National Saving Certificate Interest Rate Hiked for Jan-Mar 2023 Quarter: The National Savings Certificate interest rate has been raised by the government from 6.8% to 7% for the quarter of January-March 2023.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. A trust, a minor, or an adult can open an NSC. For the quarter ending March 31st, 2023, the yearly compounded NSC Interest Rate is 7%.
January 2023 Current Affairs Quiz
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.
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.
- On the death of the account holder to nominee/legal heirs.
- On the death of the account to the joint holder (s).
- On order by the court.
- On pledging of account to the specified authority
