National Savings Certificates have a five-year term with prescribed maturity values, annual accruals, and a rounding rule for payouts. Certificates mature after a five-year fixed term and are repayable on application in Form-2. The scheme fixes maturity values per Rs.1000 for different enrolment periods, with proportionate adjustments for other denominations and a rounding rule treating fifty paisa or more as one rupee. Annual interest accrues per prescribed tables by purchase period, and interest accrued at each year end up to the fourth year is deemed reinvested and aggregated with the certificate face value; accounts office issues annual accrual certificates on demand.
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.
National Savings Certificates have a five-year term with prescribed maturity values, annual accruals, and a rounding rule for payouts.
Certificates mature after a five-year fixed term and are repayable on application in Form-2. The scheme fixes maturity values per Rs.1000 for different enrolment periods, with proportionate adjustments for other denominations and a rounding rule treating fifty paisa or more as one rupee. Annual interest accrues per prescribed tables by purchase period, and interest accrued at each year end up to the fourth year is deemed reinvested and aggregated with the certificate face value; accounts office issues annual accrual certificates on demand.
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