National Savings Certificates: five year maturity, annual interest accruals with reinvestment, and tiered early encashment rates. The amendment sets a five year maturity period for National Savings Certificates purchased on or after 1 April 2014, prescribes annual interest accruals for a Rs.100 denomination with accrued interest through year four deemed reinvested and aggregated with face value, and specifies proportionate rates for other denominations. It also provides a tiered table fixing amounts payable on encashment after three years but before maturity, and substitutes transitional date references so purchases between 1 April 2013 and 1 April 2014 remain under prior rules.
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Provisions expressly mentioned in the judgment/order text.
National Savings Certificates: five year maturity, annual interest accruals with reinvestment, and tiered early encashment rates.
The amendment sets a five year maturity period for National Savings Certificates purchased on or after 1 April 2014, prescribes annual interest accruals for a Rs.100 denomination with accrued interest through year four deemed reinvested and aggregated with face value, and specifies proportionate rates for other denominations. It also provides a tiered table fixing amounts payable on encashment after three years but before maturity, and substitutes transitional date references so purchases between 1 April 2013 and 1 April 2014 remain under prior rules.
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