155.201.35.63 (talk) |
Rishidigital1055 (talk | contribs) provided archived page link to a dead link, also added {{dead link|{{subst:DATE}}}} |
||
Line 2: | Line 2: | ||
'''National Savings Certificates''', popularly known as '''NSC''', is an Indian Government [[savings bonds|Savings Bond]], primarily used for small savings and [[Income tax in India|income tax]] saving investments in [[India]]. It is part of the [[postal savings system]] of [[Indian Postal Service]] (India Post). |
'''National Savings Certificates''', popularly known as '''NSC''', is an Indian Government [[savings bonds|Savings Bond]], primarily used for small savings and [[Income tax in India|income tax]] saving investments in [[India]]. It is part of the [[postal savings system]] of [[Indian Postal Service]] (India Post). |
||
These can be purchased from any Post Office in [[India]] by an adult (either in his/her own name or on behalf of a minor), a minor, a trust, and two adults jointly. These are issued for five and ten year maturity and can be pledged to banks as collateral for availing loans. The holder gets the tax benefit under Section 80C of [[Income Tax Act, 1961]].<ref |
These can be purchased from any Post Office in [[India]] by an adult (either in his/her own name or on behalf of a minor), a minor, a trust, and two adults jointly. These are issued for five and ten year maturity and can be pledged to banks as collateral for availing loans. The holder gets the tax benefit under Section 80C of [[Income Tax Act, 1961]].<ref name="nsi"/><ref>{{cite news |title=All you wanted to know about National Savings Certificates |url=http://www.moneycontrol.com/news/investing/all-you-wanted-to-know-about-national-savings-certificates_780184.html |publisher=Money Control |date=Nov 9, 2012 |accessdate=March 17, 2013}}</ref><ref>{{cite news |title=Scrap NSC, Kisan Vikas Patra: RBI panel|url=http://articles.timesofindia.indiatimes.com/2004-07-23/india/27161743_1_small-savings-savings-schemes-rbi-committee |publisher=The Times of india |date=Jul 23, 2004 |accessdate=March 17, 2013}}</ref> |
||
Other similar government savings schemes in India include: [[Public Provident Fund (India)| |
Other similar government savings schemes in India include: [[Public Provident Fund (India)| |
||
Line 9: | Line 9: | ||
==History== |
==History== |
||
The certificates were heavily promoted by the Indian government in the 1950s after India's independence, to collect funds for "nation-building".<ref>{{cite news |title=Minister's Call To Save More|url=http://news.google.com/newspapers?id=Tsc-AAAAIBAJ&sjid=lUwMAAAAIBAJ&pg=5079,8543105&dq=national+savings+certificates+india&hl=en |publisher=Indian Express |date=Mar 20, 1950 |accessdate=March 17, 2013}}</ref> |
The certificates were heavily promoted by the Indian government in the 1950s after India's independence, to collect funds for "nation-building".<ref>{{cite news |title=Minister's Call To Save More|url=http://news.google.com/newspapers?id=Tsc-AAAAIBAJ&sjid=lUwMAAAAIBAJ&pg=5079,8543105&dq=national+savings+certificates+india&hl=en |publisher=Indian Express |date=Mar 20, 1950 |accessdate=March 17, 2013}}</ref> |
||
==Investment and returns== |
|||
===For NSC XIII isuue=== |
|||
There is no maximum limit for investment. Certificates can be kept as collateral security to get loan from banks. Investment up to INR 1,00,000/- per annum qualifies for IT Rebate under section 80C of Income Tax Act. Trust and HUF cannot invest. Rate of interest effective from 1st April 2013 is '''8.50%''' which was revised on 26th March 2013 from 8.6% which was effective from 1st April 2012.<ref name=revision/><ref name=revision/> Maturity value of a certificate of INR.100/- purchased on or after 1.4.2014 shall be INR. 151.62 after 5 years. |
|||
===For NSC IX isuue=== |
|||
There is no maximum limit for investment. INR. 100/- grows to INR 234.35 after 10 years. Minimum investment is INR. 100/-. The instrument is available for investment in denominations of INR. 100/-, 500/-, 1000/-, 5000/- & INR. 10,000/-. A single holder type certificate can be purchased by an adult for himself or on behalf of a minor or to a minor. Rate of interest effective from 1st April 2013 is '''8.80%''' which was revised on 26th March 2013 from 8.9% which was effective from 1st April 2012.<ref name=revision/> |
