INSUBCONTINENT EXCLUSIVE:
Deposits in the NSC qualify for deduction under Section 80C of the Income Tax Act.India Post or Department of Posts, which runs the postal
network of the country, offers a number of saving schemes with different interest rates
National savings certificates (NSCs), one such product offered by India Post, fetches an interest rate of 8 per cent per annum, as mentioned
on the official website of India Post- indiapost.gov.in
This interest is compounded annually but payable at maturity
NSCs have a lock-in period of five years.1
The minimum amount required for opening NSC account is Rs 100 in multiples of Rs 100, according to India Post, which has a network of more
than 1.5 lakh post offices across the country
There is no upper limit on NSC investments.2
Deposits in the National Savings Certificate qualify for deduction under Section 80C of the Income Tax Act
person to another, old certificates are not discharged
Name of old holder are rounded and name of new holder are written on the old certificate and on the purchase application under dated
signatures of the authorized postmaster along with his designation stamp and date stamp of post office, noted India Post.For the latest News
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