Re: Income Tax savings, Investments and Insurance New procedure made for enchasing matured NSC certificates
Apologies for not posting it earlier. Had my hands full. Herein found the time to pen the things for encashing matured NSC certificates at GPO, Bangalore.
I have been investing in NSC for quite sometime as a means of savings for retirement. Till few years back, around 3 years back, when I had encashed my matured NSC, it was a two step process.
One, apply to the Post master at GPO with a handwritten letter requesting for encashment of matured NSC certificates with copies of NSC's attached. Receive an acknowledgement of the same, wherein the personnel at GPO would tell you to come in a day or two to receive the cheque. Two, visit the GPO again with an original ID proof and then get your cheque which I used to deposit in the bank.
Last month, there was a twist in the story.
On the day to submit my application for encashment, left home to GPO early, to meet the personnel first thing in the morning. Have known that GPO starts at 10 AM. Being an early bird, was able to reach GPO before the said time. When I enter GPO, it was vow, it has become swanky [ probably my old age shows up here ]. All counters numbered from 1 to 10 [ or is it 12 ? not sure ]. Counters numbers 1 to 7 are for savings schemes; and 8 to 12 was for speed posts, regd posts, etc. There is a token system which will be called out based on your requirement, whether it is for savings or for general post office requests.
Picked up a token from the token machine and the wait starts. Modi does seem to have an impact on the timelines in govt offices. Noticed that 60% of the employees were already in by 10 AM. Slowly the savings personnel arrive one by one. Announcement for Token numbers against counter numbers started being announced, and we do have 3 display boards to check whom to approach based on your token number. 10:30AM by token gets called out. Having noticed few people already visiting the savings counters, was sure to be called out. Approach the counter to see the employees dressed in red postal overalls [ nice touch ].
Me: Good Morning, Maam
Employee : Good Morning Sir, How can I help you
Me: Maam, want to encash my matured NSC certificates [ Forwarding the application with photocopies of NSC certificates and ID/address proof ]
Employee: [After patiently reading the letter and refering all the photocopies] Sir, Do you have any savings account with Post office ?
Me: No, Maam, I don't
Employee: I cannot process your request for encashment Sir.
Me: [ I was blind for a sec. Was thinking if I picked up wrong NSC or any mistake in the letter ]. Ca Can you explain me please why ?
Employee : Sir, the process for encashment has changed. You need to have a post office savings account first. Then the matured NSC can be encashed and the funds transferred to your PO savings account, and you can withdraw from the savings account. Today, yours is the third case I have to tell the procedure on it.
Me: [ Grey cells started working, opening PO savings account, what documents i need to have, photos I am not sure if they are in my wallet ]. Maam, Can you tell me what type of S/B PO account I need to open and how much it costs, along with the documents required
Employee: [ Seeing my predictment ] No worries Sir, You can either open a simple PO S/B A/C with only INR 50 without cheque book facility, or with INR 500 with cheque book facility. It will take approximately 45 mins for me to open the account for you, if youhave time. And yes, I do require your photo and address proof. After S/B account is opened, I can encash your NSC certificates and transfer it to S/B from where you can withdraw anytime
Me: [ INR 50 vs INR 500. I am sure I dont have 500 with me. After taking a bus pass and for some money for smoke, was sure I have INR 50 with me, hence thought of going for a plain vanilla PO S/B account ] Can you kindly give me the form for the same ? And can the opening of S/B account and encashment of NSC be done today itself ?
Employee : Sure sir, Can be done. I will help you with it
Me : [ What a relief, can save a day if everything is done in few hours ] Please give me the form, will get you filled up with the necessary data and the KYC information
Employee hands over the form and then starts my hunting. A/c opening form is on similar lines any bank account opening form. Now I already had a photocopy of address proof with me. Started hunting for photos. Where the hell I have seen my grey photo last night ! Remember it. Dig the grave. Started filling the form and the grey cells are active for photo location. Atlast tubelight blew its fuse. They were in my DL, which I always carry with me. Phew, what a relief. Thanked god for all his help. After having filled up the data, and with the proofs and photo, approached the same employee [ Mind you, no need to take the token in here ]. She accepted the form and asked me to wait for 30 to 45 mins. During this wait time, have noticied few people taking the forms to open S/B ac and leaving to get the necessary documentation. To kill 45 mins in a govt office was tiresome. Luckily, snooker game on my mobile came handy. Spent time killing the game, and won 2 frames surpringly !
Within 45 mins, postal employee calls out to me and requested for original NSC certificates [ which I had carried ], told me to counter sign it on the back, with date and amount cleary speficied. Having done that, handed over to the post office employee. Was told to wait for some more time so that the NSC be closed and funds transferred to the S/B account. Also had to fill a form for funds transfer to my S/B account.
Within 10 mins, have been called again to fill the withdrawl form to take the funds from S/B account. After submitting the same, cash was handed over the counter to me.
Me: Thank you very much for all your help, Maam, You have been greatly helpful
Employee : It's my job sir. You have been patient. And you had documents with you, So it was an easy effort. From next time, you can encash your NSC in any post office which has core banking facility with this S/B a/c. And if you want to convert this simple account to the one with cheque book facility, make a request when you have time by depositing a min of INR 500. Hope this helps.
Me: Thank you so much, Will do the same shortly.
After having spent all the time, and having got cash on hand, was happy for the efforts taken. It saved me atleast a day to come again to GPO.
A few points which might work for you who wants to encash NSC [ Not sure if its applicable everywhere, though ]
1. One needs to open PO S/B a/c, with a min of INR 50 / 500. INR 500 for cheque facility
2. Take your matured NSC certificates along with an original ID proof and address proof.
3. Request Post office employees to encash the NSC and transfer the funds to S/B account.
4. When funds are transferred, withdraw it as per your convenience.
Hope this helps everyone who wants to encash NSC at PO. |