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50 Rupees 7-Year National Savings Certificate; Fifth Issue
| Issuer | Government of India |
|---|---|
| Year | 1973 |
| Type | Log in to see details |
| Value | Log in to see details |
| Currency | Rupee (decimalized, 1957-date) |
| Composition | Log in to see details |
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| Obverse description | Bilingual title in Hindi and English across the top within a guilloche border, with the denomination '50' in numerals at upper left and right and 'RUPEES FIFTY' at right. The Ashoka Lion Capital emblem appears at lower left and right flanking the promise-to-pay text block. 'V ISSUE' is printed in large letters centrally, with post office registration fields at the foot. Printed in brown on cream paper by India Security Press, Nasik Road. |
|---|---|
| Obverse lettering | Log in to see details |
| Reverse description | The reverse carries the bilingual header repeated at top within a guilloche frame. A redemption value schedule lists accrued amounts after 3 through 7 complete years in a tabular format in Hindi and English. The right half is reserved for the 'Receipt on Discharge' section with signature and date fields. Printed in brown on cream paper; the foot carries a transferability notice in Hindi and English. |
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| Comments |
National Savings Certificates occupy an odd corner of notaphily — they are government debt instruments printed on paper by a security press, which puts them in the same physical category as banknotes without ever functioning as currency. India's NSC program has run continuously since the early post-Independence years, with each "issue" representing a distinct series carrying its own maturity terms and interest rate, set by the Finance Ministry at the time of launch.
The Fifth Issue came during Indira Gandhi's government, a period when small-denomination savings mobilization was actively pushed as both fiscal policy and a tool for channeling household money away from gold. The India Security Press at Nasik Road — the same facility that prints Indian banknotes and stamps — handled production, which is why these certificates are often found with the same quality of intaglio printing and security paper used on contemporary Reserve Bank issues.
The seven-year maturity term is the detail worth noting: it reflects the specific interest rate environment of 1973, before the revised terms introduced in later issues.