**Executive Summary**
The Ministry of Finance has notified the issuance of 7.70% Government of India NSSF (R) (Non-trans) Special Securities, 2036-37, to be issued during the financial year 2026-27. These securities are issued to the National Small Savings Fund (NSSF) against amounts received from the redemption of previous government securities related to small savings collections. The securities carry a 10-year tenure, half-yearly interest payments, and specific provisions for premature redemption after two years.
**Key Points / Main Content**
**Issuance and Subscription**
* **Security Type:** 7.70% Government of India NSSF (R) (Non-trans) Special Securities, 2036-37.
* **Issuance Date:** To be issued in FY 2026-27 at par value.
* **Subscription Limit:** Minimum amount of ₹1,00,000 (face value) and in multiples of ₹1,00,000 thereafter.
* **Eligibility:** The Secretary, Ministry of Finance, Department of Economic Affairs, is eligible to subscribe on behalf of the NSSF.
**Financial Terms**
* **Interest Rate:** 7.70% per annum, payable on a half-yearly basis.
* **Interest Calculation:** Interest will be rounded off to the nearest hundred rupees and paid through the Public Debt Office.
* **Tenure and Repayment:** The securities have a 10-year tenure and will be repaid at par in FY 2036-37.
**Operational Procedures**
* **Form of Security:** Issued as 'Stock' held in the Subsidiary General Ledger (SGL) Account.
* **Location:** Maintained by the Public Debt Office, Reserve Bank of India, Nagpur.
* **Governing Law:** Governed by the Government Securities Act, 2006.
**Options and Restrictions**
* **Call and Put Options:** The Government has a "call option" to prematurely redeem the securities after two years. The NSSF holder has a "put option" for premature redemption after the same period.
* **Transferability:** These securities are strictly non-transferable.
* **Conversion:** Conversion into any other form of security is prohibited unless specified by the Government.
**Impact Analysis**
**National Small Savings Fund (NSSF)**
**Impact**
The NSSF serves as the primary holder of these securities, receiving them in exchange for funds from redeemed small savings-related government and state securities.
**Action Required**
The NSSF, through the Secretary of the Department of Economic Affairs, must subscribe to these securities and may exercise "put options" for premature redemption after two years if necessary.
**Ministry of Finance (Department of Economic Affairs)**
**Impact**
The Ministry is responsible for the formal notification, issuance, and the eventual repayment of these special securities.
**Action Required**
The Ministry must ensure the issuance occurs in FY 2026-27 and manage the "call option" for premature redemption at its discretion after two years.
**Public Debt Office, Reserve Bank of India (Nagpur)**
**Impact**
This office acts as the registry and paying agent for the securities.
**Action Required**
The office must maintain the Subsidiary General Ledger Account for the holder, credit the 'Stock', and facilitate half-yearly interest payments and final repayment.
Key Entities Referenced
7.70% Government of India NSSF (R) Special Securities, 2036-37: Specific non-transferable government securities issued as 'Stock' during the financial year 2026-27 to be held in a Subsidiary General Ledger Account.
Government Securities Act, 2006: The primary legislation under which the Central Government exercises powers to notify and govern the issuance of these special securities.
National Small Savings Fund (NSSF): The fund against whose net small savings collections and redemption requirements these special securities are issued.
Department of Economic Affairs: The division within the Ministry of Finance responsible for the notification, subscription eligibility, and management of the securities issue.
Public Debt Office, Reserve Bank of India (Nagpur): The regulatory office responsible for maintaining the ledger accounts, managing the issue, and processing half-yearly interest payments.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-19062026-273651
xxxGIDHxxx
CG-DL-E-19062026-273651
xxxGIDExxx
असाधारण
EXTRAORDINARY
भाग I—खण्ड 1
PART I—Section 1
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 166] नई दिल्ली, िुक्रिार, िनू 19, 2026/ज्य ष्े ठ 29, 1948
No. 166] NEW DELHI, FRIDAY, JUNE 19, 2026/JYAISTHA 29, 1948
जित्त मत्रं ालय
(आर्थकि काय ि जिभाग)
अजधसचू ना
नई दिल्ली, 16 िून, 2026
फा. स.ं 5/1/2024-एनएस-भाग(1).— केंद्रीय सरकार, सरकारी प्रजतभूजत अजधजनयम, 2006 (2006 का 38) की
धारा 2 के खंड (च) द्वारा प्रित् त िजियों का प्रयोग करत े हुए एतद्द्वारा यह जिजनर्ििष् ट करती ह ैदक
(i) 7.70% (सात ििमलि सात िून्य प्रजतित) भारत सरकार एनएसएसएफ (आर) (राष्र ीय लघ ु बचत जनजध)
(अहस्ट्त ातं रणीय) जििेष प्रजतभजू त, 2036-37 लोक ॠण कायािलय द्वारा जित्त िषि 2026-27 म ें रख े गए अनुषंगी
सामान्य बही खाते म ें धारक के नाम स े रख े िाने िाल े ‘स्ट् टॉक’ के रूप म ें िारी की िाएगी; और
(ii) य ेप्रजतभूजतयां हस्ट् तातं रणीय नहीं होंगी।
व्यासन आर., संयुक् त सजचि
4519 GI/2026 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1]
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 16th June, 2026
F. No. 5/1/2024-NS-Part(1).— In exercise of the powers conferred by clause (f) of Section 2 of the
Government Securities Act, 2006 (38 of 2006), the Central Government hereby specifies that
(i) 7.70% (Seven point seven zero percent) Government of India NSSF (R) (Non-trans) Special Securities, 2036-37
shall be issued in FY 2026-27 in the form of 'Stock' to be held at the credit of the holder in the Subsidiary General
Ledger Account maintained by the Public Debt Office; and
(ii) These securities shall not be transferable.
