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Transfer of NSCs to another person

 

Transfer of NSCs

 

Investments made in the National Savings Certificate (NSC) of the Government of India are represented by certificates issued in the name(s) of the investor(s). Investors are allowed to transfer NSCs to another person, subject to certain conditions. The transfer can be made after a period of at least one year from the date on the certificate, subject to the approval of the post master.

Form

Form NC 34 is the form through which the investor has to apply for an issue of a duplicate certificate. The form can be downloaded from http:www.indiapost.gov.inpdfFormsNC34ApplnforTfrofSavingsCertificate.pdf.

Information

The application has to give details of the person(s) in whose name the certificates were originally issued, serial number, date of issue and denomination, name of the transferee and reason for transfer. If the certificate is in the name of a minor, the guardian must certify that the minor is alive.

Signature

The form has to be signed by all the holders of the certificate as well as the person(s) to whom the certificate is being transferred.

Fees

A fee, prescribed from time to time, has to be paid while applying for the issue of a duplicate certificate.

Process

Duly filled out form and original certificates are to be presented to the post office for transfer. The certificates are not discharged; however, name of the old holder is rounded and name of the new holder written on the old certificate and on the purchase application (in case of non CBS post offices).

Points to note

In case of NSC VIII and IX issue, transfer of certificates from one person to another can be done only once from date of issue to date of maturity. A separate application needs to be made for each series of NSC certificates. If the transfer to be made is in the form of a pledge, it involves a different procedure and form.

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