Rates Of NSC Interest
National Savings Recurring Deposit (RD) Account
| Feature | Details |
|---|---|
| Interest Rate | 5.8% per annum (quarterly compounded) from 01.04.2020 |
| Minimum Deposit | INR 100 per month or multiples of INR 10 |
| Maximum Balance | No limit |
| Account Eligibility | Single adult, Joint account (max 3 adults), Minor above 10 years, Guardian on behalf of minor/person of unsound mind |
| Mode of Deposit | Cash / Cheque (date of deposit = date of cheque clearance) |
| Nomination | Available at opening and after opening |
| Premature Closure | Allowed after 3 years; interest as per Post Office Savings Account rate |
| Account Transfer | Allowed between post offices |
| Multiple Accounts | Any number of accounts allowed |
| Subsequent Deposits | Up to 15th of next month if opened by 15th, else up to last working day of next month |
| Default Penalty | Rs. 1 per Rs. 100 for missed deposit; after 4 defaults, account discontinued; can be revived within 2 months |
| Advance Deposit Rebate | Rs. 10 for 6 months, Rs. 40 for 12 months (for Rs. 100 denomination) |
| Minor Conversion | Minor must apply to convert account after attaining majority |
| Loan Facility | Up to 50% of balance after 1 year; repayable in lump sum with interest |
| Protected Savings Scheme | Applicable for denomination Rs. 100/- |
| Online Facility | Available via Netbanking / Mobile Banking / IPPB Saving Account |
| Maturity | 5 years from opening; can be extended by 5 more years |
National Savings Time Deposit (TD) Account
| Feature | Details |
|---|---|
| Interest Rate | 1 yr: 5.5%, 2 yr: 5.5%, 3 yr: 5.5%, 5 yr: 6.7% (01.04.2020 – 30.06.2020) |
| Interest Payment | Annually (calculated quarterly) |
| Minimum Deposit | INR 1,000 (multiples of 100) |
| Maximum Balance | No limit |
| Account Eligibility | Single adult, Joint account (max 3 adults), Minor above 10 years, Guardian on behalf of minor/person of unsound mind |
| Mode of Deposit | Cash / Cheque (date of realization = date of opening) |
| Nomination | Available at opening and after opening |
| Account Transfer | Allowed between post offices |
| Multiple Accounts | Any number of accounts allowed |
| Conversion | Single ↔ Joint allowed |
| Minor Conversion | Minor must apply to convert account after attaining majority |
| Extension | TD account can be extended via application |
| Premature Encashment | Not allowed before 6 months; between 6-12 months, interest as per Post Office Savings Account |
| Tax Benefit | 5-year TD eligible for Section 80C of Income Tax Act, 1961 |
| Online Facility | Available via Netbanking / Mobile Banking |
National Savings Monthly Income Scheme (MIS) Account
| Feature | Details |
|---|---|
| Interest Rate | 6.6% per annum, payable monthly (from 01.04.2020) |
| Minimum Deposit | Multiples of INR 1,000 |
| Maximum Deposit | Single: INR 4.5 lakh, Joint: INR 9 lakh |
| Individual Limit | Maximum INR 4.5 lakh including share in joint accounts |
| Account Eligibility | Single adult, Joint account (max 3 adults), Minor above 10 years, Guardian on behalf of minor/person of unsound mind |
| Mode of Deposit | Cash / Cheque (date of realization = date of opening) |
| Nomination | Available at opening and after opening |
| Account Transfer | Allowed between post offices |
| Multiple Accounts | Allowed, subject to maximum investment limit |
| Conversion | Single ↔ Joint allowed |
| Minor Conversion | Minor must apply to convert account after attaining majority |
| Maturity | 5 years from date of opening |
| Interest Payment | Auto-credit to savings account or ECS; for CBS accounts, can be credited to any CBS post office savings account |
| Premature Encashment | After 1 year: discount 2%; after 3 years: discount 1% |
| Bonus | 5% on principal for accounts opened 08.12.2007 – 30.11.2011; no bonus for accounts opened on/after 01.12.2011 |
| Interest Accrual | Interest payable monthly; unclaimed interest does not earn further interest |
