Were you working in Bangalore, Hyderabad or Pune earlier and have now shifted to Delhi-NCR and want to en-cash/withdraw some of the National Savings Certificates (NSCs) that you had bought in the past. Many of the salaried employees purchase NSCs for the saving tax or for earning interest on their savings in the city they are currently working in. And as the time passes they shift their location in pursuit of better opportunities or to be in a city which is nearer to their hometown. Often leading to a situation where you want to redeem your matured NSC in the city that you are currently based in but are not aware how to do it.
If this is a problem that you too are facing, you have come to the right blog. It is not always possible or practical to visit the earlier city just your encash your National Savings Certificates because of various reasons. Hence, the best solution would be to get your NSC redeemed in the city you are currently based. For doing that, you will need to follow one of the two approaches depending on whether the post office from which your purchased your NSC at and the post office at which you are planning to encash it are both internet enabled and connected through CBS (Core Banking Solution) network. Please note the difference. It isn't just a matter of internet connectivity. The branches should be connected through CBS network.
a) When both the branches are connected through CBS network and are internet enabled
In this case, make sure to give a call to the post office you had purchased the NSC from and ask them for the SOL ID. Once you have the SOL ID you can just carry your NSC along with some ID proofs that are sufficient to confirm that you are the holder of the NSC and submit it to the concerned officer in the post office. The officer would verify the details using internet and CBS network that connects the two concerned post offices. Upon successful verification your money will be given to you then and there. Though it is not necessary to carry along the SOL ID but doing so saves a lot of time.
b) When one of the branches especially the one where you purchased the NSC is not connected with CBS network.
In this case, you can submit a photocopy of your NSC to the concerned officer along with an application and an NSC transfer form and an identity proof. You are not required to submit your original NSC for this purpose. The post-office officials will send a request to the source post-office for initiating the transfer. This process may take anywhere between one to three months approximately. Upon successful transfer you would be able to redeem your NSC at the local post office from where you initiated this request.
As, per the information available with us, you can submit the request for transfer from the head post-office e.g. if you stay in Gurgaon you can initiate the transfer from the branch located in Sadar Bazaar i.e. the head branch for Gurgaon. You will need to submit the transfer request at a branch office. For cities, where there is only one post office this clause may not be applicable.
To ensure that you are able to encash your money on the day of maturity it is advisable that you initiate the transfer process 3-4 months in advance. However, you can avoid doing that if you do not have urgency as you continue to earn a certain level of interest even after maturity.
Most important lesson
- Always try and purchase your NSC from a CBS connected and internet enabled post office so that it is easier to redeem it in a different city. Also, keep a note of the SOL ID of the post office you are purchasing the NSC from.
