Income Tax at the rate of 20%
of the amount withdrawn should be deducted at source at
the time of withdrawal when the amount withdrawn in Rs.
2,500/- or more. However, no such deduction is made upto
withdrawal of an amount of Rs. 50,000/- if depositor
furnishes a declaration in Form
15-L.
National Saving Scheme Account, 1992 (NSC)
Period during which opened
Minimum
Amount of
Deposit
(in Rs.)
Minimum
Amount of
Deposit
(in Rs.)
Rate
of Interest
per annum
From
To
01.10.1992
14.01.2000
100
No limit
11
15.01.2000
28.02.2001
100
No limit
10.5
01.03.2001
28.02.2002
100
No limit
9
01.03.2002
30.10.2001
100
No limit
8.5
01.11.2001
28.02.2003
No deposits
allowed
8.5
01.03.2003
onwards
No deposits
allowed
7.5
Closure of the account is
permitted on expiry of four years from the end of the
year in which account is opened, e.g. accounts opened
during the year 1997-98 can be closed during the year
2002-2003.
