S.Sanghi & Co
Phone Number + 91 33 40636016 Phone Number + 91 33 32955775
Phone Number + 91 33 40636019 Email Address contact@ssanghi.com
Who can purchase NSC:
Home » Income Tax Solution » Tax Savings Scheme » Post Office Schemes » National Savings Certificates [NSC ]
An adult in his own name or on behalf of a minor,
A minor,
A trust,
Two adults jointly,
Hindu Undivided Family.
Where available
Available for purchase/issue at all Post Offices in India.
Minimum Purchase Value
The minimum amount of investment under NSC is Rs 100/-
Maturity of National Savings Certificate
Period of maturity of a certificate is six Years.
Nomination / Transferability:
Nomination facility is available.
Certificates can be transferred from one post office to any other post office.
Transfer from one person to another person permissible in certain conditions.
Denomination / Deposit limits :
Certificates are available in denominations (face value) of Rs. 100, Rs. 500, Rs. 1000, Rs. 5000 & Rs. 10,000.
There is no maximum limit for purchase of the certificates.
Interest/maturity value :
Interest is available on this scheme @ 8%, compounded half-yearly
With effect from 1st March, 2003, Maturity value a certificate of Rs. 100 denomination is Rs. 160.10.
Maturity value of a certificate of any other denomination shall be at proportionate rate.
Interest accrued on the certificates every year is liable to income tax but deemed to have been reinvested.
Premature encashment of NSC:
Premature encashment of the certificate is not permissible except at a discount in the case of death of the holder(s), forfeiture by a pledgee and when ordered by a court of law.
Place of Encashment/discharge on maturity :
Can be encashed/discharged at the post office where it is registered or any other post office.
Income Tax relief :
Income Tax rebate is available on the amount invested and interest accruing every year under Section 88 of Income tax Act, as amended from time to time. [under Sec 80C]
Income tax relief is also available on the interest earned as per limits fixed vied section 80L of Income Tax, as amended from time to time.
 
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