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National Saving Certificate Interest Rate Hiked for Jan-Mar 2023 Quarter

The government has increased the National Savings Certificate interest rate for the January-March 2023 quarter to 7% from earlier 6.8%. The National Savings Certificate is a trusted saving product offered by the Indian Post Office that is well-liked by investors as a low-risk investment alternative. An NSC can be opened by an adult, a minor, or a trust. The annual compounded NSC Interest Rate for the quarter ending 31st March 2023 is 7%.

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National Saving Certificate Interest Rate Hiked for Jan-Mar 2023 Quarter- Key Points

  • The National Savings Certificate scheme has no maximum purchase amount, but a person can only receive benefits on investments up to 1.5 lacs.
  • The Income Tax Act’s Section 80C deduction applies to the tax benefits associated with an investment in NSC.
  • The government’s regularized interest rate on the National Savings Scheme l, enables an individual to generate a guaranteed return on the NSC at a rate of 7%.
  • The NSCs annual fixed interest every quarter, ensuring a consistent income for the investor.
  • NSC is accepted as security or collateral by banks and NBFCs for secured loans.
  • The responsible post office should transfer the certificate to the bank and stamp it with a transfer stamp.

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National Savings Certificate: Transfer of Account from One Individual to Another

NSC can be transferred from one person to another person with the following conditions only.

  1. On the death of the account holder to nominee/legal heirs.
  2. On the death of the account to the joint holder (s).
  3. On order by the court.
  4. On pledging of account to the specified authority.

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