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National Savings Certificate (VIII Issue) |
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Name of the Scheme |
Interest |
Maturity Period |
Limit of Deposit |
I. T. Benefit |
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NSC VIII Issue |
8.16% |
6 years |
Min. Rs. 100 Max. No Limit |
In the Union Budget 2005 the Tax benefit is given upto the deposit of Rs. 1,00,000 |
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Who Can Purchase |
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An adult for himself or on behalf of a minor, jointly by two adults, a minor, a Trust. |
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How to Purchase |
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Certificates in denominations of Rs. 100, Rs. 500, Rs. 1000, Rs. 5000 & Rs. 10,000 may be purchased. In addition to cash, locally executed cheques, pay orders or demand drafts drawn in favour of the Post Master are also accepted. |
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Rate of Interest and Tax Benefit |
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Interest is compounded half yearly and paid after the maturity period of 6 years along with the principal. Rs. 1000 shall become Rs. 1601 on maturity. |
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The Scheme is beneficial to the tax payers. The deposited amount and the accrued interest for the first 5 years is qualified for tax relief u/s 80 (C) of I. T. Act. |
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Interest accrued each year on a certificate of Rs. 10,000 are as follows: |
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Financial year |
Interest accruable Rs. |
Financial Year |
Interest accruable |
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2005-2006 |
- |
2009-2010 |
1033 |
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2006-2007 |
816 |
2010-2011 |
1117 |
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2007-2008 |
883 |
2011-2012 |
1208 |
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2008-2009 |
955 |
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Encashment |
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A certificate can be encashed at the Post Office of its issue. A certificate may also be encashed at any other Post Office. If the officer-in-charge of that Post office is satisfied on verification from the office of its registration that the person presenting the certificate for encashment is entitled thereto. |
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Next |
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RushatiINDIA & Associates 60(24/16) Vivekananda Road, Sukantapally PO: Sheoraphuli, Dist: Hooghly, WB, India Pin: 712 223 Phone: +91- 9433235073 Email: [email protected] |