Section 16(2) in Government Savings Promotion General Rules, 2018
(2)Transfer of an account under this rule may be made to -(a)the President of India or the Governor of a State in his official capacity;(b)the Reserve Bank of India or a Scheduled Bank or a Cooperative Society, including a Co-operative Bank;(c)a Public or Private Corporation or a Government Company;(d)a Local authority; or(e)a housing finance company approved by the National Housing Bank and notified by the Central Government.Provided that the transfer of an account opened on behalf of a minor or a person of unsound mind shall not be permitted under this rule unless the guardian of the minor or the person of unsound mind, as the case may be, certifies in writing that the minor or the person of unsound mind, as the case may be, is alive and that the transfer is for the benefit of the minor or the person of unsound mind.
