India 1953 50R Post Office National Savings Certificate front and back

National Savings Certificates, popularly known as ''NSC'', is an Indian Government

savings bond A savings bond is a government bond designed to provide funds for the issuer while also providing a relatively safe investment for the purchaser to save money, typically a retail investor. The earliest savings bonds were the war bond programs of Wor ...

, primarily used for small savings and

income tax An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Tax ...

saving investments in

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...

. It is part of the

postal savings system Postal savings systems provide depositors who do not have access to banks a safe and convenient method to save money. Many nations have operated banking systems involving post offices to promote saving money among the poor. History In 1861, G ...

India Post India Post is a government-operated postal system in India, part of the Department of Post under the Ministry of Communications. Generally known as the Post Office, it is the most widely distributed postal system in the world. Warren Hastings ...

. These can be purchased from any Post Office in

by an adult (either in his/her own name or on behalf of a minor), a minor, a trust, and two adults jointly. These are issued for five and ten year maturity and can be pledged to banks as collateral for availing loans. The holder gets the tax benefit under Section 80C of Income Tax Act, 1961. Other similar government savings schemes in India include: Public Provident Fund (PPF), Post Office Fixed Deposit, Post Office Recurring Deposit, etc. The certificates were heavily promoted by the Indian government in the 1950s after India's independence, to collect funds for nation-building

Discontinuation of Physical Certificate

As of April 2016,

Ministry of Finance A ministry of finance is a part of the government in most countries that is responsible for matters related to the finance. Lists of current ministries of finance Named "Ministry" * Ministry of Finance (Afghanistan) * Ministry of Finance and Ec ...

enabled purchasing and redeeming of these bonds in electronic form and financial institutions no longer issue a physical pre-printed certificate.

References

External links

{{commons category, National Savings in India
National Savings Certificates (NSC)
at

Revision of interest rates for small savings schemes 26 March 2012

Revision of interest rates for small savings schemes 31 March 2015

Revision of interest rates for small savings schemes 29 September 2017

Revision of interest rates for small savings schemes 27 December 2017

Revision of interest rates for small savings schemes 28 March 2018
Tax-advantaged savings plans in India Postal system of India Government bonds issued by India Postal savings system

Discontinuation of Physical Certificate

See Also

References

External links