Maturity and interest rules for National Savings Certificates revised; encashment and reinvestment terms clarified, effective retrospectively. Amendment fixes the maturity period of National Savings Certificates purchased on or after 1 April 2013 at five years; specifies annual interest accrual for each of the first five years per Rs.100 denomination with accruals for years one through four deemed reinvested and aggregated with face value; and prescribes tiered encashment amounts for certificates encashed after three years but before five years, stated for Rs.100 denomination and proportionately for other denominations.
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Maturity and interest rules for National Savings Certificates revised; encashment and reinvestment terms clarified, effective retrospectively.
Amendment fixes the maturity period of National Savings Certificates purchased on or after 1 April 2013 at five years; specifies annual interest accrual for each of the first five years per Rs.100 denomination with accruals for years one through four deemed reinvested and aggregated with face value; and prescribes tiered encashment amounts for certificates encashed after three years but before five years, stated for Rs.100 denomination and proportionately for other denominations.
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