National Savings Certificate (NSC) is also included in the small savings schemes of the post office. Let us know about this scheme in detail.
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 can be started with a very small amount in the savings schemes of the post office . National Savings Certificate (NSC) is also included in the small savings schemes of the post office. Let us know about this scheme in detail.
Rate of interest
The National Savings Certificate Scheme of the Post Office currently offers an interest rate of 6.8 per cent per annum. The interest is compounded on an annual basis, but is paid only on maturity. This interest rate is applicable from 1st April 2020. After investing Rs 1000 in this small savings scheme, this amount will increase to Rs 1389.49 after a period of five years.
investment amount
At least 1000 rupees can be invested in this government scheme. In this scheme, one has to invest in multiples of Rs 100. There is no maximum limit for investment.
Who can open account?
In this small savings scheme, one adult and up to three adults can jointly open a joint account. Apart from this, a guardian on behalf of a minor or a guardian on behalf of a person of weak mind can also open an account in the scheme. Under this scheme, a minor above the age of 10 years can open an account in his own name.
maturity
The amount deposited in the National Savings Certificate will mature on completion of five years from the date of deposit.
tax exemption
The amount deposited in this government scheme can be claimed for deduction under section 80C of the Income Tax Act.
Other Features
In this small savings scheme, a person can open any number of accounts.
The account of this small savings scheme can be closed before the period of five years in certain situations. In this, the account can be closed before maturity in case of death of the single account holder or all the account holders present in the joint account.
Apart from this, the account can also be closed prematurely on the orders of the court.
