National Savings Certificates: five-year maturity with specified annual interest accrual and staged early-encashment values. Certificates purchased on or after 1 April 2017 carry a five-year maturity from issue. Annual interest amounts per Rs.100 denomination are specified for each year, with interest for the first four years deemed reinvested and aggregated into the certificate's face value; the fifth-year interest accrues to be paid on encashment. Encashment after expiry yields Rs.146.25 per Rs.100 (proportionate for other denominations). For encashment between three and five years, staged payable amounts per Rs.100 denomination are prescribed for four sub-period bands, with proportional rates for other denominations and adjustment for discount.
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 Certificates: five-year maturity with specified annual interest accrual and staged early-encashment values.
Certificates purchased on or after 1 April 2017 carry a five-year maturity from issue. Annual interest amounts per Rs.100 denomination are specified for each year, with interest for the first four years deemed reinvested and aggregated into the certificate's face value; the fifth-year interest accrues to be paid on encashment. Encashment after expiry yields Rs.146.25 per Rs.100 (proportionate for other denominations). For encashment between three and five years, staged payable amounts per Rs.100 denomination are prescribed for four sub-period bands, with proportional rates for other denominations and adjustment for discount.
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