This is how you make a nomination for a National Savings Certificate (NSC).
When you buy a National Savings Certificate (NSC), the single holder or the joint holders can name a nominee by filling in the nomination details on the account opening form (Form-1). If the single holder, or all the joint holders, die, the nominee becomes entitled to the National Savings Certificate (NSC) and the money due on it.
If you didn't make a nomination when you bought the National Savings Certificate (NSC), you can make one later, at any time before it matures. The single holder, the joint holders or the surviving joint holders apply on the nomination form at the post office or bank where the NSC is held.
The rules for nomination:
- You can name one or more nominees and say what share each one gets. If you don't specify shares, the nominees share equally.
- You can't make a nomination on a certificate applied for and held by, or on behalf of, a minor.
- To cancel or change a nomination, the holder or holders submit Form-10 (cancellation or variation of nomination) at the post office or bank where the NSC is held.
- Each NSC account needs its own application to make, cancel or change a nomination.
- A nomination, or its cancellation or change, takes effect from the date the post office registers it. That date is noted in the record of the NSC.