What is the latest NSC interest rate for the October-December 2024 quarter?
NSC interest rates are set by the government and are updated every three months (i.e. quarterly). For the quarter ending December 31, 2024, the NSC interest rate is 7.7%, which is capitalized annually. The account will mature five years from the date of deposit.
NSC Deposit Details
The minimum amount to invest in NSC is Rs. 1000 and there is no maximum limit. Any number of accounts can be opened under the scheme. The deposit will expire five years from the date of deposit.
Deposits under NSC qualify for deduction under section 80C of the Income Tax Act.
Account transfer from one person to another
NSC can be transferred from one person to another only under the following conditions.
(i) Upon death of the account holder to the legal representative/heirs.
(ii) Due to the death of the account holder or co-owner(s).
(ii) By order of the court.
(iii) By pledging the account to the specified authority.
When can NSC be closed prematurely?
The NSC cannot be closed prematurely before 5 years, except under the following conditions:-
- Upon the death of a single account, or any or all of the holders of a joint account
- In case of confiscation by a lienholder who is a registered official.
- By court order.
Payment in case of death of the account holder in case of nomination
- In the event of the death of a single depositor or all depositors in a joint account, the qualified account balance.
- If a nomination is in force at the time of death of the depositor of a single account or of all the depositors of a joint account, the nominee may apply in Form-2 to the accounts office for payment of the eligible balance, and the application must be accompanied by proof of the death of the depositor and, if any other representative has also died, proof of the death of said representative.
- If there are two or more surviving nominees, the eligible balance will be paid in the proportion specified by the depositor when making the nomination, and if no such proportion or share is specified, then in equal proportion to all surviving nominees.
- If any nominee dies, his or her specified share of the eligible balance will be distributed among the surviving nominees in the same proportion as their specified shares.
- When the surviving representative is a minor, payment will be made to a person designated by the depositor to receive said payment and, if no such person has been designated, to the guardian of the minor.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.