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of <h1>National Savings Certificates purchases: Rule 15-16 revise five-year maturity, interest schedule, and premature encashment payouts from 1 April 2014</h1> Rule 15 is amended to extend the applicability of the earlier interest/maturity provisions for National Savings Certificates (VIII Issue) purchased on or after 1 April 2013 to those purchased before 1 April 2014, thereby limiting those terms to that purchase window. A new rule 15(6D) prescribes that certificates purchased on or after 1 April 2014 have a five-year maturity from the date of issue, specify year-wise interest accrual and reinvestment up to the fourth year, and fix the maturity value payable on encashment after maturity (with proportional amounts for other denominations), thereby resetting the interest schedule and maturity proceeds for post-1 April 2014 purchases. Rule 16 is amended to insert revised post-three-year premature encashment payouts for certificates purchased on or after 1 April 2014, thereby prescribing tranche-wise amounts payable (after discount adjustment) for early encashment before five years.
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