E-mail ID : nsi nsiindia. Ministry Head Quarter Regional Centers. National Savings Institute Add Favourite. Contact Us. About NSI. Act Rule. Data and Statistics. International Co-operation. Organisation Chart. Investors Grievances Redressal.
Extension Agencies. The amount is payable on maturity to all the individuals who are shared holders of the certificate. In the event that the certificate has to be transferred or revoked, or a nominee needs to be switched, a signature is required from both the joint holders.
Joint B type certificate pays the maturity amount to any of the 2 joint certificate holders which is the major difference between Joint A and Joint B type certificate. This maturity payment is not allowed to both the certificate holders in case of Joint A type holding as discussed above. NSCs can not currently be purchased online, hence you have to do it manually by following the below given process. National Savings Certificate NSC is among the tax saving investment that offers investment tax deduction at a recommended upper ceiling authorised by the Department of Income Tax.
A group of people are putting their money into NSCs as part of the investment in tax saving. There are some other tax saving strategies that include an investment tax cut of Rs 1.
Two forms of National Savings Certificate are accessible, i. NSCs receive interest rate that is compounded on an annual basis and payable when the maturity term is completed. Under the new NSC transfer rules, a National Savings Certificate can only be transferred once during the period of its term. NSC can only be transferred after one year from the date of issuance.
This provision is not applicable if the transfer is made at the death of a joint holder to a family member, legal heir to a deceased holder, on legal procedures or to existing heirs. The transferee must be eligible to purchase the certificate for transfer. Ans: Article 16 1 of the Indian Constitution allows premature withdrawal from the National Savings Certificate NSC account only under the following conditions: 1 on the death of the holder or one of the holders in the case of joint holders.
However, if you cannot wait until maturity, the only option for you is to borrow from a bank by promising the NSC under rule 12 of subsection 16 1. This rule specifies that the NSC can be pledged on a request to the postmaster of your post office, giving him the mandate to transfer the certificates in guarantee to one of these parties:. Effective Apr, the income tax benefits will depend upon whether you choose old tax system or new tax system. The deposit amount up to Rs.
The yearly interest accrued in this scheme is considered to be re-invested under Section 80C of Income Tax Act and hence eligible for tax deduction. So, "Income from other sources" and "deduction under Section 80C" cancel each other and make this scheme tax free on interest. Only the interest earned in the last year 5 th year is taxable as it is not re-invested and it is paid back to the investor.
No income tax benefits. The deposit amount won't get any deduction benefit under section 80C of Income Tax Act. Discharge of certificate:- 1 The person entitled to receive the amount due under a certificate shall, on its encashment, sign on the back thereof in token of having received the payment.
Payment to heirs:- 1 If a person dies and is at the time of his death the holder of a Savings Certificate and there is no nomination in force at the time of his death and probate of his will or letters of administration of his estate or a succession certificate granted under the Indian Succession Act, 39 0f is not, within three months of the death of the holder, produced to the authority specified in the Table to sub-rule 2 , and if the sum due on all Savings Certificates does not exceed one lakh rupees inclusive of the sum due on the Savings Certificates issued from time to time and held by the deceased , the authority mentioned in the Table to sub-rule 2 may pay the same to any person appearing to it to be entitled to receive the sum or to administer the estate of the deceased.
Name of authority. Limit in Rs. Time Scale Departmental Sub-Postmasters. Sub-Postmasters in Lower Selection Grade. In Mumbai and Kolkata. Headquarter and Region. Encashment of Certificates held by Army, Air Force and Navy Personnel:- Where a certificate is held by a person who is subject to the Army Act, 46 of or the Air Force Act, 45 of or the Navy Act, 62 of and such person dies or deserts, the Commanding Officer of the Corps, department, detachment, unit or ship to which the deceased or deserter belonged, or the Committee of Adjustment, as the case may be, may send a requisition to the officer-in-charge of the post office where the certificate stand registered to pay him the amount due under the certificate ; and the Officer incharge of the Post Office shall be bound to comply with such requisition even though there is in force at the time of death or desertion of the account holder a nomination made in favour of any person.
Explanation:- The aforesaid requisition must be made under Section-3 or Section-4 of the Army and Air Force Disposal of Private Property Act, 40 of in the case of a person belonging to the Army or the Air Force, or under Section or Section of the Navy Act, 62 of in the case of a person belonging to the Navy. Rights of nominees:- 1 In the case of death of the holder of a certificate in respect of which a nomination is in force, the nominee or nominees shall be entitled at any time before or after the maturity of the certificate to Note:- When there is a nomination in favour of single nominee or two adult nominees, the post office of registration may, on an application made in that behalf, issue a fresh certificate in the name of such nominee or nominees jointly as the case may be.
Conversion from one denomination to another:- 1 Certificates of lower denomination may be exchanged for a certificate or certificates of higher denomination of the same aggregate face value or a certificate of higher denomination may be exchanged for the certificates of lower denomination of the same aggregate face value;. Provided that certificates bearing different dates shall not be combined for being exchanged for certificate or certificates of higher denomination.
Income-tax:- Interest on these certificates shall liable to tax under the Income-tax, 43 of on the basis of the annual accrual specified in rule 15 but no tax shall be deducted at the time of payment of discharge value. Fees :- 1 A fee of rupees five shall be chargeable in respect of the following transactions namely Explanation:- The fee to be charged for a conversion under clause iv shall be based on the number of certificates required to be issued on such conversion.
Provided that no fee shall be charged on an application for registration of the first nomination. Responsibility of the Post Office:- The Post Office shall not be responsible for any loss caused to a holder by any person obtaining possession of a certificate and fraudulently encashing it.
Rectification of mistakes:- The Department of Posts or the Postmaster General or heads of Postal Divisions in their respective jurisdictions, may either suomoto or upon an application by any person interested in any certificate issued in pursuance of these rules, rectify any clerical or arithmetical mistake with respect to that certificate, provided that it does not involve any financial loss to the Government or to any such person.
Power to relax:- Where the Central Government is satisfied that the operation of any of the provisions in these rules causes undue hardship to the holder of a certificate, it may, by order, for reasons to be recorded in writing, relax the requirements of that provision in a manner not inconsistent with the provisions of the Act.
E-mail ID : nsi nsiindia. Ministry Head Quarter Regional Centers. Period from the date of the certificate to the date of its encashment Amount payable inclusive of interest in rupees 1. National Savings Institute Add Favourite. Contact Us. About NSI. Act Rule. Data and Statistics. International Co-operation. Organisation Chart.
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