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what is the difference between national savings certificate and RD accounts?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Anju asked almost 3 years ago

Is there any difference between national savings account and RD account?

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3 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 megha answered about 2 years ago

hello, > Recurring Deposit "RD" means Recurring Deposit. The investment is made in small amounts every month, and yet the rate of interest offered is as if a big sum is invested for a long term. This scheme is very useful for people who do not have a huge amount ready to invest, and still they like to get a huge savings by patiently saving little by little every month. > National Savings Certificate National Savings Certificate is very safe, and useful for people who can make a deposit in lump sum. The term is for 6 years. The interest is calculated for every half year and the interest is treated as a deposit for next half year. Thus the interest is also compounded at the same rate of interest as the deposit.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 utkarsh answered about 2 years ago

Hi, National Saving Certificate Scheme is a similar to fixed deposit. You get a printed certificate (like bonds) of different denominations.NSC is only for 5 and 10 years. a total duration of maturity. yearly, but accrued annually. National Saving Certificates are available in the denominations of Rs 100, Rs 500, Rs 1,000, Rs 5,000 and Rs 10,000 You can take a loan against the NSC from any bank. Online investment facility is not available. On the other hand Recuring deposit in the post office which give you partial withdrawal facility. **You can open recurring deposit in the post office for as little 10 rupees per month. 5 years recurring deposit account can be extended for further 5 years. If you have opened month, then your subsequent deposits should be in this period. One withdrawal up to 50% of the balance allowed after one year.**

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 narahari answered over 2 years ago

National Savings Certificate is very safe, and useful for people who can make a deposit in lump sum. The term is for 6 years. The interest is calculated for every half year and the interest is treated as a deposit for next half year. Thus the interest is also compounded at the same rate of interest as the deposit.

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