POST OFFICE CERTIFICATES

Who can open :-

  • a single adult
  • Joint Account (up to 3 adults)
  • a guardian on behalf of minor or on behalf of person of unsound mind
  • a minor above 10 years in his own name.

Deposit:-

  • Minimum Rs. 1000 and in multiple of Rs. 100 , no maximum limit.
  • Any number of accounts can be opened under the scheme.
  • Deposits qualify for deduction under section 80C of Income Tax Act.

Maturity:-

  • The deposit shall mature on completion of five years from the date of the deposit.

Pledging of account:-

  • NSC may be pledged or transferred as security, by submitting prescribed application form at concerned Post Office supported with acceptance letter from the pledgee.
  • Transfer/pledging can be made to the following authorities.
  • The President of India/Governor of the State.
  • RBI/Scheduled Bank/Co-operative Society/Co-operative Bank.
  • Corporation (public/private)/Govt. Company/Local Authority.
  • Housing finance company.

Premature closure:-

NSC may not be prematurely closed before 5 years except the following conditions : -

  • On the death of a single account, or any or all the account holders in a joint account.
  • On forfeiture by a pledgee being a Gazetted officer.
  • On order by court.

Transfer of account from one person to another person.:-

NSC may be transferred from one person to another person on the following conditions only.

  • On the death of account holder to nominee/legal heirs.
  • On the death of account holder to joint holder(s).
  • On order by the court.
  • On pledging of account to the specified authority.

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