Business

Why nomination is important to post office NSS account holders — explained


To ensure timely settlement of claims in the account, the central government has issued new guidelines for post offices. The Department of Postal Services under the Department of Communications has issued an order related to the National Savings Program (NSS) directing post offices to ensure that a deceased person’s claim is resolved within one business day if nomination is made. This means that investors depositing money into NSS accounts at post offices must ensure that their family members receive the NSS claim settlement amount in a timely manner. In the event that there is no nominee in the NSS account, the complaint will be resolved in seven business days.

The Postal Service order explicitly states, “All post offices must ensure that death claim cases are handled within the specified time/norm, i.e. one business day if nominating and seven days work under other circumstances.”

The office’s order goes on to add that the claimant(s) must be notified to provide their Bank Account/PO Saving account details at the time of filing the death claim to transfer the payment and obtain the Account Details/signature on the acquittal, so that the nominee(s)/claimant(s) compensation does not need to go to the post office again to receive payment by check.

“Postal authorities are responsible for ensuring that death claims are handled within the stipulated time,” the office order issued by the Postal Service added.

The issued order directs Postmasters/Sub-Posts to adhere to the following principles in order to promptly handle death claim cases:

1]At the time of receiving the request for the deceased/ KYC the claimant’s KYC document(s) will be verified with the original KYC documents.

2]If a witness’s signature is available on a copy of the KYC document, the witness’s physical presence is not required.

3]The claimant(s) should sensitively provide his/her Bank Account/Savings Account details at the time of filing a death claim to transfer the payment and obtain the Details account/signature on the acquittal section, so that the nominee(s)/claimant(s) do not need to go to the post office again to receive check payment.

4]There is no separate sanction note issued by the Sub-Post/Post Office to deal with dead claim cases. SPM/PM will process complaints on the second part of Form-11 which is designated ‘Office Use Only’.

5]After receiving the dead claim case along with the complete documents, no further verification is required through PRI(P)/SDI(P).

6]All Post Offices ensure to handle the case of death claim according to the specified time/ norm.

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