National Savings Certificates: Amendment sets maturity value and interest schedule for accounts opened from Jan 1, 2023. Amendment prescribes maturity value, interest accrual and premature-closure payments for National Savings Certificates and accounts opened on or after 1 January 2023: Rs.1000 deposits mature at Rs.1,402.55 with fractional rupee rounding (50 paise up); a five year per year interest schedule for Rs.1000 certificates is specified and applies proportionately to other denominations; premature closure amounts for specified intervals between three and five years are set. Prior transitional purchases are confined to 1 April 2020-31 December 2022.
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Provisions expressly mentioned in the judgment/order text.
National Savings Certificates: Amendment sets maturity value and interest schedule for accounts opened from Jan 1, 2023.
Amendment prescribes maturity value, interest accrual and premature-closure payments for National Savings Certificates and accounts opened on or after 1 January 2023: Rs.1000 deposits mature at Rs.1,402.55 with fractional rupee rounding (50 paise up); a five year per year interest schedule for Rs.1000 certificates is specified and applies proportionately to other denominations; premature closure amounts for specified intervals between three and five years are set. Prior transitional purchases are confined to 1 April 2020-31 December 2022.
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