The Union Council of Ministers, including Prime Minister Narendra Modi, have announced their assets. According to the announcement, by June 30, 2020, PM Modi’s assets have increased to Rs 2.85 crore. It has increased by Rs 36 lakh compared to the year 2019. One of the savings options in which the PM has deposited his money is the National Savings Certificate i.e. NSC. PM Modi has an investment of Rs 843124 in the post office NSC. Let us know why NSC is a reliable option for investment and savings….
Maturity period and interest rate
The current issue of the National Savings Certificate is the VIII issue. The maturity period of NSC is 5 years. The current annual interest rate on this is 6.8 percent. Interest is calculated on an annual basis and the payment is made on maturity. Investment in NSC can be started from minimum 1000 rupees. There is no maximum investment limit.
Who can take NSC
NSC can be purchased in single or joint, by a minor over 10 years of age, by an adult in the name of Na Balig, by a guardian in the name of a mentally challenged person. It is issued as a passbook.
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Tax exemption and other features
- The NSC meets the post office only.
- Investments in NSC are tax rebate under Section 80C of Income Tax Act.
- NSC can be transferred from one person to another in the name of a person between the time of issue and maturity date.
- While transferring NSC, the old certificate is not discharged, but the name of the new holder is written on the same certificate and on the purchase application (in case of the non-CBS post office). During this time, the authorized postmaster signs with the date of that day, it is stamped and the date of the post office is stamped.
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