Rule 11 - Transfer of certificate from one person to another - National Savings Certificates (VIII Issue) Rules, 1989

Transfer of certificate from one person to another. 11. (1) A certificate may be transferred with the previous con sent in writing of an officer of the post office as specified below (hereinafter referred to in these rules as authorised post master) : Cases in which transfer can be sanctioned Designation of the officer competent to grant permission for transfer (a) (i) From the name of a deceased holder to his heir Postmaster of the post office where certificate stands registered (ii) From a holder to a court of law or to any other person under the orders of a court of law. (iii)From a single holder to the the names of joint holders of. whom the transferee shall be one. (iv)From joint holders to the name of one of the joint holders (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 pur chase 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 purpose of this rule, "near relative" means husband, wife, lineal ascendant or descendant, brother or sister; (ii) transfer in the name of the heir of the deceased hold er; (iii) transfer from a holder to a court of law or to any other person under the orders of a court of law; (iv) transfer in accordance with rule 12; (v) transfer in the name of the 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 to 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, certifies in writing that the minor is alive and that such transfer is in his interest. (4) In every case of transfer, other than a transfer under rule 12, the original certificate shall be duly discharged and the new certificate bearing the same date as that of the original certif icate surrendered shall be issued in the name of the transferee.