Section 8: Transfer of account from one individual to another

National Savings Certificate VIII Issue scheme 2019Central Rules · 1873

An account may be transferred from one individual to another, subject to the condition that the transferee is eligible to open an account under this Scheme, in the following cases, namely:-

(i) on the death of account holder in case of a single account or on the death of all the account holders in a joint account, the amount shall be transferred to the legal heirs or the nominees as the case may be.

(ii) on the order of the court, the account shall be transferred from the account holder to the court or to any other individual as per the orders of the court;

(iii) on pledging, account shall be transferred in accordance with paragraph 6;

(iv) in the event of the death of any of the account holders in a joint account, the account shall be transferred in the name of the surviving account holder or account holders, as the case may be.

Where this provision sits

Act	National Savings Certificate VIII Issue scheme 2019
Section	8
Marginal note	Transfer of account from one individual to another
Jurisdiction	Central
Status	In force as published by the source

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