Amendment to National Savings Certificates updates five-year maturity, annual interest accrual, and staged encashment terms. The rules amend Certificates to provide a five-year maturity for certificates purchased on or after the effective date, prescribe annual interest accruals for five years with accruals at the end of each year through the fourth year deemed reinvested and aggregated with face value, and add an encashment schedule for certificates encashed after three years with proportionate amounts for other denominations.
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Amendment to National Savings Certificates updates five-year maturity, annual interest accrual, and staged encashment terms.
The rules amend Certificates to provide a five-year maturity for certificates purchased on or after the effective date, prescribe annual interest accruals for five years with accruals at the end of each year through the fourth year deemed reinvested and aggregated with face value, and add an encashment schedule for certificates encashed after three years with proportionate amounts for other denominations.
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