Small savings schemes interest rates hiked: Check National Savings Certificate (NSC) rate for July-September quarter

economictimes.indiatimes.com:

small savings schemes by up to 30 basis points for the July-September 2023 quarter. The government reviews the interest rates on small savings schemes every three months.

The interest rate on the National Savings Certificate (NSC) was kept unchanged at 7.7%. While, in the last quarter, it was drastically raised by 70 basis points from 7.1% to 7.7%.NSC tax benefits Section 80C of the Income Tax Act allows a deduction for deposits made under the NSC.NSC interest rates

Small saving schemes: Interest rates of these post office schemes hiked by up to 30 bps for July-September quarter

NSC interest rates are compounded annually but payable at maturity. If you invest Rs 1000/- grows to Rs 1403 after 5 years. Under NSC, minimum investment amount is Rs. 1000/- and in multiples of Rs. 100 while, there is no maximum limit.Payment on Maturity The deposit shall mature on completion of five years from the date of the deposit. Amount of maturity may be repaid to the account holder on an application in Form-2 submitted to the accounts office.Payment on the death of account holder The nominee can submit a Form-2 application for payment of the eligible balance if a nomination is in effect at the time of the depositor's death for a single account or the death of all the depositors for a joint account. The application should be accompanied by proof of the depositor's death and, if any other nominees have also passed away, proof of their deaths.In case of multiple nominees If there are two or more surviving nominees, the eligible amount will be given to them in the proportion that was stated by the depositor when the nomination was made, or equally if no such proportion was specified. If a nominee