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Union of India - Section

Section 15 in National Savings Certificates (VIII Issue) Rules, 1989

15. Encashment on maturity.

(1)The maturity period of a certificate of any denomination shall be six years commencing from the date of the certificate. The amount, inclusive of interest, payable on encashment of a certificate at any time after the expiry of its maturity period shall be Rs.201.50 for denomination of Rs.100 and at proportionate rate for any other denomination. The interest as specified in the Table below shall accrue to the holder or holders of the certificate at the end of the each year and the interest so accrued at the end of each year upto the end of the fifth year, shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount of face value of the certificate.
The year for which interest accrues Amount of interest (Rs.) accruing oncertificate of Rs.100 denomination
First year 12.40
Second year 13.90
Third year 15.60
Fourth year 17.50
Fifth year 19.70
Sixth year 22.40
Note: - The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above.
(2)Where a certificate has been purchased on or after the 1st day of January, 1999 the amount, inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be Rs.195.60 for denomination of Rs.100 and at proportionate rate for any other denomination. The interest as specified in the Table below shall accrue to the holder or holders of the certificate at the end of the fifth year shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount of face value of the certificate.
The year for which interest accrues Amount of interest (Rs.) accruing oncertificate of Rs.100 denomination
First year 11.80
Second year 13.23
Third year 14.80
Fourth year 16.54
Fifth year 18.51
Sixth year 20.69
Note: - The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above.
(3)Where a certificate has been purchased on or after the 15th day of January, 2000 but before the 1st day of March, 2001, the amount, inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be Rs.190.12 for denomination of Rs.100 and at proportionate rate for any other denomination. 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 fifth year shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount of face value of the certificate.
The year for which interest accrues Amount of interest (Rs.) accruing oncertificate of Rs.100 denomination
First year 11.30
Second year 12.58
Third year 14.00
Fourth year 15.58
Fifth year 17.35
Sixth year 19.31
Note: - The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above.
(4)Where a certificate has been purchased on or after the 1st day of March, 2001 but before the 1st day of March, 2002, the amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be Rs.174.52 for denomination of Rs.100 and at proportionate rate for any other denomination. 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 fifth year shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount of face value of the certificate.
The year for which interest accrues Amount of interest (Rs.) accruing oncertificate of Rs.100 denomination
First year 9.72
Second year 10.67
Third year 11.71
Fourth year 12.85
Fifth year 14.10
Sixth year 15.47
Note: - The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above.
(5)[ Where a certificate has been purchased on or after the 1st day of March, 2002 but before the 1st day of March, 2003, the amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be Rs.169.59 for denomination of Rs.100 and at proportionate rate for any other denomination. 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 fifth year shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount of face value of the certificate.
The year for which interest accrues Amount of interest (Rs.) accruing oncertificate of Rs.100 denomination
First year 9.20
Second year 10.05
Third year 10.97
Fourth year 11.98
Fifth year 13.09
Sixth year 14.29
Note: - The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above.]
(6)Where a certificate has been purchased on or after the [1st day of December, 2011,] [Substituted '1st day of March, 2003' by Notification F.NO.1/7/2011-NS-II, dated 25.11.2011 (w.e.f. 8.5.1989).] the amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be Rs.160.10 for denomination of Rs.100 and at proportionate rate for any other denomination. 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 fifth year shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount of face value of the certificate.
The year for which interest accrues Amount of interest (Rs.) accruing oncertificate of Rs.100 denomination
First year 8.16
Second year 8.83
Third year 9.55
Fourth year 10.33
Fifth year 11.17
Sixth year 12.08
Note: - The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above.
(6A)[ Where a certificate has been purchased on or after the 1st day of December, 2011 [1st day of April, 2012,] [Inserted by Notification F.NO.1/7/2011-NS-II, dated 25.11.2011 (w.e.f. 8.5.1989).] the maturity period of a certificate of any denomination, shall be five years, commencing from the date of issue of the; certificate. The amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be Rs 150.90 for denomination of Rs. 100 and at proportionate rate for any other denomination. 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 up to 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.
The year for which interest accrues Amount of interest (rupees) accruing oncertificate of Rs. 100 denomination
First year 8.58
Second year 9.31
Third year 10.11
Fourth year 10.98
Fifth year 11.92
Note: The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above].
(6B)[ Where a certificate has been purchased on or after the [1st day of April, 2013] [Inserted by Notification No. G.S.R. 318(E), dated 25.4.2012 (w.e.f. 8.5.1989).] the maturity period of a certificate of any denomination, shall be five years, commencing from the date of issue of the certificate. The amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be Rs. 152.35 for denomination of Rs. 100 and at proportionate rate for any other denomination. 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.
The year for which interest accrues Amount of interest (rupees) accruing oncertificate of Rs. 100 denomination
First Year 8.78
Second Year 9.56
Third Year 10.40
Fourth Year 11.31
Fifth Year 12.30
Note. The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above.]
