NSC Certificate Redemption

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MAGNeT

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My Sis NSC Certificate just got matured on 8th Feb 2012.

Being a lazy soul ,i plan to make a visit to the post office for redemption.

At 2-3 replies in yahoo it states you just visit the P.O. and they will repay in cash.

My doubts

1::NSC is of my sis and i plan to bring a covering letter while submitting.So they may pay me or should i have to do anything more?

2::Getting cash looks most unfeasible to me.As it will reduce my assets plus how feasible it looks to carry cash almost worth 1 lakh from P.O when all type of specie roam and it being the most insecure place(atleast banks have guards and cctv).

Can someone post there view or their experience it have redempted same earlier?
 
I enchased my NSCs last month. I am not sure about your doubt, if you can take it for your sister. However, you can always ask for payment in Cheque. Thats how I took it. Crossed cheque drawn in my name. Do make sure that your sister signs the certificates as well.

Regards,

Mohit
 
I also encashed my certificates some two months back. The maturty date was 11months before that. anyhow they paid me extra interest for 11 months. It was completely hassle free. Since mine was to the tune of 80k, they insisted on paying me thru' banker's cheque. Total experience was very smooth. I am not sure if they will accept authorization letter, because the postmaster insisted that I sign before him.
 
I have also done it for my grandmother. But sadly you'll have to take your sis along. And yeah, take payment in cheque if possible, it'll be lot lot safer.
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Anything above 50k is a mandatory cheque. You don't need to take your sister along but the redemption form has to be signed by her in the same signature she used at the time of depositing the amount. You would also need an authority letter in your behalf from your sis.
 
Thanks all.

Does it mean i have to take some other form too together or they will give some form which i need her signature on.Also along with the authority letter do i need to bring her originals for verification just in case they doubt my identity.

Chances are ill lie that my sis works out of town now and she needs the money to repay some loan debt and its urgent.Was thinking to say about working abroad but if they become harasser than she might have to visit and than my lie will be easily caught.Problem is she doesn't take interest in such finance matters its all up to me to decide and work.

Manoj i guess you a lucky chap to get those 11 months interest.Because on net i know people who just got back their 2002 mature NSC and they getting problems to redempt as postmasters are harassing her.
 
MAGNeT said:
... Manoj i guess you a lucky chap to get those 11 months interest.Because on net i know people who just got back their 2002 mature NSC and they getting problems to redempt as postmasters are harassing her.
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May be I was lucky. Actually I never expected that 11month's interest and went with the idea of getting just the maturity amount. So when they said that I would be getting interest for 11months, it was a pleasant surprise. They also suggested me to come after 10 days then I would have got interest for 12months . I said it's okay and encashed.
 
@OP

Interest : No need of feeling unlucky. Interest does gets accumulated on matured NSC.

Authority: Ask your sis to sign an authority letter and post it to you. No need to any form, just plain english authority letter. Better would be she puts an extra signature on that paper (bottom) and just above you do yours. This would imply she has validated your signature (see Withdrawal)

Signature : It is important to have your sis to sign the NSC, however you can try with the above method. It will be very risky to post NSC to her and get the signed one back.

Withdrawal: When you reach post office, they will compute the final amount with interest. You need to fill the amount on the back on NSC and sign it.

Mode: If I remember correctly, anything above 20k would be given via cheque.
 
Yes, at times even for <20k, PO prefer cheque as it is safer. The cheque would be in the NSC holder's name only so it can be deposited in your sister's bank a/c only.
 
Looks like destiny is not on my side.

In details..

I asked my sister to give me a letter so that i get the cheque from PO.

But because of the ladies shopping nature she refused and stated she herself will encash or cheque it.

Yesterday she visited the Po and called at 3 pm.

She said to encash she has to visit between 8 am to 3 pm.

And also since there are 3 different registratin number.3 applications will be required.

I told fine you prepare the letter this time and ill go in morning encash it.

Yesterday night i asked for the certificates and letter.

And than comes the blunder.She has misplaced most probably lost the certificates.

She is not sure where she did.As after PO she went on shopping spree.

I told her to visit the PO today and give a mandate not to encash the papers.

She called a while back and said ,so far the document isnt in PO and havent been encashed yet.

The procedure is to file FIR.Make an indemnity bond and submit.

Really destiny is not on our side.

I have already taken all debit cards from my sis now because of her irresponsible behavior(how on earth can you go on window shopping or something with paper documents worth a lakh rupees)
 
MAGNeT said:
I have already taken all debit cards from my sis now because of her irresponsible behavior(how on earth can you go on window shopping or something with paper documents worth a lakh rupees)
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Don't be so hard on her. Can happen to anybody and she probably feels quite guilty as it is. You should be thankful that they have not been encashed yet and all is not lost.
 
Ya guptaji i know.

But some people get things the harsh way .ANd unfortunately they born in our house..lolz.

Anyways i feel life teaches lesson in such way.

Now i plan to open anew account for her and keep a balance of 20000 in it and debit card of same.That way also expense will be control and loss will be control.Right now she has more than a couple of lakh in her account .

Anyways now coming back to NSC.

Well 50% job done.Have filed FIR and now to make notary.Thats the biggest trouble.Making notary and indeminity bond looks tough than making a passport.

The notary should be made by some government servant whose salary should be more than 10% of the basic salary of my sister something.It should be totally made by him.Signed and surety given etc etc.As if i am asking for jail bail.

Also its done duplicate certificate wont be issue straight.They will verify both ours record and the notary record .WHich they say will take a month or so.After that fill some form 29 that too filled by same notary or the PO master and than submit same.After that 7 more days etc etc.

Than one has chance of getting duplicate.
 
Update::

Just got all certificates back.

Some good soul speedpost the document .Luckily all nsc were kept in an envelope on top of it i had mentioned our house address.

That person mailed the document.

No details about that good soul nor from where he found it.

As soon as i got the document i scan it and mailed it to my inbox.

And yes after maturity one gets extra interest over nsc for a month period.But that is over 4% rate not 8.16% which normally the nsc gives.

I'll redempt the document now after 8th march hence ill get interest upto 8th march.

Suggestion to all if one have such government certificates or fds documents keep it safe as far as possible.

Getting fir is not tough.Nor is getting indemnity bond.

But one needs to get surety certificate where face value of document is above 500 rupees.

Its done by any government official it officer or muncipal officer.But as we all know how they does it.In some cases i heard they charge or ask bribe upto tune of 10k rupees.

Its always better to be safe than sorry.
 
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