The scheme “National Savings Certificates (VIII-Issue) Scheme” was launched by the Department of Economic Affairs, Ministry of Finance, Government of India to promote a culture of...
National Savings Certificates offer an attractive interest rate of 7.7% compounded annually but payable at maturity.
No maximum deposit limit.
Account matures in 5 years.
Loan facility available by pledging with the banks.
Eligibility (who can apply)
Any individual who is a resident of India can avail of the benefits under the scheme.
On behalf of a minor or a person of unsound mind, the guardian can apply under the scheme.
The minimum age of minors should be 10 years.
> **Deposits:**
A minimum of â‚ą1000/- and any sum in multiples of â‚ą100/- may be deposited in an account.
There shall be no maximum limit for deposits in an account or in accounts held by an account holder.
An individual may open any number of accounts.
> **Payment on Maturity:**
The deposit shall mature on completion of 5 years from the date of the deposit. The amount of maturity may be repaid to the account holder after submitting the specified form to the accounts office.
The maturity value of an account opened with one thousand rupees shall be One thousand four hundred sixty-two rupees and fifty-four paisa and proportionate for deposits made with any other sum. In the calculation of maturity value, any amount in fraction of a rupee shall be rounded off to the nearest rupee and for this purpose, any amount of fifty paisa or more shall be treated as one rupee, and any amount less than fifty paisa shall be ignored.
A certificate of annual accrual of interest shall be issued by the accounts office, on demand, to the account holder.
How to Apply
**Offline**
> **Application process:**
**Step 01:** The applicant can visit the nearest Post Office Branch or a designated bank.
**Step 02:** Collect the applicant form or [download](https://www.indiapost.gov.in/VAS/DOP_PDFFiles/Savings%20Bank/National%20Savings%20Certificates%20%28VIIIth%20Issue%29%20Scheme%20%202019%20English.pdf) it from the [official website](https://www.nsiindia.gov.in/(S(laomrj450aigbj55zl05zcnq))/InternalPage.aspx?Id_Pk=38).
**Step 03:** Fill out the application form and attach all the required documents.
**Step 04:** Fill out the declaration and nomination details.
**Step 05:** Submit the application form with an initial amount of investment/deposit.
**Step 06:** Upon processing your application, an acknowledgment of the same will be provided marking the initiation of your NSC account.
Frequently Asked Questions
Who is eligible for National Savings Certificates (VIII-Issue) Scheme / what is the eligibility?
1. Any individual who is a resident of India can avail of the benefits under the scheme.
1. On behalf of a minor or a person of unsound mind, the guardian can apply under the scheme.
1. The minimum age of minors should be 10 years.
> **Deposits:**
- A minimum of â‚ą1000/- and a...
What are the benefits of National Savings Certificates (VIII-Issue) Scheme?
1. National Savings Certificates offer an attractive interest rate of 7.7% compounded annually but payable at maturity.
1. No maximum deposit limit.
1. Account matures in 5 years.
1. Loan facility available by pledging with the banks.
How to apply online for National Savings Certificates (VIII-Issue) Scheme?
**Offline**
> **Application process:**
**Step 01:** The applicant can visit the nearest Post Office Branch or a designated bank.
**Step 02:** Collect the applicant form or [download](https://www.indiapost.gov.in/VAS/DOP_PDFFiles/Savings%20Bank/National%20Savings%20Certificates%20%28VII...