Tuesday, 18 October 2016

[www.keralites.net] Government launches the NSC and KVP in e-mode

 

We all fond of investing in NSC and KVP of post office schemes. However, the hardest part is to hold the physical certificate until maturity. Either we misplace it or loses it completely.

Hence, to avoid such difficulties Government launched the NSC and KVP in e-mode and Passbook mode. From now onward whoever invest in the NSC or KVP must have them only in these two modes. The issue of physical certificate was discontinued.

Let us see the features of these two options.

NSC and KVP in e-mode

NSC and KVP in Passbook mode

This facility is provided to those customers who not ready to go for the e – mod. Banks or Post Offices will print the transaction which shown in their account and issue a passbook. Exactly like Bank Passbook.

If you lost the passbook, then you can request for duplicate passbook by paying the prescribed fee by the Post Office and Banks.

Some features of NSC and KVP in e-mode and Passbook mode

How to pledge NSC and KVP in e-mode and Passbook mode?

You can only pledge the NSC and KVP held in Passbook mode. You can pledge it anywhere in India. When you request for a pledge the NSC and KVP, then your bank will send the information to concerned Post Office or Bank (where it was issued). After verifying the authenticity of investment, it will be locked by the issued Post Office or Bank Branch. The same process will continue at the time of releasing the pledge.

Once NSC or KVP is pledged, then you can't apply for transfer from one Post Office/Bank to another Post Office/Bank. However, if NSC or KVP not pledged, then the transfer will continue as per old rules. There will not be any changes to it.

How to transfer NSC and KVP in e-mode and Passbook mode?

Here, transfer means from one person to another person. You have to apply for transfer in concerned Post Office or Bank. If the first holder having passbook mode, then he has to surrender the passbook. The new passbook will be issued to the new holder.

Banks allowed to issue KVP in e-mode and Passbook mode

  1. Andhra Bank
  2. Axis Bank
  3. Bank of Baroda
  4. Bank of India
  5. Canara Bank
  6. Central Bank of India
  7. Corporation Bank
  8. Dena Bank
  9. HDFC Bank
  10. ICICI Bank
  11. IDBI Bank
  12. Indian Bank
  13. Indian Overseas Bank
  14. Punjab national Bank
  15. State Bank of India
  16. State Bank of Bikaner and Jaipur
  17. State Bank of Indore
  18. State Bank of Mysore
  19. State Bank of Patiala
  20. State Bank of Saurashtra
  21. State Bank of Travancore
  22. Syndicate Bank
  23. UCO Bank
  24. Union Bank of India
  25. Vijaya Bank

This list is only for issuing of KVP certificate in e-mode and Passbook mode. However, there is no clarity about NSC. Also, as of now there is no clarify of how the Post Office and Banks will set up the system. Let us wait for more clarification.

 

 


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Posted by: Cool Kis <cooolkis@gmail.com>
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