How to nominate person in National Saving Certificate

Nomination,—

(1)  Subject to the provisions of sub-rules (2) to (6), the single holder or joint holders of a certificate may, by filling in necessary particulars on Form 1 at the time of purchasing the certificate, nominate any person who, in the event of death of the single holder or both the jointly holders, as the case may be, shall become entitled to the certificate and to the payment of the amount due thereon. If such nomination is not made at the time of purchasing the certificate, it may be made by the single holder, the joint holders or the surviving joint holder, as the case may be, at any time after the purchase of the certificate but before its maturity, by means of an application in Form 2 to the Postmaster of the office at which the certificate stands registered.

(2)  There shall not be more than one nominee, except in cases where the denomination of a certificate is Rs. 500 or more.

(3)  No nomination shall be made in respect of a certificate applied for and held by or on behalf of a minor.

(4)  A nomination made by the holder or holders of a certificate under this rule may be cancelled or varied by submitting an application in Form 3 affixing postage stamps of the value specified in sub-rule (2) of rule 25 together with the certificate to the postmaster of the post office at which the certificate stands registered.

(5)  Separate application for nomination or cancellation of a nomination or variation of a nomination shall be made in respect of certificates registered on different dates.

(6)  The nomination or the cancellation of a nomination or the variation of a nomination shall be effective from the date it is registered in the post office, which shall be noted on the certificate.

Leave a Reply

Your email address will not be published. Required fields are marked *