NSC Calculator
An investment scheme that can be opened at any post office across India is the National Savings Certificate (NSC).
This project was implemented by the Indian government to encourage saving among individuals with low and moderate incomes. The tenure of the scheme is 5 years, and the rate of interest is 7.7% p.a.
The minimum deposit that must be made towards the scheme is Rs.1,000. There is no cap to the maximum deposit. NSC is a safe and low-risk investment, similar to other fixed-income investments like PPF and Post Office fixed deposits.
NSC Interest Rate and Maturity Period
The NSC VIII Issue can be purchased at any post office in India. The maturity period and interest rates are mentioned below:
Maturity Period | 5 years |
Interest Rate | 7.7% p.a. (From 1 September 2023) |
Minimum Amount | Rs.1,000 |
Tax Benefits | Under Section 80C of the Income Tax Act |
For example, if you invest Rs.1,000 towards the scheme, at the end of the 5-year period you will receive Rs.1,449.
How to buy NSC
You need to visit the nearest branch of your post office with original copies of identity proof and address proof. The below-mentioned steps must be followed to purchase an NSC Certificate:
Step 1: First, fill the application form and enter all required information.
Step 2: Produce your original documents such as ID proof and address proof for verification.
Step 3: Once verification is done, you need to pay the amount either via cash, cheque or demand draft drawn in favour of the postmaster.
Step 4: Then choose a nominee and get a witness signature done to complete the whole process.
Benefits of Using NSC Calculator
An NSC's interest and maturity amount can be difficult and time-consuming to calculate. The interest is compounded on an annual basis. The NSC calculator helps you know about the growth of your investment. The benefits of using the NSC calculator are as follows:
- The NSC calculator is simple to use and understand.
- The calculations are accurate; you do not have to double-check them.
- It saves time since you do not need to perform the calculations manually.
- It is free and can be accessed at any time.
The Steps to Invest in NSC Online are as Follows:
Step 1: Log into (Department of Posts) DOP internet banking.
Step 2: Select 'Service Requests' from the 'General Services' section.
Step 3: Select the ‘New Requests’ option.
Step 4: Click on the ‘NSC Account – Open an NSC Account (For NSC)’ option.
Step 5: Enter the minimum deposit amount.
Step 6: Select the debit account that is linked to your PO savings account.
Step 7: Select ‘Click Here’ to go through the terms and conditions.
Step 8: Submit your application and enter the transaction password.
Step 9: To view or download the deposit receipt, click on the ‘Submit’ option.
You can check the details of the NSC account by logging in again.
For more information, Check out related articles: Loan Against NSC, NSC Tax Benefits, NSC Withdrawal Rules & NSC Rules and Guidelines
NSC Interest Calculator
A National Savings Certificate holder can calculate how much interest they would receive by investing in NSC by using an NSC Calculator. You can visit https://www.incometaxindia.gov.in/Pages/tools/interest-on-national-savings-certificate.aspx to calculate the amount of interest that will be earned. The below-mentioned details must be entered to calculate the interest:
- The NSC Type.
- The year the NSC was purchased.
- The amount of investment.
Once the following details are entered, the calculator will reveal the total interest amount accrued so far. The interest paid on a National Savings Certificate is compounded annually and is paid at the time of maturity. The annual interest earned on NSC can be reinvested and qualifies for tax exemption under section 80C of the Indian Income Tax Act, 1961.
NSC Maturity Calculator
In order to know the maturity value of your maturity, you need to put the following information in the NSC Maturity Calculator:
- Date of purchase of your NSC.
- Total NSC amount.
- Total years of completion after purchase.
- Applicable rate of interest.
Once you put all these details in the Online NSC Calculator, the National saving certificate calculator will show the total accrued interest, interest accrued in the previous year and the total amount payable at maturity.
Thus, calculating interest on National Savings Certificates has been made easy by the online NSC calculator.
FAQs on NSC Calculator
- What is the minimum and maximum amount that can be deposited towards the NSC scheme?
The minimum amount that must be deposited towards the scheme is Rs.1,000. There is no maximum limit.
- Can I withdraw my NSC before it matures?
The NSC has a lock-in period of five years. However, in the event of the account holder's untimely demise or a court order, premature withdrawals are allowed.
- What is the current rate of interest that is offered by the NSC scheme?
As of FY 2023-24, the rate of the interest that is offered by the scheme is 7.7%. The interest is compounded on an annual basis and is paid out at the time of maturity.
- Are there any tax benefits provided for investments made towards the scheme?
Under Section 80C of the Income Tax Act, 1961, tax benefits are provided for deposits made towards the scheme.
- When my NSC reaches maturity, how can I get money?
You may withdraw the amount when the investment reaches maturity. The option to transfer it to your bank account is also available. The investment will yield interest if you do not withdraw the money. For the first two years, the rate of interest will be similar to a post office savings account. After that, no interest will be generated by the investment.
- Is a passbook provided after I invest in the NSC scheme?
Yes, a passbook will be provided once you have invested in the NSC scheme.
- How many NSCs can I buy?
The number of NSCs that you can purchase does not have any limit.
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