NS&I explains Premium Bonds rules as customer confused by 'incorrect' form

A man checks his bills
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NS&I has provided clarity on the rules regarding Premium Bonds after a customer expressed confusion over a form they were directed to on the group's website. The puzzled customer reached out as they were attempting to download the form to apply for Power of Attorney.

They communicated with provider NS&I, stating: "Trying to download the Premium Bonds power of attorney form from your website but it's giving me the form for buying Premium Bonds for under 16s. Can you send the correct form and fix the link on your site?"

On the 'Downloads and forms' page on the NS&I website, there is a link titled 'Premium Bonds Power of Attorney application form'. Clicking on this opens up a form for 'Application to buy Premium Bonds for yourself or your child under 16', which requires details of who the Bonds are for and information about the parent or guardian.

NS&I clarified the confusion for the customer, responding: "If applying for Premium Bonds as an Attorney, you would use this form as it is to buy Premium Bonds for yourself or your child under 16. We'd need you to complete the form with the details of the Donor, and supply the proof of the Power of Attorney on a cover letter (this can be either an original or certified copy of the Power of Attorney document, or a Power of Attorney access code which is generated for us)."

The savings provider recently explained the rules concerning Premium Bonds payments being returned to accounts following a query from a customer. A concerned customer inquired to the group before: "I posted an application on Thursday 12 September for some Premium Bonds refund, but not heard anything yet. What is the turnaround time please?"

In response, NS&I clarified: "The form will take up to eight working days to process and the funds to be paid to your bank account." Customers are able to determine the expected arrival of their withdrawals by using the 'payment timeline calculator' available on the NS&I website.

This handy tool isn't limited to Premium Bonds, as it also caters to other NS&I products like Guaranteed Growth Bonds and Guaranteed Income Bonds.