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National Savings Certificate Scheme

National Savings Certificate Scheme

National Savings Certificate Scheme is a scheme launched by the govt to promote the habit of savings amongst the common man and to channelize these savings in the right direction for the benefit of the whole country. Under this scheme, deposits are accepted by the govt through Post Offices and the amount generated through these deposits is used for the growth of the country.

The National Savings Certificate (NSC) is eligible for tax deduction under Section 80C for an investment of up to Rs 1 lakh. One can invest in five- or 10-year NSCs.

The interest on the NSC is fixed in April every year. The current rate is 8.5% for five years, and 8.8% for 10 years.

The interest accumulated every year can be deducted from Rs 1 lakh investible in that year for saving tax, as it is considered to be invested for this purpose.

The interest is taxable, but since it can be reinvested as part of Section 80C investment, it makes NSC an attractive option.

Investors have to keep an account of the interest received each year and ensure that the overall investment, including the interest, is in the Rs 1 lakh limit.

Denominations in which certificates shall be issued

The National Savings Certificates shall be issued in denominations of Rs. 100, Rs. 500, Rs. 1000, Rs. 5000, Rs. 10000 and such other denominations as may be notified by the Central Government from time to time.

Types of Certificates

  • Single Holder Type certificates:A Single Holder Type certificate may be issued to an adult for himself or on behalf of a minor or to a minor
  • Joint ‘A’ Type Certificates:A Joint ‘A’ Type certificate may be issued jointly to two adults payable to both the holders jointly or to the survivor
  • Joint ‘B’ Type Certificates:A Joint ‘B’ Type certificate may be issued jointly to two adults payable to either of the holders or to the survivor

National Savings Certificate Scheme

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