NSC Investment
This query is : Resolved
12 January 2011
Mr. X invested Rs. 1 Lac in NSC for a period of 5 years. Whether he can withdraw the whole amount before maturity (ie. within 1 year)?
Or is it blocked for 5 years?
Regards,
Devendra
Or is it blocked for 5 years?
Regards,
Devendra
CMA Ramesh Krishnan
(Expert)
12 January 2011
It is blcoked for 5 years
12 January 2011
1.Lock in period is not 5 years. It is 72 months.
2.A certificate may be prematurely encashed in any of the following circumstances only, namely :—
(a) on the death of the holder or any of the holders in case of joint holders;
(b) on forfeiture by a pledgee being a Gazetted Government Officer when the pledge is in conformity with these rules ; or
(c) when ordered by a court of law.
2.A certificate may be prematurely encashed in any of the following circumstances only, namely :—
(a) on the death of the holder or any of the holders in case of joint holders;
(b) on forfeiture by a pledgee being a Gazetted Government Officer when the pledge is in conformity with these rules ; or
(c) when ordered by a court of law.
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