National Savings Certificates now have a five-year maturity with specified yearly interest accruals and reinvestment. Certificates purchased on or after 1 July 2019 shall have a five-year maturity period. For a Rs.100 certificate the amount payable on encashment after maturity is Rs.146.25 and annual interest accrues in specified amounts for each year; interest accrued at each year-end up to the end of the fourth year is deemed reinvested and aggregated with the face value. Proportionate rates apply to other denominations.
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Provisions expressly mentioned in the judgment/order text.
National Savings Certificates now have a five-year maturity with specified yearly interest accruals and reinvestment.
Certificates purchased on or after 1 July 2019 shall have a five-year maturity period. For a Rs.100 certificate the amount payable on encashment after maturity is Rs.146.25 and annual interest accrues in specified amounts for each year; interest accrued at each year-end up to the end of the fourth year is deemed reinvested and aggregated with the face value. Proportionate rates apply to other denominations.
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