Encashment on maturity: certificates accrue annual interest with reinvestment rules and purchase cohort payout schedules. The Rule fixes a maturity period for National Savings Certificates and prescribes the encashment amount inclusive of interest for a reference denomination, together with year by year interest accrual tables. Interest accrued is deemed reinvested and aggregated with face value up to specified years depending on purchase cohort; different purchase cohorts have distinct total encashment amounts and annual interest schedules, and interest for other denominations is proportionate to the reference tables.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Encashment on maturity: certificates accrue annual interest with reinvestment rules and purchase cohort payout schedules.
The Rule fixes a maturity period for National Savings Certificates and prescribes the encashment amount inclusive of interest for a reference denomination, together with year by year interest accrual tables. Interest accrued is deemed reinvested and aggregated with face value up to specified years depending on purchase cohort; different purchase cohorts have distinct total encashment amounts and annual interest schedules, and interest for other denominations is proportionate to the reference tables.
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