VYASAN R., Jt. Secy.
अजधसचू ना
नई दिल्ली, 16 िून, 2026
7.70% भारत सरकार (राष्र ीय लघ ुबचत जनजध) (आर) (अहस्ट्त ातं रणीय) जििषे प्रजतभजू त,
2036-37 का जनगमि
फा. स.ं 5/1/2024-एनएस-भाग(1).—भारत सरकार, एति ् द्वारा 7.70 प्रजतित भारत सरकार भारत
सरकार एनएसएसएफ (आर) (अहस्ट् तातं रणीय) जििेष प्रजतभूजतया,ं 2036-37 (इसम ें इसके पश्चात इस े “जििेष
प्रजतभूजत” कहा गया ह)ै का जनगिम अजधसूजचत करती ह।ै
2. उद्देश्य:
केंद्रीय सरकार 1.4.1999 स े जनिल लघ ु बचत एकत्रण के िये रों के जिरुद्ध िारी भारत सरकार और राज्य सरकार की
प्रजतभूजतयों की ऋण मुजि के कारण राष्ट्रीय लघ ुबचत जनजध (एनएसएसएफ) म ेंप्राप्त राजि पर इसम ेंइसके पश्चात अजधसूजचत
जििेष प्रजतभूजत का जनगिम करेगी।
3. जििषे प्रजतभजू तयों म ेंअजभिान के जलए पात्रता:
सजचि, भारत सरकार, जित् त मत्रं ालय, आर्थिक काय िजिभाग, एनएसएसएफ की ओर स ेजििेष प्रजतभूजतयों म ेंअजभिान करन े
के जलए पात्र होंगे।
4. अजभिान:
जििेष प्रजतभूजतयां ₹1,00,000 (अंदकत मल्ू य) की राजि के जलए और इसके बाि ₹1,00,000 के गणु कों म ेंिारी की िाएगी।
5. प्रजतभजू तयों का स्ट्िरूप:
जििेष प्रजतभूजतयां, लोक ॠण कायािलय, भारतीय ररििि बैंक, नागपरु म ें रखे गए अनषु ंगी सामान्य बही खाते म ें धारक के
नाम रखे िान े िाल े ‘स्ट् टॉक’ के रूप म ेंिारी की िाएगं ी।[भाग I—खण् ड 1] भारत का रािपत्र : असाधारण 3
6. जनगमि का मल्ू य , तारीख और स्ट्थ ान:
(i) जििेष प्रजतभूजतया ं सममूल्य पर िारी की िाएगं ी।
(ii) जििेष प्रजतभूजतयां िारी करने की तारीख भारत सरकार के सहायक सामान्य बही खाते म ें जििेष प्रजतभूजतयों के िमा
होने की तारीख होगी।
(iii) जििेष प्रजतभूजतयां, लोक ॠण कायािलय, भारतीय ररिि ि बैंक, नागपरु म ेंिारी की िाएगं ी।
7. अिजध:
जििेष प्रजतभूजतयों की अिजध जनगिम की तारीख स े10 िष ि होगी।
8. मागं और जिक्रय जिकल्प:
i. जििेष प्रजतभूजतयों म,ें इस जिभाग की फाइल संख्या 4(2)-डब्लल्यूएडं एम/2018, तारीख 27 माच,ि 2018 द्वारा
िारी सामान्य अजधसूचना के परै ा 7.5 म ें यथाजिजनर्ििष्ट मांग और जिक्रय का जिकल्प होगा।
ii. भारत सरकार के पास िो िष िके पश्चात जििेष प्रजतभूजतयों के सममूल्य पर पूण िअथिा आंजिक पररपक्वतापूिि मोचन
करने के जलए “मागं जिकल्प” िने े की जििेकाधीन िजि होगी। उस जस्ट्थजत म,ें जििेष प्रजतभूजतयों पर सरकार द्वारा
जनणीत पररपक्वतापूि िमोचन की तारीख स ेमोजचत जििेष प्रजतभूजतयों पर ब्लयाि प्रोद्भूत होना समाप्त हो िाएगा।
iii. जििेष प्रजतभूजतयों के धारक अथाित् राष्ट्रीय लघ ुबचत जनजध के पास िो िष िके पश्चात जििेष प्रजतभूजतयों के सममूल्य
पर पूणि अथिा आंजिक पररपक्वतापूिि मोचन हते ु "जिक्रय जिकल्प" का प्रयोग करने के जलए जििेकाधीन िजि
होगी। उस जस्ट्थजत में, जििेष प्रजतभूजतयों पर पररपक्वतापूि ि मोचन की तारीख स े मोजचत जििेष प्रजतभूजतयों पर
ब्लयाि प्रोद्भूत होना समाप्त हो िाएगा।
9. ब्लय ाि
(i) जििेष प्रजतभूजतयों पर 7.70% (सात ििमलि सात िन्ू य प्रजतित) प्रजत िषि ब्ल याि लगगे ा िो जििेष प्रजतभूजतयों के
जनगिम की तारीख स े िरूु करके अधि-िार्षिक आधार पर िये होगा। प्रजतभूजतयों पर ब्ल याि लोक ऋण कायािलय (अथाित
जनगिम कायािलय), भारतीय ररििि बैंक, नागपुर म ेंिये होगा।
(ii) ब्ल याि जनकटतम सौ रुपए के पणू ाांकन के बाि संिेय होगा।
10. चकु ौती:
जििेष प्रजतभूजतयों की चुकौती ऊपर पैरा-8 के अंतगित जिजनर्ििष्ट ितों के अध्यधीन सममूल्य पर िस िषों के पश्चात अथाति
जित्त िषि 2036-37 म ेंजनगिम की उसी तारीख पर होगी।
11. हस्ट्तातं रणीयता और सपं ररितनि
जििेष प्रजतभूजतयां हस्ट्तांतरणीय नहीं होंगी और िब तक सरकार द्वारा अन्यथा जिजनर्ििष् ट न दकया िाए, तब तक दकसी अन् य
रूप म ेंइनके संपररितिन की अनमु जत नहीं होगी।
12. साजं िजधक उपबधं :
ऐसे दकसी मामले के संबंध में, जिसका इस अजधसूचना म ें उल्लखे नहीं दकया गया ह,ै जििेष प्रजतभूजतयां,सरकारी प्रजतभूजत
अजधजनयम, 2006 (2006 का 38) द्वारा अजभिाजसत होंगी।
व्यासन आर., संयुक् त सजचि4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1]
NOTIFICATION
New Delhi, the 16th June, 2026
