National Savings Certificate (NSC) is also included in the post office small savings schemes.
National Savings Certificate (NSC): If you are thinking of investing in the coming days, then you can do it in the savings schemes of the post office. You definitely get good returns in these schemes. Also, the money invested in it is also completely safe. If the bank defaults, then you get back only Rs 5 lakh. But this is not the case in the post office. Apart from this, investment in post office savings schemes can be started with a very small amount.
National Savings Certificate (NSC) is also included in the post office small savings schemes. You can also take advantage of tax exemption by investing in this scheme. Let us know about this scheme in detail.
Rate of interest
In this scheme of post office, interest of 6.8 percent is being given annually. However, it will be paid on maturity only. If you invest Rs 1,000 in this scheme, then after five years this amount will become 1389.49.
A minimum investment of Rs 1,000 can be made in the National Savings Certificate. The investment will have to be made in multiples of Rs 100. There is no maximum investment limit in the scheme.
Who can open account?
Under this post office scheme, an adult, up to three adults together can open a joint account, a guardian on behalf of a minor or a person of weak mind and a minor above 10 years of age can open the account in his own name.
tax exemption benefits
The amount deposited in the National Savings Certificate of the post office can be claimed for deduction under section 80C of the Income Tax Act.
The deposit will mature on completion of five years from the date of deposit.
- In this scheme, a person can open any number of accounts.
- NSC can be mortgaged or transferred as security. For this, the person has to submit the appropriate application form to the concerned post office. Along with this, he will also have to give a letter of approval from the person to whom he is mortgaging.
- This scheme can be closed before 5 years in certain situations. If the account holder dies or in case of a joint account, all the account holders die, the account can be closed before maturity. It can also be closed on the order of the court.
- NSC can be transferred from one person to another in certain situations. In case of death of the account holder, the account can be transferred to his nominee or legal heir. In case of death of the account holder, it can be transferred to the joint holder. Apart from this, transfer can be done on the orders of the court.
read this also: File ITR after the last date? You will not have to pay the fine, know why
read this also: Do you know that the central and state governments give money to women when they are pregnant? Take advantage of these schemes in this way