Amendments to procedural rules relating to NSC – S.B. Order 04/2020
S.B. Order 04/2020
Government of India
Ministry of Communication
Department of Posts
Dak Bhawan, New Delhi-110001
Dated :-14 /02/2020
All Head of Circles,
Addl. Director General, APS, New Delhi
Subject:-Amendments to procedural rules relating to National Savings Certificates/NSC-VIII Issue schemes in POSB(CBS) Manual in the light of recent changes circulated vide SB Order 13/2019 dated 18.12.2019.
The undersigned is directed to inform that MoF(DEA) has revised many statutory rules relating to different National Savings Schemes which were circulated vide SB order 13/2019 dated 18.12.2019. The competent authority has now approved to change relevant procedural rules and issue corrections slips of POSB(CBS) Manual [circulated vide SB Order No.9/2018 dated 17.7.2018].
2. Accordingly, the corrections relating to National Savings Certificates /NSC-VIII Issue schemes are given below:-
Correction slips for National Savings Certificates in POSB (CBS) Manual
Rule 155(6):- Add sub rule (7) below this sub rule:
(7) Registration of nomination is mandatory from date of receipt of SB order 13/2019 dated 18.12.2019. Procedure laid down for registration, cancellation or variation of nomination for other schemes shall also be applicable to National savings Certificates.
Rule 158(1):- Add sub rule (14) below this sub rule:
(1A) From date of receipt of SB order 13/2019 dated 18.12.2019, following rules shall apply for transfer of certificates from one holder to another:
An account may be transferred from one individual to another, subject to the condition that the transferee is eligible to open an account under this Scheme, in the following cases, namely:-
(i) on the death of account holder in case of a single account or on the death of all the account holders in a joint account, the amount shall be transferred to the legal heirs or the nominees as the case may be.
(ii) on the order of the court, the account shall be transferred from the account holder to the court or to any other individual as per the orders of the court;
(iii) on pledging, account shall be transferred in accordance with paragraph 6;
(iv) in the event of the death of any of the account holders in a joint account, the account shall be transferred in the name of the surviving account holder or account holders, as the case may be.