An individual bought NSC certificate from a post office branch near to his residence. Now he is going to shift his residence to another state. At the time of maturity of NSC, will he have to visit the same branch or the branch in another state?
Can he visit the branch in another state to collect the maturity amount of NSC or the same branch from where he originally bought NSC certificates?
Thanks
NSC can be encashed at other branches as well. After presenting the certificate (with duplicate copy and identification documents) at the other branch, they will send the same to the registered branch. After verifying the same, the registered branch will remit the maturity amount. But it will take approximately 1-1.5 month of time.
Rule 17 of NSC Rules, 1989 and 2011 (for VIII and IX Issue)
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Place of encashment:
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17. A certificate shall be encashable at the post office at which it stands registered:
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Provided that a certificate may be encashed at any other post office if the officer-in-charge of that post office is satisfied on verification from the office of its registration that the person presenting the certificate for encashment is entitled thereto.
Many thanks Mr. Deepak.
CAclubindia
