Rule 15 - Encashment on maturity - National Savings Certificates (VIII Issue) Rules, 1989

Encashment on maturity. 15. [(1)] The maturity period of a certificate of any denomination shall be six years commencing from the date of the certificate. The amount, inclusive of interest, payable on encashment of a certificate at any time after the expiry of its maturity period, shall be ₹ 201.50 for denomination of ₹ 100 and at propor tionate rate for any other denomination. The interest as speci fied in the Table below shall accrue to the holder or holders of the certificate at the end of each year and the interest so ac crued at the end of each year up to the end of the fifth year, shall be deemed to have been re-invested on behalf of the holder and aggregated with the amount of face value of the certificate. Table The year for which interest accrues Amount of interest (Rs.) accruing on certificate of ₹ 100 denomination First year 12.40 Second year 13.90 Third year 15.60 Fourth year 17.50 Fifth year 19.70 Sixth year 22.40 Note: The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in Table above. (2) Where a certificate has been purchased on or after the 1st day of January, 1999 the amount, inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be ₹ 195.60 for denomination of ₹ 100 and at proportionate rate for any other denomination. The inter est as specified in the Table below shall accrue to the holder or holders of the certificate at the end of each year and the inter est so accrued at the end of each year upto the end of the fifth year shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount of face value of the cer tificate. Table The year for which interest Amount of interest accruing on certificate of ₹ 100 denomination (Rupees) First year 11.83 Second year 13.23 Third year 14.80 Fourth year 16.54 Fifth year 18.51 Sixth year 20.69 Note: The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above.] [(3) Where a certificate has been purchased on or after the 15th day of January, 2000 [but before the 1st day of March, 2001,] the amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be ₹ 190.12 for denomination of ₹ 100 and at proportionate rate for any other denomination. The interest as specified in the Table below shall accrue to the holder or holders of the certificate at the end of each year and the interest so accrued at the end of each year upto the end of the fifth year shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount of face value of the certificate. Table The year for which interest accrues Amount of interest accruing on certificate of ₹ 100 denomination (Rupees) First year 11.30 Second year 12.58 Third year 14.00 Fourth year 15.58 Fifth year 17.35 Sixth year 19.31 Note: The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above.] [(4) Where a certificate has been purchased on or after the 1st day of March, 2001 [but before the 1st day of March, 2002,] the amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be ₹ 174.52 for denomination of ₹ 100 and at proportionate rate for any other denomination. The inter est as specified in the Table below shall accrue to the holder or holders of the certificate at the end of each year and the inter est so accrued at the end of each year upto the end of the fifth year shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount of face value of the cer tificate. Table The year for which interest accrues Amount of interest (Rs.) accruing on certificate of ₹ 100 denomination First year 9.72 Second year 10.67 Third year 11.71 Fourth year 12.85 Fifth year 14.10 Sixth year 15.47 Note: The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above.] [(5) Where a certificate has been purchased on or after the 1st day of March, 2002 [but before the 1 [ 1st day of March, 2003 but before the 1st day of December, 2011, ] ], the amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be ₹ 169.59 for denomination of ₹ 100 and at proportionate rate for any other denomination. The interest as specified in the Table below shall accrue to the holder or holders of the certificate at the end of each year and the interest so accrued at the end of each year upto the end of the fifth year shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount of face value of the certificate. Table The year for which interest accrues Amount of interest (Rs.) accruing oncertificate of ₹ 100 denomination First year 9.20 Second year 10.05 Third year 10.97 Fourth year 11.98 Fifth year 13.09 Sixth year 14.29 Note: The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above.] [(6) Where a certificate has been purchased on or after the 1st day of March, 2003, the amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be ₹ 160.10 for denomination of ₹ 100 and at proportionate rate for any other denomination. The interest as specified in the Table below shall accrue to the holder or holders of the certificate at the end of each year and the interest so accrued at the end of each year up to the end of the fifth year shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount of face value of the certificate. TABLE The year for which interest accrues Amount of interest (rupees) accruing on certificate of ₹ 100 denomination First year 8.16 Second year 8.83 Third year 9.55 Fourth year 10.33 Fifth year 11.17 Sixth year 12.08 Note: The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above.] 2 [ (6A) Where a certificate has been purchased on or after the 1st day of December, 2011 3 [ but before the 1st day of April, 2012, ] the maturity period of a certificate of any denomination, shall be five years, commencing from the date of issue of the; certificate. The amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be ₹ 150.90 for denomination of ₹ 100 and at proportionate rate for any other denomination. The interest as specified in the Table below shall accrue to the holder or holders of the certificate at the end of each year and the interest so accrued at the end of each year up to the end of the fourth year shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount of face value of the certificate. TABLE The year for which interest accrues Amount of interest (rupees) accruing on certificate of ₹ 100 denomination First year 8.58 Second year 9.31 Third year 10.11 Fourth year 10.98 Fifth year 11.92 Note: The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above ] 4 [ (6B) Where a certificate has been purchased on or after the 1st day of April, 2012 the maturity period of a certificate of any denomination, shall be five years, commencing from the date of issue of the certificate. The amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be ₹ 152.35 for denomination of ₹ 100 and at proportionate rate for any other denomination. The interest as specified in the table below shall accrue to the holder or holders of the certificate at the end of each year and the interest so accrued at the end of each year upto the end of the fourth year shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount of face value of the certificate. TABLE The year for which interest accrues Amount of interest (rupees) accruing on certificate of ₹ 100 denomination First Year 8.78 Second Year 9.56 Third Year 10.40 Fourth Year 11.31 Fifth Year 12.30 Note : The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above ] [(7) The amount payable at the time of encashment on maturity may be rounded off to the nearest multiple of one rupee and for this purpose any amount of 50 paise or more shall be treated as one rupee and any amount less than 50 paise shall be ignored.] ********* Notes 1. Substituted vide NOTIFICATION [F.No.1/7/2011-NS-II], dated 25-11-2011 before it was read as 1st day of March, 2003 2. Inserted vide NOTIFICATION [F.No.1/7/2011-NS-II], dated 25-11-2011 3. Inserted vide NOTIFICATION NO.GSR 318(E) DATED 25-4-2012 4. Inserted vide NOTIFICATION NO.GSR 318(E) DATED 25-4-2012