National Savings Certificates: five-year maturity, specified annual interest accruals, and graduated encashment values for post Dec 2011 purchases. Amendment effective 1 December 2011: certificates purchased on or after that date have a five-year maturity and pay Rs.150.90 on encashment after maturity for Rs.100 denomination (pro rata for other denominations). Annual interest accrues at Rs.8.58, Rs.9.31, Rs.10.11, Rs.10.98 and Rs.11.92 per year for years one through five per Rs.100, with interest through year four deemed reinvested. A graduated encashment table specifies amounts payable per Rs.100 for encashment between three and five years, with discount adjustments where applicable.
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Provisions expressly mentioned in the judgment/order text.
National Savings Certificates: five-year maturity, specified annual interest accruals, and graduated encashment values for post Dec 2011 purchases.
Amendment effective 1 December 2011: certificates purchased on or after that date have a five-year maturity and pay Rs.150.90 on encashment after maturity for Rs.100 denomination (pro rata for other denominations). Annual interest accrues at Rs.8.58, Rs.9.31, Rs.10.11, Rs.10.98 and Rs.11.92 per year for years one through five per Rs.100, with interest through year four deemed reinvested. A graduated encashment table specifies amounts payable per Rs.100 for encashment between three and five years, with discount adjustments where applicable.
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