National Savings Certificate: Online Application, Eligibility, Interest Rate, Calculator

The National Savings Certificate, or NSC, is a fixed-income investment account that can be opened at a post office. The NSC Scheme is available at all NSC post offices and is aggressively promoted by the Indian government. Because of the country’s enormous number of post offices and easy access to them, the scheme has garnered a lot of popularity in India. The NSC scheme would be available solely to Indian citizens. Read on for more information about the National Saving Certificate, including highlights, objectives, features, benefits, NSC Interest Rates, eligibility requirements, required documents, etc.

The National Deposit Certificate (NSC) is a tax-advantaged investment that supplements small to medium-sized deposits. The NSC program, which the Indian government promotes, is available at all Post Offices. Because the Indian government supports the project, the risk is viewed as extremely low. The National Savings Certificate 2024 is only open to Indian citizens and does not apply to Non-Resident Indians (NRIs) or HUFs. The national pension system is gaining popularity due to the income tax benefits, low minimum investment requirements, and low risk.

National Savings Certificate

Highlights of the NSC Scheme 

Topic Information
Scheme Name NSC Post Office Scheme
Description Fixed-income investment at Indian post offices
Eligibility Indian citizens only
Availability At all NSC post offices
Certificate Types Only NSC VIII Issue available
Nomination Options Family members and minors can be nominated
Risk Level Considered low due to government support
Category Sarkari Yojana
Official website https://www.nsiindia.gov.in/

Features of National Savings Certificate 

  • A certificate is available for as little as Rs. 100. The certificate is available in denominations of Rs. 10,000, 5,000, 1,000, 500, and 100.
  • People can begin by making little investments and then increase them as soon as it is feasible.
  • The NSC can be used as security or collateral when applying for a bank loan. However, transferring the certificate to the bank requires clearance from the relevant postmaster.
  • After presenting the relevant documentation, the program can be obtained at post offices.
  • Initially, two types of certificates were available: the NSC IX Issue and the NSC VIII Issue. However, the Indian government abandoned the NSC IX Issue in December 2015. As a result, only the NSC VIII Issue is available.
  • People can choose between two maturity periods for the plan: 5 years and 10 years.
  • The interest rate has currently been raised from 6.8% to 7%. Furthermore, it is compounded annually. The interest, on the other hand, is only payable upon maturity.
  • More nominations, including family members and minors, may be made by the investor. If the investor dies while the scheme is still in operation, the nominee will be entitled to inherit the National Savings Certificate 2024.

Benefits of National Saving Certificate

  • One of the most significant advantages of investing in the NSC is the potential tax savings. The returns are also guaranteed under this scheme. The NSC program is popular because it may provide retirees with a consistent income.
  • The certificate can be passed from one person to the next. Nonetheless, it is only permitted once during the lock-in period.
  • If the original certificate is lost, a duplicate can be ordered.
  • Except for the interest earned in the final year, the remaining interest is tax-free.
  • Individuals can continue to invest in the scheme after it has reached maturity.

Eligibility Criteria

  • The individual in question must be an Indian national.
  • HUFs and Trusts are not permitted to participate in the scheme under the NSC VIII Issue.
  • There is no minimum or maximum age limit for purchasing a certificate.
  • Indians who do not live in India are not permitted to invest in NSC.
  • An NSC can be purchased on behalf of a juvenile or invested in with another adult.
National Savings Certificate-VIII Issue Interest Rate Since Inception
YEAR RATE OF INTEREST
08-05-1989 to 31-12-1998 12.00
01-01-1999 to 14-01-2000 11.50
15-01-2000 to 28-02-2001 11.00
01-03-2001 to 28-02-2002 9.50
01-03-2002 to 28-02-2003 9.00
01-03-2003 to 30-11-2011 8.00
01-12-2011 to 31-03-2012 8.40
01-04-2012 to 31-03-2013 8.60
01-04-2013 to 31-03-2016 8.50
01-04-2016 to 30-09-2016 8.10
01-10-2016 to 31-03-2017 8.00
01-04-2017 to 30-06-2017 7.90
01-07-2017 to 31-12-2017 7.80
01-01-2018 to 30-09-2018 7.60
01-10-2018 to 31-12-2018 8.00
01-01-2019 to 30-06-2019 8.00
01-07-2019 to 31-03-2020 7.90
01-04-2020 to 31-12-2022 6.80
01-01-2023 to 31-03-2023 7.00
01-04-2023 to 30-06-2023 7.70
Steps for Offline National Savings Certificate Investment

Upon submission of the relevant KYC papers, any Indian Post Office will issue an NSC. The following are the basic steps for investing in National Savings Certificates:

  1. Complete the NSC application form, which is available online and at all Indian post offices.
  2. Self-attested copies of the required KYC documents are required.
  3. Original documents must also be supplied for additional verification.
  4. Make a cash or check payment for the investment amount.
  5. After the purchase of certificates is completed, NSCs in the relevant amounts will be produced and may be picked up at the post office.

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