The National Savings Certificate or NSC is one of the nine small savings schemes of the post office. You can deposit your money under this post office scheme. In this, not only do you get the benefit of better interest rate but you also get the benefit of income tax exemption.
India Post offers nine small savings schemes for those who deposit their money under small savings schemes. If you also want to deposit your money under small savings schemes, then you can also deposit your money under these savings schemes of the post office.
One of these nine small savings schemes of the post office is the National Savings Certificate or NSC. You can also deposit your money under this post office scheme. In this, not only do you get the benefit of better interest rate, but you also get government security on your deposits. Let us know about this post office scheme.
Who can open his account
Under this scheme, any Indian person who is above 18 years of age can open his account. In this, three persons can also open their joint account. Apart from this, the account of a minor person can also be opened by the guardian under this scheme of the post office.
What is the deposit amount
Under this, you can open your account with a minimum amount of Rs 1000 or in multiples of Rs 100. Under this, no maximum limit has been prescribed for depositing the amount. The tax deposited under this would have been eligible for deduction under section 80C of the Income Tax Act.
Maturity period
Under the National Savings Certificate Scheme of the Post Office, the maturity period is 5 years. Apart from this, on the death of the account holder, it is closed even before the maturity period.
What is interest rate
Under this scheme of India Post, compound interest is given on deposits at the rate of 6.8 percent annually. If someone deposits Rs 1000 under this scheme, then after 5 years he will get Rs 1389.49.
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