NSC: The National Savings Certificate (NSC) scheme of the Post Office has a maturity of 5 years. 7.7% interest is being received annually. You get double benefit on interest. Meaning, interest is compounded on annual basis.
Post Office NSC Interest rate: If you are looking for an investment instrument with safe and guaranteed returns then go to Post Office. National Savings Certificate (NSC) is a good scheme. Understand the special thing, many times this situation arises when you have money, but you can invest money in a scheme up to a certain limit. But, there is no maximum limit for investment in this small savings schemes of the post office. Also, multiple accounts can be opened in this. Tax exemption is also available. There are many more benefits.
Double benefit scheme
The National Savings Certificate (NSC) scheme of the Post Office has a maturity of 5 years. 7.7% interest is being received annually. You get double benefit on interest. Meaning, interest is compounded on annual basis. However, there cannot be any partial withdrawal in this. Full payment will be available only on maturity. According to the post office website, if Rs 1000 is deposited in the scheme, then after 5 years you will get Rs 1449.
Rs 14,49,034 will be available on Rs 10 lakh
According to the Post Office NSC calculator, if a lump sum investment of Rs 10 lakh is made in the scheme, a total of Rs 14,49,034 will be received on maturity after 5 years. In this, Rs 4,49,034 will be earned only from interest. Investment in National Savings Certificate (NSC) can be done from anywhere and can be done at any post office. NSC account is opened with a minimum of Rs 1000. There is no maximum limit. You can deposit any amount in multiples of Rs 100. Government guarantee is available on investment.
Who can open NSC account
National Savings Certificate (NSC) can be opened in any post office in the country. Its specialty is that any citizen can open an account in it. There is also the facility of joint account. Parents of children above 10 years of age can purchase certificates in their place. Withdrawal cannot be done before 5 years in NSC. Exemption is available only in certain special circumstances. The government reviews the interest rate for NSC every 3 months.
Work related to the scheme
- NSC can be purchased from any Indian post office.
- Interest is deposited annually but paid only on maturity.
- NSC is accepted by all banks and NBFCs as collateral or security for loans.
- The investor can make any member of his family a nominee.
- NSC can be transferred from one person to another once between the date of issue and the maturity date.
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