Thursday, January 14, 2010

NSC - National Savings Certificate

This is the fifth and final post of the series and covers NSC.

1. What is NSC?
  • NSC stands for National Savings Certificate.
  • NSC can be bought from any of the Post Offices.
  • It is available in denominations of Rs 100, Rs 500, Rs 1000, Rs 5000 and Rs 10000.
  • They cannot be en-cashed prematurely.

    2. What is interest rate of NSC?
    8% is the current rate of interest though it can vary with time.

    3. What is the lock in Period?
    Lock in period is 6 years.

    4. How to get the money back?
    After lock in period money can be refunded back to main account.

    5. Is interest accrued on savings is Taxed?
    Interest earned through NSC is taxable.
  • 7 comments:

    1. lost nsc certificate

      ReplyDelete
    2. A duplicate certificate is issued to the holder by the Post Office if he / she reports a loss of the certificate arising out of theft, mutilation, defacement. If the application is made to any other Post Office other than the issuing Post Office, the Post Office will forward the application to the originating Post Office. The application will have the details of the certificate number, amount, date of purchase / maturity etc. and the circumstances resulting in the loss of the certificate. In such case the identity slip comes handy for a duplicate certificate. Upon satisfactory verification of the supporting the Post Office will issue a duplicate certificate. The holder will have to furnish an indemnity bond / declaration / bank verification on demand by the Post Office as a fulfillment condition for a issue of a duplicate certificate.

      ReplyDelete
    3. If NSC purchased with the help of any agent,and recieved the NSC certificate from agent.
      Is there any procedure (Online through internet)to verify about the ogininality of certificate.
      Because many agent doing the froud job, such as color photocopy,scan copy etc..

      ReplyDelete
    4. If NSC purchased with the help of any agent,and recieved the NSC certificate from agent.
      Is there any procedure (Online through internet)to verify about the ogininality of certificate.
      Because many agent doing the froud job, such as color photocopy,scan copy etc..

      ReplyDelete
    5. Off the head I know that you can goto corresponding Post Office and there confirm if your NSC number is valid or not. I'll look for formal procedure for same and let you know.

      ReplyDelete
    6. My mother misplaced her Nsc. To get it bck again she submited all the documents required with the police complaint attached to it...but now the POst office ppl are saying that the Nsc on her name has been taken by sum1.... after makin us run for a month to collect all documents .wat sud b done now???

      ReplyDelete
    7. That's typical case of bad bureaucracy. I am not sure what should be the next step, will try to find out and let you know if I got some information for sure.

      ReplyDelete