Many types of schemes are also run in the Post Office on behalf of the bank. One of these schemes is National Savings Certificates (NSC). This scheme is specially made for those people who want to guarantee high interest along with safe investment.
NSC is like a type of deposit scheme in which better interest can be availed by depositing money for 5 years. Currently, 7.7 percent interest is being given on this scheme of the post office. Know the benefits of NSC and the calculation of interest on a deposit amount of Rs 10 lakh.
You can start investing from one thousand rupees-
Investment in NSC can be started with a minimum of Rs 1000 and no limit has been set for maximum investment. That is, you can invest any amount in it. Any citizen can open an account in it. There is also a facility for joint accounts. Two to three people can open a joint account. Minors can invest in their name through their parents or guardians, while children up to 10 years of age can buy NSC in their name. You can also open multiple NSC accounts at the same time.
The scheme matures after 5 years-
Another advantage of NSC is that you do not have to deposit money for a very long time. This scheme matures in just 5 years. The interest is compounded on an annual basis and you get guaranteed returns. The interest for 5 years is calculated according to the interest rate that was applicable at the time of your investment. Even if the interest rate changes in the meantime, it does not affect your account. The amount deposited is tax-exempt under Section 80C, i.e. you can get tax exemption on deposits up to Rs 1.50 lakh every year.
No facility for partial withdrawal-
Like other schemes, there is no partial withdrawal facility in this. It means you will get the entire amount at once only after 5 years. Premature closure can also be done only in special circumstances like-
On the death of one or all the account holders in a single account or joint account
On seizure by the mortgagee being a gazetted officer.
On the order of the court.
How much will you get if you deposit 10 lakhs-
If you invest 10 lakh rupees in a National Savings Certificate, then according to the interest rate of 7.7, you will get 4,49,034 rupees only as interest which is almost 4.5 lakhs. In such a situation, after 5 years you will get a total amount of 14,49,034 rupees. If you also want to invest in this scheme, then you can avail its benefits in any post office in the country.
PC Social media
