Section 12(1) in National Savings Certificates (VIII Issue) Rules, 1989
(1)On an application being made in the prescribed form by the transfered and the transferee, the Postmaster of the office of the registration may, at any time, permit the transfer of any certificate as security to -(a)the President of India or Governor of a State in his official capacity;(b)the Reserve Bank of India or a scheduled bank or a cooperative society including a cooperative bank;(c)a corporation or a Government company:(d)a local authority: and(e)A Housing Finance Company approved by the National Housing Bank and notified by the Central Government.Provided that the transfer of a certificate purchased on behalf of a minor shall not be permitted under this sub-rule unless the parent or the guardian of the minor referred to in sub-clause (i) as the case may be, sub-clause (ii) of clause (b) of Section 5 of the Act, certifies in writing, that the minor is alive and that such transfer is for the benefit of the minor.
