Post office schemes are offered by the Government of India and are very popular among senior citizens and risk averse individuals as these schemes are considered highly secure.
Investment in some of the schemes are exempted from tax and interestingly accounts can transferred across cities.
Post Office schemes generally assure guaranteed returns on your investment, ideal for people who are looking for income without bearing risk.
1) Transfer of accounts and certificate
Individuals whoa re looking to transfer accounts should apply form [SB10(b)] or manual application. The application can be given either in transferring office or transferee office.
For transfer of certificates, the investor should apply form[NC32]. The application may be given in either of the offices.
2) Silent account
When there is no transaction in an SB account continuously for 3 financial years, the account will be treated as silent account.
To activate the account, individuals should apply for the same.
If the balance in the silent account is less than minimum, then INR. 20/- will be debited towards service charges.
3) Issue of duplicate certificates
In case of issue of duplicate certificates from post office, the investor should apply with the form for duplicate certificate in respect of lost, stolen, destroyed, mutilated or defaced certificates (NC29).
The application should be enclosed with the statement showing particulars of certificates and furnish an indemnity bond in the prescribed form with one or more sureties or with a bank guarantee is required.
While, in case of mutilated or defaced certificates, no indemnity bond is required.
4) Claim payment of deceased account
In case of death of the account holder, the claim can be made by nominee or legal heir.
If there is nomination, the nominee can prefer the claim in the prescribed form along with death certificate.
If there is no nomination, any one of the legal heirs can prefer the claim in the prescribed form [SB84]. For this death certificate and consent statements of all legal heirs are required. Claim up to one lakh can be settled.
If the claim is exceeding one lakh, claims can be settled by legal evidence ie, by probate of will or succession certificate.
5) Minor Account
Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.