NSS-87, NSS-92 account transfer now allowed as per fixed procedure – Check details

The transfer of NSS-87, NSS-92 account from one post office to another will become much easier now. The Department of Posts under the Ministry of Communications has been receiving representations from the account holders seeking transfer of NSS-87 and NSS-92 accounts to the place of current residence from the post office where the account stands, to overcome COVID19 pandemic related difficulties.

Keeping in view of difficulties being faced by the account holders, the authority has decided to allow transfer of NSS-87 and NSS-92 standing in CBS post offices to other Head Post Office.

For transfer of the discontinued schemes NSS-87 or NSS-92, in brief the following procedure is to be followed:

i) In case account holder of discontinued scheme (NSS-87/NSS-92) is not able to attend concerned HO where account stands, he may submit account transfer application, account transfer fee as prescribed, passbook, copy of identity proof, copy of PAN card and Aadhaar or copy of address proof at nearby Head Post Office.

ii) After receipt of above documents the supervisor shall verify KYC documents with originals and attest the documents.

iii) Supervisor shall check the account balance of the account in HACLI and compare with balance available in the passbook.

iv) Supervisor shall compare signature available in Finacle with transfer application form/KYC documents.

v) If balance and signature available in Finacle are tallied with passbook/account transfer application form, supervisor shall initiate account transfer process in Finacle as prescribed.

vi) If balance or signature of Finacle is not tallied with passbook/account transfer application, the concerned post office will send copy of account transfer application, copy of KYC documents duly attested to concerned HO where the account stands (either at the HO or any sub post office in its accounts jurisdiction), by registered post for transfer of account. One copy of above documents is to be retained in transferee HO for future reference.

vii) After receipt of transfer application/KYC documents, supervisor of HO where account stands either at the HO or any sub post office in its account jurisdiction, will take necessary action for verification of balance, verification of signature with available records with transfer application and KYC documents.

viii) After verification of balance and signature, supervisor of concerned HO will initiate the account transfer process in Finacle as prescribed. This activity is to be completed by the concerned HO within 7 working days after receipt of the transfer application.

ix) Intimation regarding transfer of account shall be sent by the transferor HO to the transferee HO by registered post.

x) After transfer of account, the account holder may close his/her NSS-87/NSS-92 account from the HO by submitting account closure form. Payment shall be made either by cheque or by credit into account holders PO Savings Account.