You can open a post office savings account with a checkbook or without a checkbook facility and accordingly you have to maintain a minimum balance amount. Step 1: First of all you have to visit your nearest post office branch.
Better to find out the CBS post office branch as the process is faster. Download the NC form from the post office portal. The interest as specified in the Table below shall accrue to the holder or holders of the certificate at the end of the each year and the interest so accrued at the end of each year upto the end of the fifth year, shall be deemed to have been re-invested on behalf of the holder and aggregated with the amount of face value of the certificate.
The year for which interest accrues. Amount of interest Rs. First year. Second year. Third year. Fourth year. Fifth year. Sixth year. Note:- The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above. The interest as specified in the Table below shall accrue to the holder or holders of the certificate at the end of the fifth year shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount of face value of the certificate.
The interest as specified in the Table below shall accrue to the holder or holders of the certificate at the end of each year and the interest so accrued at the end of each year upto the end of fifth year shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount of face value of the certificate.
The amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be Rs The interest as specified in the Table below shall accrue to the holder or holders of the certificate at the end of each year and the interest so accrued at the end of each year upto the end of the fourth year shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount of face value of the certificate. Amount of interest rupees accruing on certificate of Rs.
First Year. Second Year. Third Year. Fourth Year. Fifth Year. Post-maturity interest:- Where repayment of the amount, inclusive of interest, under rule 15 has become due but has not been made, interest shall be allowed on the amount due from the date of maturity to the date of repayment of the amount subject to the following conditions, namely Premature encashment:- 1 Notwithstanding anything contained in rule 15 and subject to sub-rule 2 , 3 and 4 , a certificate may be prematurely encashed any time in any of the following circumstances, namely On encashment of the certificate, an amount equivalent to the face value of the certificate together with simple interest shall be payable.
Such simple interest shall be calculated on the face value at the rate applicable from time to time to single accounts under the Post Office Savings Account Rules, , for the complete months for which the certificate has been held. The difference between the aforesaid simple interest and the interest accruing under rule 15 shall be deemed to be discount. Period from the date of the certificate to the date of its encashment. Amount payable inclusive of interest in rupees.
Amount payable inclusive of interest Rupees. Three years or more, but less than three years and six months. Three years and six months or more, but less than four years. Four years or more, but less than four years and six months.
Subscribe Now. For Daily Alerts. For investment related articles, business news and mutual fund advise. Allow Notifications. You have already subscribed. Equity Mutual fund. Boost your returns from our latest financial news and tips! Notification Settings X Time Settings. Step 4: Upon processing your application, an acknowledgement of the same will be provided marking the initiation of your NSC account.
It is important that you stick to one of the methods mentioned above throughout the NSC tenure. Experts prefer that you choose Method 1 as the interest and income will be distributed throughout the tenure and does not accumulate to the last year.
To make this difference evident, here is a comparison table. You must know that the interest on NSC is compounded on a yearly basis. That is the interest you calculate on the principal amount invested in NSC should be added to the principal amount to get the principal amount for the second year.
You can calculate interest using our simple and compound interest calculator. Upon maturity, the NSC can be encashed at any Post Office branch and not necessarily at the branch where the account is held. When you want to encash the maturity amount, you have to carry the following documents with you:. Both these government-backed schemes are famous for years now. Though both these options come with minimal risk, they both have their own benefits and drawbacks.
You can choose between the two based on your investment objectives. NSC will take about When you submit the application form to open the NSC account along with the KYC documents, you will have to make the payment towards the same. You have to opt for the online passbook service for NSC account by informing the Post Office branch regarding the same. The executives will give you the internet banking credentials to be used.
Then, you can log into the account to view all the transaction details on your NSC account. This facility is available only at the select branches of Post Office. In order to transfer the NSC account from one Post Office branch to another, you have to submit an application at the old branch or the new branch. Further, the application must have the signatures of all the account holders in the case of Joint A or B account type.
Step 3: Select the account holder type and account type from the available options. Step 5: Specify the amount you would like to deposit to open the account in figures and words. IF providing cheque or DD, please write the serial number and date on it. Step 6: Now, provide all the personal and contact details of the applicants in the table 2. Step 7: All the applicants must add their signatures at the end of the page along with their names.
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