Section 4 in National Savings Certificates (VIII Issue) Rules, 1989
4. Types of Certificates and Issue thereof.
(1)The certificates shall be of the following types, namely:-(a)Single Holder Type Certificates;(b)Joint 'A' Type Certificates; and(c)Joint 'B' Type Certificates.(2)(a)A Single Holder Type Certificate may be issued to:- an adult for himself or on behalf of a minor or to a minor;(b)A Joint 'A' Type Certificate may be issued jointly to two adults payable to both the holders jointly or to the survivor.(c)A Joint 'B' Type Certificate may be issued jointly to two adults payable to either of the holders or to the survivor.(3)[ Non-Resident Indians (NRIs) are not eligible to purchase the National Saving Certificates:] [Inserted by Notification No G.S.R. 891(E), dated 25.7.2003 (w.e.f. 8.5.1989).][Provided that if a resident Indian having purchased a certificate, subsequently becomes Non-Resident during the currency of the maturity period, the certificate shall be encashed or deemed to be encashed be encashed on the day he becomes a non-Resident, and an interest shall be paid at the rate applicable to the Post office Savings Account, from time to time, from such day and upto the last day of month preceding the month in which it is actually encashed.] [Substituted by Notification No G.S.R. 1238(E), dated 3.10.2017 (w.e.f. 8.5.1989).]
