Tuesday, 8 September 2015

National Savings Certificate

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National Savings Certificate (NSC)


The Government of India or PM Modi's Government announced National Savings Certificate (NSC). National Savings Certificate is aimed to motivate People of India for savings. As Post offices is accessible to the common people , this certificate is issued by Post Office. The deposites which are collected in Post office will be used for growth and development of the country.

There  are three types of NSC certificates which are following as :

Single holder Kind Certificate: This NSC Certificate is issued only to the holder himself / herself. 
Joint A Kind Certificate: This NSC  Certificate is issued for 2 adults and assigned to both holders mutually.
Joint B Kind Certificate: This NSC Certificate is issued jointly for 2 adults and assigned to either of them.


Who can buy or hold NSC certificate?


Any individual whether singly or jointly along with other adult and a guardian or parent on his or her minor’s behalf can buy NSC Certificate from Post office . On other hand Non-Resident Indians (NRI’s) ,Hindu Undivided Families (HUF’s) and Trusts cannot invest in or buy NSC Certificate. Any Individual who was Indian at the time of buying NSC certificate and became an NRI then he or she can hold this certificate till its maturity. 


Where to buy NSC certificate ?


Any individual whether singly or jointly or a guardian or parent on his or her minor’s behalf can buy NSC Certificates which are issued by the post office located any where in India. In case any individual is moving to other place  then he or she can also move his NSC certificate from the post office , where they bought his or her certificate , to the other post office located at new place of individual. 


How to buy NSC certificate ?


The payments for purchasing NSC certificate can be done to the P.O  in cash or  Cheque and Demand Draft drawn in favour of the Postmaster. The payments can also be done by giving away an matured certificate. After The Postmaster must issue new Certificate of NSC or  issue provisional receipt to the buyer. If the Postmaster issued  provisional receipt to the buyer then later on when NSC is issued ,buyer can get his or her NSC certificate from the Post Office.

NSC's  Rate of interest


NSC offers a very good return or interest on investments in different kind of NSC certificate issued by the Post Office. This NSC certificates are :

1. NSC VIII issue 
2. NSC IX issue

NSC certificate VIII issue offers 8.50% of interest . Certificate , which individual bought , value of Rs 100 will give Rs 151.62 after 5 years.
NSC certificate IX issue offers 8.80% of interest .Certificate which individual bought , value of Rs 100 will give Rs 234. 35 after 10 years.