PPF / NSC inquiry eligibility
Who are eligible for PPF account?
Eligibility: Any Indian citizen can open a PPF account either in his own name or on behalf of a minor. But, you can’t open a joint account or one for a Hindu Undivided Family (HUF). Also, an individual can have only one account in his name.
Can I have both PPF and NSC?
Yes, you can open both NSC and PPF simultaneously. You can use NSC to pay for your short-term financial goals and use PPF to realize your long-term financial goals (more than ten years). However, you need to keep in mind that the deductions under Section 80 C have an upper limit of Rs. 1.5 lakhs.
Who Cannot open a PPF account?
NRIs and Hindu Undivided Families are not allowed to open PPF accounts. Some of the exceptions to this are as follows: Any resident Indian who has become an NRI can continue with their existing account until the completion of tenure. NRIs can keep their existing accounts till the maturity period that is 15 years.
Can I open NSC online?
How to Invest in National Savings Certificates. NSC can be bought from any Indian Post Office on submission of required KYC documents. Presently, NSCs cannot be bought online.
What is NSC scheme?
The National Savings Certificate (NSC) is a fixed income investment scheme that you can open with any post office branch. The scheme is a Government of India initiative. It is a savings bond that encourages subscribers – mainly small to mid-income investors – to invest while saving on income tax.
At what age can I start a PPF?
There is no age limit for opening a PPF account. Both adults and minors can have a PPF account. However, in the case of minors who are below 18 years, the account should be operated by a guardian on his/her behalf until he/she turns 18.
What is the maximum limit for NSC?
1. What is the National Savings Certificate?
| Key Features of National Savings Certificate (NSC) | |
|---|---|
| Interest Rate | 6.8% compounded annually |
| Minimum Investment | ₹1000 (multiples of ₹100 thereafter ) |
| Maximum Investment Limit | No Maximum Limit |
| Tax Benefit in a Financial Year | Up to ₹1.5 lakh as per Section 80C limit |
Can we buy NSC every month?
The assured return on the NSC can be used to create an income ladder. Certificates can be bought every month or quarter for appropriate denominations, which on maturity will act as a steady income stream.
Can I invest in NSC monthly?
In fact, you can invest up to 12 instalments in one financial year as long as the totality of investment does not exceed Rs 1.50 lakh. The NSC is a one-time investment. The investment can start from as low as Rs 100 and there is no maximum limit.
Who can apply for NSC?
NSC Eligibility
- The individual must be an Indian citizen.
- An individual must not be a non-resident Indian citizen.
- No age limit for an individual to invest in NSC.
- An investor can purchase NSC from an Indian Post Office for a maturity period of 5 years.
Can we check NSC details online?
You have to opt for this option only if you have a savings account with the Bank/Post Office. You have to apply for internet banking. Once internet banking is facilitied, then you can view all your holding exactly like online Bank FDs or RDs.
What is the maturity period of NSC?
5 years
Maturity Period: NSC schemes come with a maturity of 5 years. The 10-year maturity period issue has been discontinued from December 2015. Power of Compounding: Interest earned on NSC during the investment tenure is reinvested into the scheme by default.
How do I claim NSC maturity?
Individuals who wish to encash their certificates on maturity can do so by approaching the relevant post office where they purchased and registered their National Savings Certificates. They will have to fill up the NSC transfer form and submit it to the relevant authority.
How can I withdraw my NSC after maturity online?
The process is as below. Download the Form NC-32 from Post Office Portal. Using this form you can apply for transfer. Provide the NSC details like name(s) in which the certificates were issued, serial number, date of issue and denomination, serial number of identity slip, and details of the issuing office.
Can NSC be extended after 5 years?
Both the PPF and the NSC have fixed tenures. On the point of liquidity, NSC scores simply because of the lower lock-in period. The NSC VIII Issue is for 5 years and the NSC IX Issue is for 10 years. PPF is much longer at 15 years and can even be extended by a block of 5 years on maturity.
Can I buy NSC for 10 years?
New Delhi: The government on Tuesday introduced a 10-year National Savings Certificate (NSC) which will earn an interest rate of 8.7% per annum, reports PTI. The notification for the launch of new savings instrument, 10-Year National Savings Certificate (IX-Issue), 2011, has been issued, an official statement said.
Is NSC taxable after maturity?
The interest earned from NSC at maturity needs to be declared under the head “Income From Other Sources” in your Income Tax Return. However, the interest earned during the first 4 years of NSC investment can be claimed as deduction under Section 80C of the Income Tax Act, 1961.
Can we renew NSC?
Transferability: The transfer of NSC VIII and NSC IX from one individual to another is permitted once from the date of issue of the scheme till its maturity. Maturity: If the NSC maturity proceeds are not withdrawn by an account holder, the scheme becomes available for post office savings scheme interest for 2 years.
Is NSC interest rate fixed for 5 years?
Thus, to extend the scheme beyond 5 years, individuals have to purchase a fresh certificate at the end of the tenure at the prevailing interest rates. The interest rate in this scheme remains fixed throughout the tenure. The current interest rate for an NSC is 6.8% p.a which is payable on maturity.