Denomination of Certificates:
The certificates shall be issued in denominations of Rs.100, Rs.500, Rs.1,000, Rs.5,000, Rs.10,000, and Rs 50,000 and such other denominations as may be notified by the Central government from time to time.
Purchase of Certificate:
Any number of certificates of the denominations specified above may be purchased.
1. Types of certificates and issue thereof:
The certificates shall be of the following types, namely:
a. Single Holder type certificates
b. Joint 'A' type certificates
c. Joint 'B' type certificates
2. a) A Single Holder type certificate may be issued to:
i. An adult for himself or on behalf of a minor or to a minor
ii. A trust
b) A joint 'A' type certificate may be issued jointly to two adults, payable to both holders jointly or to the survivor.
c) A joint 'B' type certificate may be issued jointly to two adults, payable to either of the holders or to the survivor.
Procedure for purchase of certificates:
1.Any person or body desiring to purchase a certificate, shall present at a post office, an application in a relevant form, in person or through his messenger or an authorised agent of the small savings schemes.
2. Payment for the purchase of a certificate may be made to a post office in any of the following modes, namely:
i). by cash
ii). by a locally executed cheque, pay order or demand draft drawn in favour of the post-master
iii) by presenting a duly-signed withdrawal form or cheque, together with the Pass Book for withdrawal from post office savings account standing in credit of the purchaser at the same post office.
Issue of Certificates:-
1. Where payment for the purchase of a certificate is made by cheque, pay order or demand draft, the certificate shall not be issued before the proceeds of the cheque, pay order or demand draft, as the case may be, are realised and the date of such certificate, shall be the date of encashment of the cheque, pay order or demand draft, as the case may be.
2. Otherwise, a certificate shall be issued immediately and the date of such certificate shall be the date of payment.
Identity Slip:
1.If a request for the issue of an identity slip is made at any time by the holder or holders of a certificate, an identity slip shall be issued to such holder or holders on his or their signing the identity slip.
2. The identity slip shall be surrendered at the time of the final discharge of the certificate, or in case of its loss, a declaration of such loss shall be furnished to the post office.
Replacement of lost or destroyed certificate:
1.If a certificate is lost, stolen, destroyed, multilated or defaced, the person entitled thereto may apply for the issue of a duplicate certificate to the post office of issue.
2. Where an application has been made to a post office other than the post office of issue, the said post office shall forward such application to the post office of issue.
3. Every application shall be accompanied by:-
a. a statement showing particulars such as number, amount and date of the certificate and the circumstance attending such loss, theft, destruction, multilation or defacement
b. identity slip, if any.
4. If the post-master of the post office of the issue is satisfied as to the loss, theft, destruction, multilation or defacement of the certificate, he shall issue a duplicate certificate on the applicant's furnishing an indemnity bond in form laid down by the Department of Posts with one or more sureties or with a bank's guarantee.
Provided that where such application is made with respect to a certificate multilated or defaced, a duplicate certificate may be issued without any such indemnity bonds, surety or guarantee, if the certificate multilated or defaced and the identity slip, if any, are surrendered and the certificate is capable of being identified as the one originally issued.
5. A duplicate certificate shall be treated as equivalent to the original certificate for all purposes, except that it shall not be encashable at a post office other than the post office of issue without previous verification.
Nomination:
1.The single holder or joint holders of a certificate may, by filing in necessary particulars at the time of purchasing the certificate, nominate any person who, in the event of death of the single holder or both the joint holders, as the case may be, shall become entitled to the certificate and to the payment of amount due thereon. If such nomination is not made at the time of purchasing the certificate, it may be made by the single holder, the joint holders or the surviving joint holder, as the case may be, at any time after the purchase of the certificate but before its maturity, by means of an application to the post-master of the office at which the certificate stands registered.
2. There shall not be more than one nominee, except cases where the denomination of a certificate is Rs.500 or more.
3. No nomination shall be made in respect of a certificate applied for and held by, or on behalf of, a minor.
4. A nomination made by the holder or holders of a certificate under this rule may be cancelled or varied by submitting an application affixing postage stamps of the value of Rs.1 on every such application together with the certificate to the post-master of the post office at which the certificate stands registered.
Provided that no fee shall be charged on an application for registration of the first nomination.
5. Separate application for nomination or cancellation of a nomination or variation of a nomination shall be made in respect of certificates registered on different dates.
6. The nomination or the cancellation of a nomination or the variation of a nomination shall be effective from the date it is registered in the post office, which shall be noted on the certificate.
Place of encashment:
A certificate shall be encashable at the post office of its issue
Provided that a certificate may be encashed at any other post office if the officer-in-charge of that post office is satisfied, on production of identity slip or on verification from the post office of issue, that the person presenting the certificate for encashment is entitled thereto.
Encashment on Maturity:
1. The maturity period of Indira Vikas Patras has been increased to seven years and three months . The amount invested shall now double in seven years and three months.
2.The maturity period of a certificate of any denomination shall be five-and-a-half years commencing on the date of the certificate. The amount, inclusive of interest, payable on encashment of a certificate at any time after the expiry of its maturity period shall be Rs.2,000 for denomination of Rs.1000, and at a proportionate rate for any other denomination.
3. The maturity period of a certificate purchased on, or after, the 2nd day of September, 1993, shall be five years and six months commencing on the date of the certificate. The amount, inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be Rs.2,000 for a denomination of Rs.1000 and at a proportionate rate for any other denomination.
Premature encashment:
1.A certificate may be prematurely encashed any time in any of the following circumstances:
a. On the death of the holder or any of the holders in the case of joint holders
b. On forfeiture by a pledgee being a gazetted government officer
c. When ordered by a court of law
2. Within a period of one year from the date of issue of the certificate, only the face value of the certificate shall be payable and no interest shall be payable.
3. After the expiry of one year, but before the expiry of two years and six months from the date of certificate, face value of the certificate, together with simple interest calculated at the rate applicable from time to time for the completed months for which the certificates has been held, shall be payable.
Transfer of certificate from one post office to another:
1.A certificate may be transferred from a post office at which it stands registered, to any other post office, on the holder or holders making an application in the Form laid down by the Director General, Posts at either of the two post offices.
2. Every such application shall be signed by the holder or holders thereof; provided that in the case of joint type certificate, the application may be signed by one of the holders if the other is dead.
Transfer of certificate from one person to another:
1. A certificate may be transferred with the previous consent in writing of an officer of the post office as specified below:
iA) Cases in which transfer can be sanctioned by Head post-master or sub post-master of the post office where the certificate stands registered
I) From the authority controlling a provident fund to the member of the fund on whose behalf the certificate was purchased
ii) From an employer to an employee on whose behalf it was purchased .
iii) From a Co-operative Bank/society, the Reserve Bank of India or a Scheduled Bank to its client /member or from a gazetted government officer or from a local authority to a person or body or fund on whose behalf the certificate is held, when the certificate was not issued in the name of such person or body or fund.
iv) From the name of a deceased holder to his heir
v) From a holder to a court of law or to any other person under the orders of a court of law
vI)From a single holder to the names of two joint holders of whom the transferor shall be one
vii) From joint holders to the name one of the joint holders.
B) All other cases: Head post-master
2. An authorised post-master shall give his consent to the transfer of a certificate only if the following conditions are satisfied, namely:
a) The transfer of the certificate is effected after the expiry of one year from the date of issue of the certificate
b) transfer to a near relative out of natural love and affection. |
