National Savings Certificate premature closure allowed only for death, valid pledge, or court order with tiered early redemption amounts. Premature closure is permitted only on death, valid pledge forfeiture by a Gazetted Officer, or court order. Closure within one year yields only principal; closure after one year but before three years yields interest at the Post Office Savings Account rate for complete months held. Closure after three years invokes tiered premature-closure tables that set the amount payable per 1000 rupees for specified sub-periods, with different tables applying according to the account opening period.
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 Certificate premature closure allowed only for death, valid pledge, or court order with tiered early redemption amounts.
Premature closure is permitted only on death, valid pledge forfeiture by a Gazetted Officer, or court order. Closure within one year yields only principal; closure after one year but before three years yields interest at the Post Office Savings Account rate for complete months held. Closure after three years invokes tiered premature-closure tables that set the amount payable per 1000 rupees for specified sub-periods, with different tables applying according to the account opening period.
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