Was National Savings Certificate interest rate hiked for January- March 2024 quarter? Check latest NSC rate
Premature withdrawal rules of 10 post office schemes: PPF, NSC, Senior Citizens Savings Scheme, Mahila Samman Savings Certificate
Was NSC interest rate hiked for this January- March 2024 quarter?
NSC interest rate was not hiked for this January- March 2024 quarter. The rate is unchanged at 7.7% compounded annually but payable at maturity. The minimum amount to invest is Rs. 1000 and there is no maximum limit for deposit in an account or in accounts held by an account holder.
Payment on maturity
The deposit will mature after five years from the date of deposit.
Premature closure of account
The account shall not be closed before maturity except in the following cases, namely:- (a) on the death of the account holder in a single account, or any or all the account holders in a joint account; (b) on forfeiture by a pledgee being a Gazetted Officer, when the pledge is in conformity with this Scheme; © when ordered by a court.
According to the NSC notification dated December 12, 2019, “If the account is prematurely closed after the expiry of one year but before the expiry of three years from the date of deposit, the premature closure shall be allowed and on such premature closure of the account interest on principal amount at the rate applicable to the Post Office Savings Account from time to time for the complete months for which the account has been held, shall be payable.”
“If an account is prematurely closed after the expiry of three years from the date of the opening, the amount payable, inclusive of interest accrued under paragraph 5 for a deposit of one thousand rupees and at a proportionate rate for other amounts of deposits.”
Can NSC be transferred of account from one individual to another
An account may be
