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- National Savings Certificate
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Friends & Family
National Savings Certificate
Indian Postoffice Savings
Who can purchase :
- An adult in his own name or on behalf of a minor,
- A minor,
- A trust,
- Two adults jointly,
- Hindu Undivided Family.
Where available
Available for purchase/issue at all Post Offices in India.
Minimum Purchase Value
The minimum amount of investment under NSC is Rs 100/-
Maturity
Period of maturity of a certificate is six Years.
Nomination / Transferability:
- Nomination facility is available.
- Certificates can be transferred from one post office to any other post office.
- Transfer from one person to another person permissible in certain
conditions.
Denomination / Deposit limits :
500, Rs. 1000, Rs. 5000 & Rs. 10,000.
Interest/maturity value :
- Interest is avaialbe on this scheme @ 8%, compunded half-yearly
- With effect from 1st March, 2003, Maturity value a certificate of Rs. 100
denomination is Rs. 160.10. - Maturity value of a certificate of any other denomination shall be at
proportionate rate. - Interest accrued on the certificates every year is liable to income tax but
deemed to have been reinvested.
Premature encashment :
Premature encashment of the certificate is not permissible except at a
discount in the case of death of the holder(s), forfeiture by a pledgee and
when ordered by a court of law.
Place of Encashment/discharge on maturity :
Can be encashed/discharged at the post office where it is registered or any other post
office.
Income Tax relief :
- Income Tax rebate is available on the amount invested and interest accruing every
year under Section 88 of Income tax Act, as amended from time to time. [under Sec 80C] - Income tax relief is also available on the interest earned as per limits fixed vide section
80L of Income Tax, as amended from time to time.
SASWAT TRIPATHY [ 12Jun08]
This scheme is very good.
Dhananjay [ 09Jul08]
I want some more clarification about this scheme.
1)if i invest Rs.100.0 i will get 8% interest per year
Kindly explain me.
FENIL CHAUHAN [ 22Jul08]
Dear Sir,
Kindly let me know, i want to invest 150000.00 Rs for the same , kindly let me know after matuarity period what amount i will gain or earned….Thanking you