111Postal Blogs

1.         How can I claim payment of deceased account / certificate holder? The claimant may be the nominee or legal heir.  If there is nomination, the nominee can prefer the claim in the prescribed form along with death certificate.  If there is no nomination, any one of the legal heirs can prefer the claim in the prescribed form [SB84]. For this death certificate and consent statements of all legal heirs are required. Claim up to one lakh can be settled.  If the claim is exceeding one lakh, claims can be settled by legal evidence ie, by probate of will or succession certificate. 2.         How to transfer accounts and certificate? For transfer of accounts- the depositor should apply in the prescribed form SB10(b)​ or manual application. The application can be given either in transferring office or transferee office. For transfer of certificates- the investor should apply in the prescribed form[NC32]....

                         Post Office Saving Schemes                                  Sukanya Samriddhi Accounts                                                   Overview A legal Guardian/Natural Guardian can open account in the name of Girl Child. A guardian can open only one account in the name of one girl child and maximum two accounts in the name of two different Girl children. Account can be opened up to age of 10 years only from the date of birth. For initial operations of Scheme, one year grace has been given. With the grace, Girl child who is born between 2.12.2003 & 1.12.2004 can open account up to 1.12.2015. Account can be closed after completion of 21 years. Normal Premature closure will be allowed aft...

                       Post Office Saving Schemes                                Kisan Vikas Patra (KVP)                                                     OverView Amount Invested matures in 115 months. Rate of Interest 7.5%. Certificate can be purchased by an adult for himself or on behalf of a minor or by two adults. KVP can be purchased from any Departmental Post office. Facility of nomination is available. Certificate can be transferred from one person to another and from one post office to another. Certificate can be encash after 2 & 1/2 years from the date of issue. Interest Rate Kisan Vikas Patra details Type of Account Minimum Deposit Maximum Deposit Kisan Vikas Patra (Available in denominations of...

                         Post Office Saving Schemes                    Senior Citizen Savings Scheme (SCSS) Account                                                 OverView An individual of the Age of 60 years or more may open the account. ​​An individual of the age of 55 years or more but less than 60 years who has retired on superannuation or under VRS can also open account subject to the condition that the account is opened within one month of receipt of retirement benefits and amount should not exceed the amount of retirement benefits. Maturity period is 5 years. A depositor may operate more than one account in individual capacity or jointly with spouse (husband/wife). In case of Cheque, the date of realiz​​ation of Cheque in Govt. account shall be dat...

                       Post Office Saving Schemes                           National Savings Certificates (NSC)                                           Overview NSC VIII Issue Scheme specially designed for Government employees, Businessmen and other salaried classes who are Income Tax assesses. No maximum limit for investment. No Tax deduction at source. Certificates can be kept as collateral security to get loan from banks. Trust and HUF cannot invest. Buy National Savings Certificates (NSCs) every month for Five years – Re-invest on maturity and relax - On retirement it will fetch you monthly pension as the NSC matures. ​ A single holder type certificate can be purchased by an adult for himself or on behalf of a minor or to a minor. Deposits qualify for tax...

                       Post Office Saving Sche​mes                             Public Provident Fund Account                                         OverView Deposits can be made in lump-sum or in 12 installments. Joint account cannot be opened. Account can be opened by cash/ Cheque and In case of Cheque, the date of realization of C​heque in Govt. account shall be date of opening of account. Nomination facility is available at the time of opening and also after opening of account. Account can be transferred from one post office to another.​​​ The subscriber can open another account in the name of minors but subject to maximum investment limit by adding balance in all accounts. Maturity period is 15 years but the same can be extended within one year of maturity...

                       Post Office Saving Schemes                           Monthly Income Scheme Account                                          Overview Account may be opened by individual.Account can be opened by cash / Cheque and in case of Cheque the date of realization of C​heque in Govt. account shall be date of opening of account. Nomination facility is available at the time of opening and also after opening of account. Account can be transferred from one post office to another. Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts. Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.​​​ Joint account can be opened ...