Issue of 7.70% Government of India NSSF (R) (Non-trans) Special Securities, 2036-37
F. No. 5/1/2024-NS-Part(1).—The Government of India, hereby notifies the issue of 7.70 per cent Government
of India NSSF (R) (Non-trans) Special Securities, 2036-37 (hereinafter called "special securities").
2. Objective:
Central Government shall issue the Special Securities notified hereunder against the amount received in the National
Small Savings Fund (NSSF) on account of redemption of special Government of India and State Government securities
issued against shares of net small savings collection from 1-4-1999.
3. Eligibility for subscribing to special securities:
The Secretary, Government of India, Ministry of Finance, Department of Economic Affairs, on behalf of NSSF, shall
be eligible to subscribe to special securities.
4. Subscription:
Special securities will be issued for an amount of ₹1,00,000 (face value) and in multiples of ₹1,00,000 thereafter.
5. Form of securities:
The special securities will be issued in the form of 'Stock' to be held at the credit of the holder in the Subsidiary General
Ledger Account maintained with Public Debt Office, Reserve Bank of India, Nagpur.
6. Price, Date and Place of Issue:
(i) The special securities will be issued at par.
(ii) The date of issue of special securities shall be date of credit of special securities to Subsidiary General Ledger
Account of NSSF.
(iii) The Special Securities will be issued at Public Debt Office, Reserve Bank of India, Nagpur.
7. Tenure:
The tenure of the special securities will be 10 years from the date of issue.
8. Call and put option:
i. The Special Securities will have call and put option as specified in paragraph 7.5 of the General Notification,
issued vide this Department’s F.No.4(2)-W&M/2018, dated 27th March, 2018.
ii. The Government of India shall have the discretion to exercise “call option” to prematurely redeem the special
securities wholly or partly at par, after two years. In that event, interest on the special securities shall cease to
accrue on the redeemed special securities from the date of premature redemption decided by the government.
iii. The holder of the Special Securities, i.e. National Small Savings Fund shall have the discretion to exercise “put
option”, for premature redemption of the special securities, wholly or partly at par, after two years. In that
event, interest on the special securities shall cease to accrue on the redeemed special securities from the date
of premature redemption.
9. Interest:
i. The special securities bear interest at the rate of 7.70% (Seven point seven per cent.) per annum payable on
half-yearly basis. Interest on the securities will be payable at the Public Debt Office (i.e. the office of Issue),
Reserve Bank of India, Nagpur.
ii. Interest will be paid after rounding off to nearest hundred rupees.
10. Repayment:
The special securities shall be repaid at par after ten years i.e. in FY 2036-37 on the same day of issue subject to the
terms specified under paragraph 8 herein above.
11. Transferability and conversion:
The Special Securities shall not be transferable and conversion of the securities to any other form shall not be permitted,
until and unless otherwise specified by the Government.
12. Statutory Provisions:
With respect to any such matter which has not been provided under this notification, the special securities shall be
governed by the Government Securities Act, 2006 (38 of 2006).
VYASAN R., Jt. Secy.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.