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Union of India - Section

Section 5 in National Savings Certificates (VIII Issue) Scheme, 2019

5. Payment on Maturity.

(1)The deposit shall mature on completion of five years from the date of the deposit. Amount of maturity may be repaid to the account holder on an application in Form-2 submitted to the accounts office.
(2)The maturity value of an account opened with one thousand rupees shall be One thousand four hundred sixty two rupees and fifty four paisa and proportionate for deposits made with any other sum as per subparagraph (1) of paragraph 4. In calculation of maturity value, any amount in fraction of a rupee shall be rounded off to the nearest rupee and for this purpose, any amount of fifty paisa or more shall be treated as one rupee and any amount less than fifty paisa shall be ignored.
(3)A certificate of annual accrual of interest shall be issued by the accounts office, on demand, to the account holder. The interest as specified in the Table below shall accrue to the holder or holders of the certificate at the end of each year and the interest so accrued at the end of each year upto the end of the fourth year shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount of face value of the certificate.TABLE
The year for which interest accrues Amount of interest (rupees) accruing oncertificate of 1000 rupees denomination
First Year 79.00
Second Year 85.24
Third Year 91.98
Fourth Year 99.24
Fifth Year 107.08
Note. - The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the said Table.