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Union of India - Section

Section 11 in National Savings Certificates (VIII Issue) Rules, 1989

11. Transfer of certificate from one person to another.

(1)A certificate may be transferred with the previous consent in writing of an officer of the post office as specified below (hereinafter referred to in these rules as authorised Postmaster)
Cases in which transfer can be sanctioned Designation of the officer competent to grantpermission for transfer
a. (i) From the name ofa deceased holder to his heir(ii) From a holder toa court of law or to any other person under the orders of courtof law.(iii) From a singleholder to the names of joint holders of whom the transferee shallbe one.(iv) From joint holders to the name of one ofthe joint holders. Postmaster of the post office where thecertificate registered.
b. All other cases Head Postmaster
(2)An authorised Postmaster as referred in sub-rule (1) shall give his consent to the transfer of a certificate only if the following conditions are satisfied, namely:-
(a)the transferee is eligible under these rules to purchase certificates;
(b)the transfer is made after the expiry of a period of at least one year from the date of the certificate or where the transfer is sought before the expiry of such period, the transfer falls under any of the following categories, namely:-
(i)transfer to a near relative out of natural love and affection;
Explanation. - For the purposes of this rule, "near relative" means husband, wife, lineal ascendent or descendent, brother or sister.
(ii)transfer in the name of the heir of the deceased holder;
(iii)transfer from a holder to a court of law or to any other person under the orders of the court of law;
(iv)transfer in accordance with Rule 12; (Pledging)
(v)transfer in the name of survivor in the event of death of one of the joint holders.
(c)An application for transfer is made in the prescribed form and is signed by the holder or holders of the certificate;
provided that in the case of a Joint 'A' Type Certificate or a Joint 'B' Type Certificate, the application may be signed by one of the holders, if the other is dead.
(3)Without prejudice the provisions of sub-rule (2), an authorised Postmaster shall give his consent to the transfer of a certificate held on behalf of a minor only if at the time of the proposed transfer, a parent or the guardian referred to in sub-clause (i) or, as the case may be sub-clause (ii) of clause (b) of Section 5 of the Act, certified in writing, that the minor is alive and that such transfer is in his interest.
(4)[ In every case of transfer, name of previous holder shall be rounded and name of a new holder shall be written under the signature and date of the authorised Postmaster along with his designation and date stamp of the post office.] [Substituted by Notification No. G.S.R. 266(E), dated 13.3.2014 (w.e.f. 8.5.1989).]
(5)[ Transfer of certificate shall be allowed only once from the date of issue to the date of discharge of the certificate.] [Inserted by Notification No. G.S.R. 266(E), dated 13.3.2014 (w.e.f. 8.5.1989).]