There are two kinds of transfer for a National Savings Certificate (NSC):
- Moving the National Savings Certificate (NSC) from one post office to another
- Transferring the National Savings Certificate (NSC) from one person to another
Both are explained below.
How to transfer a National Savings Certificate (NSC) to another post office
A National Savings Certificate (NSC) can be moved from the post office or bank where it is held to any other post office or authorised bank. The holder or holders apply on the transfer form at the office where the NSC is held.
The holder or holders must sign the application. For a Joint 'A' type or Joint 'B' type certificate, the surviving holders can sign if a holder has died.
In short, you fill in Form-5 (application for transfer of an account under the small savings schemes) and submit it with your passbook. You'll also need to give your name, the account or certificate number, the type of certificate and the date of issue, and, if the NSC was bought on behalf of a minor, the minor's date of birth and the name of the guardian.
How to transfer a National Savings Certificate (NSC) to another person
A National Savings Certificate (NSC) can be transferred to another person only in the cases the scheme rules allow, and the person receiving it must be eligible to hold an NSC.
A transfer can be sanctioned in cases such as these:
- From a holder who has died (or all joint holders who have died) to the nominees or legal heirs
- From a holder to a court of law, or to any other person under a court order
- To a bank, government body or other approved institution as security for a loan (pledging)
- From joint holders to the surviving holder or holders, when one of them dies
Apply for the transfer in the prescribed form, signed by the holder or holders of the certificate.
For a Joint 'A' type or Joint 'B' type certificate, the surviving holders sign if a holder has died.
The NSC keeps its original date of issue after the transfer, so the maturity date doesn't change.