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Business News/ Money / Personal Finance/  Why nomination is important for post office NSS accountholders — explained
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Why nomination is important for post office NSS accountholders — explained

National Savings Scheme (NSS): Post offices shall have to ensure settlement of deceased claim cases within the timeline prescribed, says revised procedure for deceased claims

In revised Post Office National Savings Scheme (NSS) claim procedure, deceased claim should be settled in one working day in case of proper nomination.Premium
In revised Post Office National Savings Scheme (NSS) claim procedure, deceased claim should be settled in one working day in case of proper nomination.

To ensure timely claim settlement in account, the central government has issued fresh guidelines for the post offices. The Department of Post under Ministry of Communications has issued an order in regard to National Savings Scheme (NSS) directing post offices to ensure settlement of the deceased claim in one working day where nomination exists. This means, investors depositing in NSS account at post offices must ensure about the nomination so that their family members get the NSS claim settlement amount in quick time. In case of absence of the nominee in NSS account, the claim would be settled in seven working days.

The Department of Posts order clearly mentions, "All post offices shall ensure settlement of deceased claim cases as per prescribed timeline/norms i.e. one working day where nomination exists and seven working days in other cases."

The office order went on to add that the claimant(s) should be sensitized to provide his/her Bank Account/PO Savings Account detail at the time of submission of decease claim case for transfer of payment and obtain Account Detail/signature on acquittance portion, so that nominee(s)/claimant(s) need not visit post office again to get the payment through cheque.

"Post offices shall have to ensure settlement of deceased claim cases within the timeline prescribed," the office order issued by the Department of Post added.

The order issued directed Head Post Offices/Sub Post Offices should to adhere the following guidelines for timely settlement of deceased claim cases:

1] At the time of receipt of deceased claim case/ KYC documents, the KYC document(s) of claimant shall be verified with the original KYC documents.

2] If signature of witnesses is available on copy of the KYC documents, physical presence of witnesses is not required.

3] The claimant(s) should be sensitized to provide his/her Bank Account/PO Savings Account detail at the time of submission of decease claim case for transfer of payment and obtain Account Detail/signature on acquittance portion, so that nominee(s)/claimant(s) need not visit post office again to get the payment through cheque.

4] No separate sanction memo is to be issued by Sub Post Office/Head Post Office for settlement of deceased claim cases. SPM/PM shall sanction the claim on the second part of Form-11 which is prescribed as ‘For Office Use Only’.

5] Once a deceased claim case is received with complete documents, further verification through PRI (P)/SDI (P) is not required.

6] All post offices shall ensure settlement of deceased claim cases as per prescribed timeline/norms.

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Asit Manohar
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Published: 21 Jan 2023, 09:22 AM IST
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