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[Cites 0, Cited by 0] [Section 15] [Entire Act]

Union of India - Subsection

Section 15(1) in National Savings Certificates (VIII Issue) Rules, 1989

(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.