Post Office Application for pledging of form Download

Post Office Application for pledging

FORM-7 is the official application under Rule 16 of the Government Savings Promotion Rules, 2018, used to pledge a National Small Savings Scheme account (like NSC, KVP, or Time Deposit) as security or collateral (103ag652ox… p. 1).

Core Purpose

Collateral Security: It allows an account holder to use their post office savings balance as a security deposit or guarantee (103ag652ox… p. 1).
Eligible Pledgees: Accounts can be pledged to government gazetted officers, the Reserve Bank of India (RBI), scheduled banks, cooperative banks, registered cooperative societies, corporations, government companies, or local authorities (103ag652ox… p. 1).

Crucial Legal Conditions

Nomination Cancellation: Upon submitting this form, any existing nominee registered under the account stands automatically cancelled (103ag652ox… p. 1).
Forfeiture Rights: The account holder explicitly agrees that the pledgee has the complete legal authority to encash the account if the security is forfeited (103ag652ox… p. 1).
Mandatory Attachment: You must attach a signed pledge acceptance letter from the competent authority receiving the security (103ag652ox… p. 1).

Key Information Required

Security Details: The exact monetary amount required for the security deposit (103ag652ox… p. 1).
Pledgee Information: The official designation of the officer or the name of the institution receiving the pledge (103ag652ox… p. 1).
Account Particulars: The specific account number, type of savings scheme, date of opening, branch office name, and the total current balance (103ag652ox… p. 1).

Post Office Processing

Record Marking: The Postmaster verifies the details and records the transaction under a specific registration number (103ag652ox… p. 1).
Passbook Endorsement: The physical passbook, deposit receipt, or account statement is physically marked as “Pledged” before being returned to the account holder (103ag652ox… p. 1).