Wondering how to withdraw/redeem your KVP/NSC certificate maturity amount as you are in a different city? It is very common in case of post office savings schemes like KVP, NSC, term deposit schemes, etc as mostly the buying city and eachashing city can be different.
But in the age of CBS or post office core banking solution, this is not that difficult. Although all post office branches are not yet 100% linked with CBS system yet.
In this article, I will help you to understand how to redeem National Savings Certificate (NSC) or Kisan Vikas Patra (KVP) after maturity even if you are in another city due to job transfer.
Things you will learn through this article are
- how to encash Kisan Vikas Patra before maturity
- procedure for encashing Kisan Vikas Patra
- kisan vikas patra maturity rules
- how to encash Kisan Vikas Patra after maturity
- how to encash NSC on maturity
- NSC encashment rules
- premature encashment of NSC
- kisan vikas patra withdrawal form
Premature rules of NSC & KVP
Premature encashment of NSC is allowed in mainly three reasons as listed below:
- Death of the holder/holders
- Order by a court
- Forfeiture by a pledge (government officer)
Similar reasons are valid for KVP also, but there is a lock-in period of 2 & 1/2 years from the date of issue.
Steps to encash KVP / NSC or redeem the KVP/ NSC issued at another post office
This process can be further divided into 2 more steps based on cases. Let me explain in that way only. But before proceeding further, let me tell you that this article is helpful for them who are trying to withdraw NSC or KVP maturity money from a different post office, other than the investing one.
- If the Post Office is linked with CBS (a faster process)
- If not linked with CBS post office (slow process)
In both cases, you have to transfer KVP / NSC to the target post office or your current city post office first and then only you will be able to encash the money.
In fact, you have to open a new post office savings account with the current city post office and then only the amount will be transferred to your next post office account.
You can open a post office savings account with a checkbook or without a checkbook facility and accordingly you have to maintain a minimum balance amount.
How to transfer KVP / NSC to a different post office
Step #1: First of all you have to visit your nearest post office branch. Better to find out the CBS post office branch as the process is faster.
Step #2: You have to fill up Form NC-32 with the request for transfer of NSC certificate or KVP certificate. Download the NC-32 form from the post office portal.
Step #3: Provide all necessary personal details and details of NSC / KVP like name(s) in which the certificates were issued, serial number, date of issue and denomination, the serial number of identity slip, and details of the issuing office. Mention cases like transfer spoilt, issue of duplicate certificates (in case lost/stolen/destroyed), etc.
Step #4: You have to submit the Identity Slip (issued during buying) and your identity documents like photo, PANor Aadhaar etc.
If the post office is linked with CBS the verification quite simple as they can easily verify the details with your source post office branch. Otherwise, a manual verification will take place which will take more time.
Step #5: After successful verification only, your money will be directly credited to your post office savings account opened in the target branch.
My Experience: Personally, I have faced the same things when I tried to transfer one of my KVP from Udaipur, RK Pur Post office, Tripura to Salt Lake Bikash Bhavan Post Office, Kolkata.I have to open a new savings account there and also the new numbers generated for the KVP certificates on the system which was written on the original KVP certificates. These numbers are nothing but the CBS system generated tracking number of my KVP.
So, you can share your experiences here by writing a simple comment below.