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25 Nov 2022, 23:24 GMT+10
National Saving Certificate is a fixed income plan that allows every adult Indian resident to invest their money in a safe and secure manner. With this scheme, you can receive more return on investments compared to fixed deposits, and you don't have to bear the risk of mutual funds or stock investments. However, before you invest, you must make a plan using the National Savings Certificate calculators. You can use them to determine your maturity amount for different NSC interest rates within seconds, making it easy to create a sound financial plan. In this article, we will cover NSC interest rates, the scheme's features, its eligibility criteria, and a lot more. Let's dig in.
Before we discuss what the NSC investment scheme and NSC calculator are, let's take a look at the ever-changing interest rates of this scheme. The Finance Ministry of India considers various factors before updating the National Saving Certificate scheme's interest rate every quarter of a year. For example, in the current third quarter of the financial year 2022-23 (October - December of 2022), the interest rate of this scheme is 6.8% per annum.
The interest rate of the NSC scheme can stay the same or change in the next quarter, depending on the future updates of the Ministry of Finance. Here's a list of National Savings Certificate interest rates for the past few years:
Savings Certificate interest rates of the past few years:
Time Period | NSC Interest Rate (per annum) |
Q2 FY 2022-2023 | 6.8% |
Q1 FY 2022-2023 | 6.8% |
Q4 FY 2021-2022 | 6.8% |
Q3 FY 2021-2022 | 6.8% |
Q2 FY 2021-2022 | 6.8% |
Q1 FY 2021-2022 | 6.8% |
Q4 FY 2020-2021 | 6.8% |
Q4 FY 2019-2020 | 7.9% |
Q3 FY 2019-2020 | 7.9% |
Q2 FY 2019-2020 | 7.9% |
Q1 FY 2019-2020 | 8.0% |
Q4 FY 2018-2019 | 8.0% |
Q3 FY 2018-2019 | 8.0% |
Q2 FY 2018-2019 | 7.6% |
Q1 FY 2018-2019 | 7.6% |
Q4 FY 2017-2018 | 7.6% |
Previously, the NSC scheme was available with two different tenures - 5 years plan and ten years plan. However, only the 5-year NSC plan is available nowadays. So, let's take a look at the key features of the NSC certificate plan:
Do you want to know if you are eligible to invest in the NSC scheme? Here's a list of eligibility criteria you must fulfill to invest in NSC:
As we have mentioned before, the interest in an NSC investment compounds once every year. So, at the end of the tenure of the NSC scheme, the investors will receive the principal investment along with the compounded interest of the past five years.
However, the compound interest formula is pretty complex, and it can take minutes, if not hours, to manually calculate the maturity amounts. To solve this problem and try different NSC calculations faster, you should use an NSC interest calculator.
All you have to do is open the online calculator page, type the investment amount and the annual interest rate, and you will automatically receive the estimated maturity amount within seconds.
Here's a list of benefits of using an NSC calculator:
National Saving Certificate or NSC is, without a doubt, one of the safest investment options available for most Indian citizens. You can invest a certain amount of money in this scheme just with a visit to your nearby Indian Post Office. In this scheme, you will receive compound interest on your investment, which is much better than a general savings account. And with a National Savings Certificate calculator, you can also see how much money you need to invest to receive the desired amount once the money matures. This way, you can plan your finances better and build a better and financially secure future. Both for yourself and your loved ones.
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