Transfer of National Saving Certificate (NSC) from one Person to another Person

 

Transfer of certificate from one person to another,—(1) A certificate may be transferred with the previous consent in writing of an office of the post office as specified below (hereinafter referred to in these rules as authorised Postmaster)

TABLE

Cases in which transfer can be sanctioned

Designation of the officer competent to grant permission for transfer

(1)

(2)

(a) (i) From the name of a deceased holder to his/her heir,

 (ii) From a holder to court of law or to any other person under the orders of court of law.

(iii) From a single holder to the names of joint holders of whom the transferee shall be one.

(iv) From joint holders to the name of one of the Joint holders.

Postmaster of the post office where the certificate stands registered.

(b) All other cases.

Head Postmaster

(2)  An authorised Postmaster as referred in sub-rule (1) shall give his consent to the transfer of a certificate only if the following conditions are satisfied, namely:—

 (a)  the transferee is eligible under these rules to purchase certificates;

 (b)  the transfer is made after the expiry of a period of at least one year from the date of the certificate or where the transfer is sought before the expiry of such period, the transfer falls under any of the following categories, namely:—

 (i)  transfer to a near relative out of natural love and affection;

Explanation:- For the purposes of this rule, “near relative” means husband, wife, lineal ascendant or descendent, brother or sister;

(ii)  transfer in the name of the heir of the deceased holder;

(iii)  transfer from a holder to a court of law or to any other person under the orders of the court of law;

(iv)  transfer in accordance with rule 12;

(v)  transfer in the name of the survivor in the event of death of one of the joint holders.

 (c)  An application for transfer is made in the prescribed form and is signed by the holder or holders of the certificate:

Provided in the case of a Joint ‘A’ Type Certificate or Joint ‘B’ Type Certificate, the application may be signed by one of the holders, if the other is dead.

(3)  Without prejudice to the provisions of sub-rule (2), an authorised Postmaster shall give his consent to the transfer of a certificate held on behalf of a minor only if at the time of the proposed transfer, a parent or the guardian referred to in sub-clause (i) or, as the case may be, sub-clause (ii), of clause (b) of section 5 of the Act, certifies in writing, that the minor is alive and that such transfer is in his interest.

(4)  In every case of transfer, other than a transfer under rule 12, the original certificate shall be duly discharged and the new certificate bearing the same date as that of the original certificate surrendered shall be issued in the name of the transferee.

2 thoughts to “Transfer of National Saving Certificate (NSC) from one Person to another Person”

  1. Please acknowledge regarding the latest updates of my NSC 8th issue, 6NS/81 EE 172443, Regn no.29538, No.26512 dated18.01.2007 for Rupees10,000 matured for Rupees 16,010 on 18.01.2013.

    1. Samiksha JI, Please submit your application for NSC to Head Post office of Your Place of residence or to Post Office from which these NSC were issued.

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