtain prescribed printed receipt from the agent while making deposit in National Savings Schemes through an agent.

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Wednesday, November 21, 2018 , 12:58:41 AM

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