National saving scheme Post Office | NATIONAL SAVINGS CERTIFICATES

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 NATIONAL SAVINGS CERTIFICATES



The National Savings Certificates (VIII Issue) Scheme is a scheme introduced by the Government of India under the Government Savings Promotion Act, 1873. The scheme provides individuals with an opportunity to invest in National Savings Certificates (NSCs) for a fixed period and earn interest on their investments.

Here are the key features of the scheme:

Types of Accounts: The scheme offers three types of accounts:

Single Holder Type Account: Can be opened by an adult for themselves, a minor, or a person of unsound mind. A minor above the age of ten can also open this account.

Joint A-Type Account: Can be opened jointly in the names of up to three adults, payable to all the holders jointly or to the survivor(s).

Joint B-Type Account: Can be opened jointly in the name of up to three adults, payable to any of the account holders or to the survivor(s).

Deposits: The minimum deposit required to open an account is one thousand rupees, and subsequent deposits can be made in multiples of one hundred rupees. There is no maximum limit for deposits, and individuals can open multiple accounts.

Maturity and Interest: The deposit in the account matures after five years from the date of deposit. The maturity value is payable to the account holder upon maturity. The interest accrues annually and is compounded. The exact interest rates and maturity values are specified in the scheme and may vary based on the date of purchase of the NSC.

Current NSC interest rates as on July 2023 are 7.7%

Premature Closure: Generally, the account cannot be closed before maturity. However, premature closure is allowed in certain cases such as the death of the account holder, court order, or forfeiture by a pledgee. The premature closure value depends on the period for which the account has been held.

Transfer and Pledging: Accounts can be transferred from one individual to another in specific situations such as the death of the account holder, court order, or pledging. Pledging allows the account to be used as security, subject to certain conditions.

Nomination: The scheme allows for nomination, where the account holder can specify a nominee to receive the eligible balance in the event of their death. The nominee can claim the amount by submitting the required documents.

These are some of the key provisions of the National Savings Certificates (VIII Issue) Scheme. It's important to refer to the official scheme documents for complete and up-to-date information, including any amendments or revisions made by the government.

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Location: India

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