BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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No Limit
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INR. 1 lakh
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INR. 15 lakh
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INR. 5 lakh
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Detailed explanation-1: -NSC comes with a fixed maturity period of five years. There is no maximum limit on the purchase of NSCs, but only investments of up to Rs.1.5 lakh can earn you a tax break under Section 80C of the Income Tax Act. The certificates earn a fixed interest, which is currently at a rate of 7% per annum.
Detailed explanation-2: -Minimum Deposit: Investors can start investing in National Savings Certificate with a minimum deposit of ₹100. The investment can be made in the multiples of ₹100, and there is no upper limit.
Detailed explanation-3: -(i) Account can be opened with minimum of Rs. 1000 and in multiple of Rs. 1000. (ii) A maximum of Rs. 4.50 lakh can be deposited in a single account and 9 lakh in Joint account. (iii) In a joint account, all the joint holders shall have equal share in investment.
Detailed explanation-4: -There is no maximum limit to the number of NSCs that one can buy. The minimum amount required for an NSC investment, however, is Rs. 1000.