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National Savings Certificates set maturity encashment at Rs.190.12 per Rs.100; interest accrues annually and reinvests. Amendment fixes maturity encashment at Rs.190.12 per Rs.100 for certificates purchased on or after 15 January 2000, with other denominations proportionately calculated. Annual interest accrues at specified rates and interest accrued at the end of each year up to the fifth year is deemed reinvested and aggregated with the face value. Interest schedule for Rs.100: Year1 Rs.11.30; Year2 Rs.12.50; Year3 Rs.14.00; Year4 Rs.15.58; Year5 Rs.17.35; Year6 Rs.19.31.
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Provisions expressly mentioned in the judgment/order text.
National Savings Certificates set maturity encashment at Rs.190.12 per Rs.100; interest accrues annually and reinvests.
Amendment fixes maturity encashment at Rs.190.12 per Rs.100 for certificates purchased on or after 15 January 2000, with other denominations proportionately calculated. Annual interest accrues at specified rates and interest accrued at the end of each year up to the fifth year is deemed reinvested and aggregated with the face value. Interest schedule for Rs.100: Year1 Rs.11.30; Year2 Rs.12.50; Year3 Rs.14.00; Year4 Rs.15.58; Year5 Rs.17.35; Year6 Rs.19.31.
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