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Notification for Launch of 10-Year National Savings Certificate (IX-Issue), 2011 Issued

Notification for Launch of 10-Year National Savings Certificate (IX-Issue), 2011 Issued PIB In accordance with the decisions taken by the Gover

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Notification for Launch of 10-Year National Savings Certificate
(IX-Issue), 2011 Issued
PIB
In accordance with the
decisions taken by the Government on the basis of the recommendations of the
 Committee for
Comprehensive Review of National Small Savings Fund (NSSF), headed by
 Smt Shyamala Gopinath, the then Deputy
Governor, Reserve Bank of India, Notifications on changes made in various small
saving schemes except 10-Year National Savings Certificate, have already been
issued on 25th
 November 2011.

            The Notification for
launch of new savings instrument, namely 10-Year National Savings Certificate
(IX-Issue), 2011, has been issued today, the 29th
 November, 2011. 
            The major highlights of
this scheme are as follows:
·         Investments in
Certificate will earn Interest at the rate of 8.7% p.a. compounded
semi-annually.
·         On investment of Rs.
100, the depositor will get Rs. 234.35 on maturity of the Certificate.
·      This Certificate
will be available in the denominations of Rs. 100, Rs. 500, Rs. 1000, Rs. 5000
and Rs. 10,000. 
·         There is no upper limit
for investment in the Certificate. 
·         This Certificate can be
transferred from a post office where it is registered to any other post office
and it can be pledged as a security.
        The
scheme will come into effect from 1st
 December 2011. Details
of the notification are attached herewith and can also be seen on the website
of the Ministry of Finance i.e. http://www.finmin.nic.in.

Click here to see
Details

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