Nomination is a facility that enables the account(s) / certificate(s) holder(s) to nominate an individual(s), who can claim the proceeds of the account(s) / certificate(s) in case of the death of the original account(s)/certificate(s) holder. The nominee is basically a trustee on behalf of legal heirs of the deceased account(s) / certificate(s) holder who is bound to equally distribute the share to all the legal heirs.
Account(s) / certificates holder(s)at the time making investment in National Savings Schemes appoints a nominee for their investment and can also specify their respective shares.
In the case of an investment in the name of a minor, nomination shall be made by a person lawfully entitled to act on behalf of the minor in respect of account(s)/certificate(s) i.e. the nomination shall be restricted to (a) the father, or (b) the mother, or (c) either parent, or (d) the paternal grand-father, or (e) the legal guardian of the minor.
Specific nomination forms (SC-3) available at all NSCs duly filled in all respected along with an application of account(s) / certificates holder(s) holder(s) on stamp paper is required to change nomination at any later stage.
Request application to the NSC mentioning the complete detail of the investment for which the nominee is applying for along with supporting documents listed below:
- Copy of Death certificate of the original investor issued by municipal authorities / government department.
- Proof of Address & Photo ID of the Legal heirs/ Survivor / Nominee (as the case may be),
- Three specimen signature attested by the Govt. Gazetted Officer (by name stamp).
- Original certificates, Pass Book, Withdrawal Slip, Profit Coupon Book..
- Undertaking on stamp paper to the effect that National Savings would not be a party in case of any dispute arises in the instant payment, if so required by the NSC concerned.
If the nomination is not contested and subject to complete submission of documents as per the NSCs requirements, the nominee can claim the amount that he has been nominated for. However, in case of any contest or dispute, or another claimant approaching the NSC with any legal documentation, the payment will be made as per succession certificate/ court decision, as the case may be.
:After completing all codal formalities a Government Cheque is issued in the name(s) of the nominee(s).