Post office NSC: The minimum amount required for opening the account is Rs.
100 in multiples of Rs.
100.India Post or Department of Posts, the postal system of the country, provides a number of services.
India Post, which has a network of over 1.5 lakh post offices across the country, offers nine savings schemes with different interest rates.
Interest rates on post office saving schemes are revised on a quarterly basis.
One such savings scheme offered by the post office is National Savings Certificates (NSC), according to its portal - indiapost.gov.in.
For the current quarter, investment in the NSC savings scheme fetches interest at the rate of 7.9 per cent.1.
Eligibility: A single holder type certificate can be purchased by an adult for himself or herself or on behalf of a minor or by a minor, according to India Post.2.
Amount: The minimum amount required for opening an NSC account is Rs.
100 in multiples of Rs.
100.
However, there is no maximum limit on NSC investments.3.
Interest rates: The scheme offers a return of 7.9 per cent, which is compounded annually but payable at maturity.
An NSC of Rs.
100 grows to Rs.
146.93 on maturity after five years, noted India Post.4.
Income tax benefit: Deposits in the post office National Savings Certificate also qualify for deduction under Section 80C of the Income Tax Act 1961.5.
Transfer of certificates: At the time of transfer of certificates from one person to another, old certificates are not discharged.
Name of old holder shall be rounded and name of new holder shall be written on the old certificate.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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