National Savings Certificates or NSCs, one among the nine small savings scheme offered by India Post or post office, is operated by the Department of Economic Affairs. The government revises the interest rates applicable to small savings schemes on a quarterly basis.For the quarter ending March 31, post office NSCs fetches an interest rate of 8 per cent per annum, as mentioned on the official website of India Post- indiapost.gov.in. This interest is compounded on an annual basis but paid on maturity.
Here are 5 things to know about Post Office National Savings Certificates (NSC):Read more ↓
1. Eligibility: A single holder type certificate can be purchased by an adult for himself or on behalf of a minor or by a minor, according to India Post, which has a network of more than 1.5 lakh post offices across the country.
2. Minimum investment required: The minimum amount required for opening NSC account is Rs. 100 in multiples of Rs. 100. There is no upper limit on NSC investments.
3. Maturity Period: An NSC of Rs. 100 will offer Rs. 146.93 on maturity after five years. National Savings Certificates (NSCs) have a lock-in period of five years, stated India Post……….Read More>>