|||
==References and sources== |
==References and sources== |
||
;References |
;References |
||
{{reflist |
{{reflist|refs= |
||
<ref name="nsi">{{cite web|url=http://nsiindia.gov.in/uniquepages/singlepage.asp?Id_Pk=105|title=:: National Savings Institute ::|year=2005|publisher=[[National Savings Institute]]|accessdate=31 March 2015|archiveurl=https://web.archive.org/web/20131219005704/http://nsiindia.gov.in/uniquepages/singlepage.asp?Id_Pk=105|archivedate=19 December 2013}}{{dead link|{{subst:DATE}}}}</ref> |
|||
<ref name=revision>{{cite web|url=http://www.indiapost.gov.in/DOP/Pdf/Circulars/113-01-2011-SB_26-03-2013.pdf|title=Revision in Interest Rates of Small Savings Scemes w.e.f. 1st April 2013|date=26 March 2013|publisher=Department of Posts, [[Ministry of Communications and Information Technology (India)|Ministry of Communications & IT]]|accessdate=31 March 2015|location=New Delhi|archiveurl=https://web.archive.org/web/20150331080608/http://www.indiapost.gov.in/DOP/Pdf/Circulars/113-01-2011-SB_26-03-2013.pdf|archivedate=31 March 2015}}</ref> |
|||
}} |
|||
==External links== |
==External links== |
Revision as of 09:19, 31 March 2015
National Savings Certificates, popularly known as NSC, is an Indian Government Savings Bond, primarily used for small savings and income tax saving investments in India. It is part of the postal savings system of Indian Postal Service (India Post).
These can be purchased from any Post Office in India by an adult (either in his/her own name or on behalf of a minor), a minor, a trust, and two adults jointly. These are issued for five and ten year maturity and can be pledged to banks as collateral for availing loans. The holder gets the tax benefit under Section 80C of Income Tax Act, 1961.[1][2][3]
Other similar government savings schemes in India include: Public Provident Fund (PPF), Post Office Fixed Deposit, Post Office Recurring Deposit, etc.[4]
History
The certificates were heavily promoted by the Indian government in the 1950s after India's independence, to collect funds for "nation-building".[5]
Investment and returns
For NSC XIII isuue
There is no maximum limit for investment. Certificates can be kept as collateral security to get loan from banks. Investment up to INR 1,00,000/- per annum qualifies for IT Rebate under section 80C of Income Tax Act. Trust and HUF cannot invest. Rate of interest effective from 1st April 2013 is 8.50% which was revised on 26th March 2013 from 8.6% which was effective from 1st April 2012.[6][6] Maturity value of a certificate of INR.100/- purchased on or after 1.4.2014 shall be INR. 151.62 after 5 years.
For NSC IX isuue
There is no maximum limit for investment. INR. 100/- grows to INR 234.35 after 10 years. Minimum investment is INR. 100/-. The instrument is available for investment in denominations of INR. 100/-, 500/-, 1000/-, 5000/- & INR. 10,000/-. A single holder type certificate can be purchased by an adult for himself or on behalf of a minor or to a minor. Rate of interest effective from 1st April 2013 is 8.80% which was revised on 26th March 2013 from 8.9% which was effective from 1st April 2012.[6]
References and sources
- References
- ^ ":: National Savings Institute ::". National Savings Institute. 2005. Archived from the original on 19 December 2013. Retrieved 31 March 2015.[dead link]
- ^ "All you wanted to know about National Savings Certificates". Money Control. Nov 9, 2012. Retrieved March 17, 2013.
- ^ "Scrap NSC, Kisan Vikas Patra: RBI panel". The Times of india. Jul 23, 2004. Retrieved March 17, 2013.
- ^ "Interest on savings schemes cut". The hindu. January 15, 2000. Retrieved March 16, 2013.
- ^ "Minister's Call To Save More". Indian Express. Mar 20, 1950. Retrieved March 17, 2013.
- ^ a b c "Revision in Interest Rates of Small Savings Scemes w.e.f. 1st April 2013" (PDF). New Delhi: Department of Posts, Ministry of Communications & IT. 26 March 2013. Archived from the original (PDF) on 31 March 2015. Retrieved 31 March 2015.