(6C)[ Where a certificate has been purchased on or after the [1st day of April, 2014] [Inserted by Notification No. G.S.R. 397(E), dated 25.6.2013 (w.e.f. 8.5.1989).] the maturity period of a certificate of any denomination, shall be five years, commencing from the date of issue of the certificate. The amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be Rs. 151.62 for denomination of Rs. 100 and at proportionate rate for any other denomination. 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 up to 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.
The year for which interest accrues Amount of interest (rupees) accruing oncertificate of Rs. 100 denomination
First Year 8.68
Second Year 9.43
Third Year 10.25
Fourth Year 11.14
Fifth Year 12.11
Note: The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above]
(6D)[ Where a certificate has been purchased on or after the [1st day of April, 2016] [Inserted by Notification No. G.S.R. 494(E), dated 11.7.2014 (w.e.f. 8.5.1989).], the maturity period of a certificate of any denomination, shall be five years, commencing from the date of issue of the certificate and the amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be Rs 151.62 for denomination of Rs. 100 and at proportionate rate for any other denomination, and 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 Rs. 100 denomination
First Year 8.68
Second Year 9.43
Third Year 10.25
Fourth Year 11.14
Fifth Year 12.11
Note. - The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above.]
(6E)[ Where a certificate has been purchased on or after the [1st day of October, 2016] [Inserted by Notification No. G.S.R. 354(E), dated 29.3.2016 (w.e.f. 8.5.1989).] the maturity period of a certificate of any denomination, shall be five years, commencing from the date of issue of the certificate. The amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be Rs. 147.61 for denomination of Rs. 100 and at proportionate rate for any other denomination. 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 Rs. 100 denomination
First Year 8.10
Second Year 8.76
Third Year 9.46
Fourth Year 10.23
Fifth Year 11.06
Note. - The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above.]
(6F)[ Where a certificate has been purchased on or after the [1st day of April, 2017] [Inserted by Notification No. G.S.R. 944(E), dated 30.9.2016 (w.e.f. 8.5.1989).] the maturity period of a certificate of any denomination, shall be five years, commencing from the date of issue of the certificate. The amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be Rs. 146.93 for denomination of Rs. 100 and at proportionate rate for any other denomination. 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 Rs. 100 denomination
First Year 8.0
Second Year 8.64
Third Year 9.33
Fourth Year 10.08
Fifth Year 10.88
Note. - The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above.]
(6G)[ Where a certificate has been purchased on or after the [1st day of July 2017] [Inserted by Notification No. G.S.R. 382(E), dated 31.3.2017 (w.e.f. 8.5.1989).] the maturity period of a certificate of any denomination, shall be five years, commencing from the date of issue of the certificate. The amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be Rs. 146.25 for denomination of Rs. 100 and at proportionate rate for any other denomination. 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 Rs. 100 denomination
First Year 7.9
Second Year 8.52
Third Year 9.20
Fourth Year 9.93
Fifth Year 10.70
Note. - The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above.]
(6H)[ Where a certificate has been purchased on or after the [1st day of October, 2017] [Inserted by Notification No. G.S.R. 863(E), dated 30.6.2017 (w.e.f. 8.5.1989).] the maturity period of a certificate of any denomination, shall be five years, commencing from the date of issue of the certificate. The amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be Rs. 145.58 for denomination of Rs. 100 and at proportionate rate for any other denomination. 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 Rs. 100 denomination
First Year 7.80
Second Year 8.41
Third Year 9.06
Fourth Year 9.77
Fifth Year 10.55
Note. - The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above.]
(6I)[ Where a certificate has been purchased on or after the [1st day of October, 2018] [Inseretd by Notification No. G.S.R. 30(E), dated 1.1.2018 (w.e.f. 8.5.1989).] the maturity period of a certificate of any denomination, shall be five years, commencing from the date of issue of the certificate. The amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be Rs. 144.23 for denomination of Rs. 100 and at proportionate rate for any other denomination. 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 Rs. 100 denomination
First Year 7.60
Second Year 8.18
Third Year 8.80
Fourth Year 9.47
Fifth Year 10.19
Note. - The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above.]
(6J)[ Where a certificate has been purchased on or after the [1st day of July, 2019,] [Inseretd by Notification No. G.S.R. 957(E), dated 28.9.2018 (w.e.f. 8.5.1989).] the maturity period of a certificate of any denomination, shall be five years, commencing from the date of issue of the certificate. The amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be Rs. 146.93 for denomination of Rs.100.00 and at proportionate rate for any other denomination. 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 Rs. 100 denomination
First Year 7.60
Second Year 8.18
Third Year 8.80
Fourth Year 9.47
Fifth Year 10.19
Note. - The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above.]
(6K)[ Where a certificate has been purchased on or after the 1st day of July, 2019 the maturity period of a certificate of any denomination, shall be five years, commencing from the date of issue of the certificate. The amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be `146.25 for denomination of `100 and at proportionate rate for any other denomination. 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 Rs. 100 denomination
First Year 7.90
Second Year 8.52
Third Year 9.20
Fourth Year 9.92
Fifth Year 10.71
Note. - The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above]
(7)Mode of payment: - The amount payable at the time of encashment on maturity may be rounded off to the nearest multiple of one rupee and for this purpose any amount of 50 paise or more shall be treated as one rupee and any amount less than 50 paise shall be ignored.