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Transfer NSC from one person to another: How to transfer NSC from one person to another: How to transfer NSC from one person to another

Transfer NSC from one person to another: How to transfer NSC from one person to another: How to transfer NSC from one person to another
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Transfer NSC from one person to another: How to transfer NSC from one person to another: How to transfer NSC from one person to another

Transfer NSC from one person to another: How to transfer NSC from one person to another: How to transfer NSC from one person to another

How to transfer NSC: National Savings Certificate is a small post office savings plan as well as tax saving investment. By investing in a National Savings Certificate, you can avail tax benefits up to Rs 1.5 lakh under Section 80C (Tax Saved by NSC). People also invest in VPF, PPF, EPF and many other options to get tax free. Currently, investing in NSC is earning interest at 6.8 per cent. Please note that NSC VIII has a maturity period of 5 years and can only be transferred once during this period.

NSC transfer rules

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The NSC can be transferred to another person only one year after its issuance. Anyone who wants to transfer their NSC to someone else should fill up Form NC34. The name of the NSC to be transferred, name of the person making the transfer, serial number of the certificate, amount of the certificate, date of issue of NSC and signature of the NSC holder must be filled in Form NC34.

Completion of KYC is also required

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Anyone transferring your NSC must complete KYC with photo, address, valid ID etc. At the post office, the old certificate will be checked by an officer, stamped by the postmaster and stamped with the date of the post office. In addition, the person making the NSC transfer will also have to pay the prescribed fee.

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These conditions must also be met

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The NSC cannot be transferred before one year, but it can be transferred if there is a court order to transfer in case of death of the NSC hold. In addition to this, also note that the person to whom the NSC is being transferred is eligible to purchase the NSC. If the person to whom the NSC is being transferred is a minor, the signature of one of his / her guardians will also be required.

Investment in NSC and some important things

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If you are thinking of investing in NSC, the first thing to keep in mind is the lock-in period of 5 years. That is, the money comes back only after 5 years of investing in it. The current interest rate is 6.8 per cent. An individual can start investing from a minimum of Rs.1000 and there is no limit to investing in multiples of 100. NSC is also used as security when taking a loan from a bank.

There are three ways to invest in NSC

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Single type- Such a certificate may be taken for oneself or for a minor.

A type of joint- This type of certificate can be taken by two investors together which means two people can invest together.

Combined B type- In this type of joint account, the money is invested by two people together, but at maturity the money is given to only one investor.

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