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Home  ❯  Finance  ❯  NSC Scheme & Rules, 2019

National Savings Certificates (VIII Issue) Scheme & Rules, 2019

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NOTIFICATION No. G.S.R. 919(E) dated 12th December 2019

In exercise of the power conferred by Section 3 of the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby makes the following scheme, namely:-

(1) In this scheme, unless the context otherwise requires.

(2) Words and the expressions used herein but not defined shall have the meanings respectively assigned to them in the Act and the General Rules.

TABLE

The year for which interest accruesAmount of interest (rupees) accruing on certificate of 1000 rupees denomination
First Year79.00
Second Year85.24
Third Year91.98
Fourth Year99.24
Fifth Year107.08

Note: The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the said Table.


Period from the date of the account to the date of its pre-mature closureAmount payable inclusive of interest (Rupees)
(1)(2)
Three years or more, but less than three years and six months1221.61
Three years and six months or more, but less than four years1263.05
Four years or more, but less than four years and six months1305.90
Four years and six months or more, but less than five years1350.20

An account may be transferred from one individual to another, subject to the condition that the transferee is eligible to open an account under this Scheme, in the following cases, namely:-

Provisions of the General Rules shall, so far as may be, apply in relation to the matters for which no provisions have been made in this Scheme.
Where the Central Government is satisfied that the operation of any of the provisions of this Scheme causes undue hardship to an account holder, it may, by order for reasons to be recorded in writing, relax the requirements of that provision or provisions in a manner not inconsistent with the provisions of the Act.

Updated : Dec 16, 2019