Post Office Special Scheme: Deposit ₹10 lakh for 5 years… you will earn ₹4.5 lakh only from interest
NSC is such a scheme of the post office in which one can get the benefit of better interest by depositing money for 5 years. Currently, the interest being given on this scheme of the post office is 7.7%.
Post Office Special Scheme: Like banks, many types of schemes are run in Post Office as well. One of these schemes is National Savings Certificates (NSC). This scheme is specially designed for those people who want guaranteed high interest along with safe investment. NSC is like a deposit scheme in which one can get the benefit of better interest by depositing money for 5 years. Currently, 7.7% interest is being given on this scheme of Post Office. Know the benefits of NSC and calculation of interest on deposit amount of Rs. 10 lakh.
You can start investing from Rs. 1000
Investment in NSC can be started with a minimum of Rs 1000 and there is no limit for maximum investment. That is, you can invest any amount in it. Any citizen can open an account in it. There is also a facility of joint account. Two to three people can open a joint account together. Parents or guardians can invest in the name of a minor, while children up to 10 years can buy NSC in their name. You can also open multiple NSC accounts simultaneously.
The scheme matures after 5 years
Another advantage of NSC is that you do not have to deposit money for a very long time. This scheme matures in just 5 years. The interest is compounded on an annual basis and guaranteed returns are available. The interest for 5 years is calculated according to the interest rate that was applicable at the time of your investment. Even if the interest rate changes in the meantime, it does not affect your account. Tax exemption is available on the amount deposited under Section 80C, that is, you can get tax exemption on deposits up to Rs 1.50 lakh every year.
No facility of partial withdrawal
Like other schemes, there is no partial withdrawal in this. This means that you will get the entire amount at once only after 5 years. Premature closure can also be done only in special circumstances like-
On the death of one or all the account holders in a single account or joint account
On seizure by the mortgagee being a gazetted officer.
On the order of the court.
How much will you get if you deposit 10 lakhs
If you invest 10 lakh rupees in National Savings Certificate, then according to the interest rate of 7.7, you will get 4,49,034 rupees only as interest which is almost 4.5 lakhs. In such a situation, after 5 years you will get a total amount of 14,49,034 rupees. If you also want to invest in this scheme, then you can avail its benefits in any post office of the country.
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