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Union of India - Section

Section 7 in National Savings Time Deposit Scheme, 2019

7. Rate of Interest.

(1)The rate of interest as specified in the table below shall be applicable to the deposits under the Scheme.
S.No. Category of account Rate of interest (per cent. per annum)
(1) (2) (3)
1. One-year 6.9
2. Two-year 6.9
3. Three-year 6.9
4. Five-year 7.7
(2)Interest shall be compounded on quarterly basis and payable to the account holder at the end of each year during the period of deposit.
(3)Where the interest contains part of a rupee and if such part is fifty paisa or more, it shall be rounded off to one complete rupee and if such part is less than fifty paisa, it shall be ignored.
(4)The rate applicable on the date of opening of the account shall apply till maturity.
(5)The interest shall be payable annually and the year shall be reckoned from the date on which the account is opened.
(6)If the date of payment of interest falls on a non-working day, the payment shall be deemed to be due on the working day immediately preceding.
(7)No additional interest shall be payable on the amount of interest that has become due for payment but not withdrawn by the account holder.
(8)The annual interest may be credited to the savings account of the account holder at his option.