Section 19(1) in The Post Office Savings Certificates Rules, 1960
(1)On an application being made in the form laid down by the Director General Posts by the transferor and the transferee, the Postmaster of the office of the registration may, at any time, before or after the period of its non-encashability, 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; and(d)a local Authority.Provided that the transfer of a certificate purchased on behalf of a minor shall not be permitted under this sub-rule unless the purchaser of the certificate certifies that the minor is alive and that such transfer is for the benefit of the minor.
