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National Savings Certificate-VIII Issue
Introductory:
National Savings Certificates VIII Issue is an excellent scheme wherein not only initial deposit but also the accrued interest for first 4 years enjoys the benefit of section 80-C of I.T. Act.
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Min. ` 100/- and no max. limit.
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Certificate shall be issued on Passbook or exclusive e-mode.
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A single holder type certificate can be purchased by an adult for himself or on behalf of a minor.
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Joint 'A' Type certificate may be issued to two adults payable to both the holders jointly or to the survivor.
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Joint 'B' Type certificate may be issued to two adults payable to either of the survivor.
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Rate of interest is notified by the government from time to time on quarterly basis and is calculated on half yearly compounded basis.
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Current Rate of Interest Payable and maturity value.
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Loan facility available by pledging with the banks.
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The deposits as well as interest accruing annually but deemed to have been reinvested qualify for deduction u/s 80-C of I.T. Act.
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Interest accrual on investment of `100/- and in proportion for other denominations, on yearly basis for income tax purpose.
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