Pledging National Savings Certificates account as security allows pledgee to encash the account if security is forfeited. Application to transfer the deposit in a specified National Savings Certificates (VIII Issue) account as security in favour of a named pledgee, with acknowledgement that the pledgee may encash the account if the security is forfeited; nomination in the account is cancelled and pledge acceptance by the competent authority must be attached, and the postmaster/manager must record the pledge, mark account documents and return them to the holder.