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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>National Savings Certificates types and NRI rules: Single, Joint A/B, minor holding; mandatory encashment on non-resident status change.</h1> Prescribes three types of National Savings Certificates: Single Holder, Joint 'A', and Joint 'B'. A Single Holder certificate may be issued to an adult for self, on behalf of a minor, or to a minor, enabling individual ownership and investment by or for minors. Joint 'A' and Joint 'B' certificates may be issued jointly to two adults and are payable to both holders jointly or to the survivor, enabling joint holding with survivorship payment. NRIs are ineligible to purchase certificates; where a resident purchaser becomes non-resident during the maturity period, the certificate must be encashed or is deemed encashed on the date of such change, with interest thereafter payable only at the Post Office Savings Account rate up to the end of the month preceding actual encashment.
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