What is the National Savings Certificate (NSC) interest rate for October-December 2023 quarter?
Was NSC interest rate hiked for this October-December 2023 quarter?
NSC interest rate was not hiked for this October-December 2023 quarter. The rate is unchanged at 7.7% compounded annually but payable at maturity.
NSC account details
The minimum investment to be done is Rs. 1000/- and there is no maximum limit. Any number of accounts can be opened under the scheme. The deposit shall mature on completion of five years from the date of the deposit.
Does NSC qualify for 80C?
Deposits qualify for deduction under section 80C of Income Tax Act.
Pledging of account
On application made by the depositor in Form-3 and with acceptance letter from the pledgee, an account can be pledged or transferred as security.
Transfer of an account can be made to-
(a) the President of India or the Governor of a State in his official capacity;
(b) the Reserve Bank of India or a Scheduled Bank or a Cooperative Society, including a Co-operative Bank;
© a public or private corporation or a Government company;
(d) a local authority; or
(e) a housing finance company approved by the National Housing Bank and notified by the Central Government:
According to the NSC notification dated December 12, 2019, “Provided that the transfer of an account opened on behalf of a minor or a person of unsound mind shall not be permitted under this rule unless the guardian of the minor or the person of unsound mind, as the case may be, certifies in writing that the minor or the person of unsound mind, as the case may be, is alive and that the transfer is for the benefit of the minor or the person of unsound mind.”
Premature
Read more on economictimes.indiatimes.com
