Rule 22 - Rights of nominees - National Savings Certificates (VIII Issue) Rules, 1989

Rights of nominees. 22. (1) In the event of the death of the holder of a certificate in respect of which a nomination is in force, the nominee or nominees shall be entitled at any time before or after the matu rity of the certificate to : (a) encash the certificate; or (b) sub-divide the certificate in appropriate denominations in favour of individual nominees or two adult nominees jointly. (2) For the purpose of sub-rule (1), the surviving nominee or nominees shall make an application to the postmaster of the office of registration, supported by proof of death of the holder and of deceased nominee or nominees, if any. (3) If there are more nominees than one, all the nominees shall give a joint discharge of the certificate at the time of receiv ing the payment or sub-division. Note : When there is a nomination in favour of a single nominee or two adult nominees, the post office of registration may, on an application made in that behalf, issue a fresh certificate in the name of such nominee or nominees jointly, as the case may be.