In this section, we'll wee from where purchase National Savings Certificate (NSC), Procedure to purchase National Savings Certificate (NSC).
Where to purchase National Savings Certificate (NSC)?
National Savings Certificate (NSC) can be purchased from any post office. There is no limit of purchase, certificate can be purchase for any amount.
Procedure for purchase of National Savings Certificate (NSC) / bonds
Any person desiring to invest in a National Savings Certificate (NSC) bonds, shall present at a Post Office an application in Form 1, either in person or through an authorised agent of the Small Savings Schemes.
Payment for the purchase of a certificate may be made to a post office in any of the following modes, namely
- Cash
- A locally executed cheque, pay order or demand draft drawn in favour of the postmaster
- By presenting a duly signed withdrawal form together with the pass book for withdrawal from the Post Office Savings Bank account
- Surrender of a matured old certificate duly discharged as follows; "Received payment through issue of fresh of fresh certificate vide application attached"
How National Savings Certificate (NSC) get issued?
On payment being made, except where payment is made by a cheque, pay order or demand draft, a certificate shall normally be issued immediately, and the date of such certificate shall be the date of payment
Where payment for the purchase of a certificate is made by a cheque, pay order or demand draft, the certificate shall not be issued before the proceeds of the cheque, pay order or demand draft, as the case may be, are realised and the date of such certificate shall be the date of encashment of the cheque, pay order or demand draft, as the case may be.
If for any reason a certificate cannot be issued immediately, a provisional receipt shall be given to the purchaser which may later be exchanged for a certificate.
New Certificate in Exchange of old National Savings Certificate (NSC)
A holder of an old certificate entitled to encash that certificate may make an application in Form 1 for the grant of a certificate under these rules; on receipt of such an application, there shall be issued to the applicant a certificate under these rules, the date of issue being the date on which the old certificate duly discharged is presented.