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NSC_Maturity

 

 NATIONAL SAVINGS CERTIFICATE- PAYMENT OF MATURITY

Payment of Maturity:

Payment of eligible balance on maturity shall be made, at the option of depositors or guardian or nominee or legal heir, as the case may be, through any of the following means; namely:-

(a) by transfer to the Savings Bank account of the payee,
(b) by a crossed cheque,
(c) by cash, if the amount is below the limit prescribed by Income Tax Act, 1961 which is at present Rs.20000/-

Post Maturity Interest:- 

From the date of receipt of SB order 13/20l9 dated 18.9.2019, an account (certificate) which has matured but not closed, the eligible balance in the account shall continue to earn interest at the rate applicable to the post office savings account, till the closure of the account. 

"Eligible Balance" means the amount of balance at the credit of the account, including interest accrued thereon, after effecting recoveries on account or outstanding principal and interest, if any, in respect of a loan availed by the depositor. 


As per SB Order No. 13/2022, NSCs can be closed online using POSB Net banking under the following conditions:

NSC purchased on or after 01.07.2015 (i.e. in the form of passbook) can only be closed under this option.

NSC issued prior to 01.07.2016 in the form of savings certificates are to be closed at the post office concerned.

Internet Banking user should check maturity date and maturity amount in the closure screen before submitting the request. 

Click here for SB Order No. 13/2022