National Savings Certificates (VIII-Issue) Scheme
in Bihar
Last updated:
National Savings Certificates (VIII-Issue) Scheme in Bihar
National Savings Certificates (VIII-Issue) Scheme is a government scheme available to eligible residents of Bihar.
Apply for National Savings Certificates (VIII-Issue) Scheme in Bihar
Scheme Overview
The scheme “National Savings Certificates (VIII-Issue) Scheme” was launched by the Department of Economic Affairs, Ministry of Finance, Government of India to promote a culture of long-term savings among individuals.
Eligibility Criteria
Any individual who is a resident of India can avail of the benefits under the scheme.
On behalf of a minor or a person of unsound mind, the guardian can apply under the scheme.
The minimum age of minors should be 10 years.
> **Deposits:**
- A minimum of ₹1000/- and any sum in multiples of ₹100/- may be deposited in an account.
- There shall be no maximum limit for deposits in an account or in accounts held by an account holder.
- An individual may open any number of accounts.
> **Payment on Maturity:**
- The deposit shall mature on completion of 5 years from the date of the deposit. The amount of maturity may be repaid to the account holder after submitting the specified form to the accounts office.
- The maturity value of an account opened with one thousand rupees shall be One thousand four hundred sixty-two rupees and fifty-four paisa and proportionate for deposits made with any other sum. In the calculation of maturity value, any amount in fraction of a rupee shall be rounded off to the nearest rupee and for this purpose, any amount of fifty paisa or more shall be treated as one rupee, and any amount less than fifty paisa shall be ignored.
- A certificate of annual accrual of interest shall be issued by the accounts office, on demand, to the account holder.
Benefits
National Savings Certificates offer an attractive interest rate of 7.7% compounded annually but payable at maturity.
No maximum deposit limit.
Account matures in 5 years.
Loan facility available by pledging with the banks.
Required Documents
| # | Document |
|---|---|
| 1 | Passport size Photo |
| 2 | Aadhaar Card |
| 3 | PAN Card |
| 4 | Proof of age i.e. Birth Certificate |
| 5 | The following documents are accepted as valid documents for the purpose of identification and address proof: |
| 6 | Passport |
| 7 | Driving license |
| 8 | Voter’s ID card |
| 9 | Job card issued by NREGA signed by the State Government officer |
| 10 | Letter issued by the National Population Register containing details of name and address; |
Common questions in Bihar
Who can apply for National Savings Certificates (VIII-Issue) Scheme in Bihar?
Eligible residents of Bihar who meet the scheme’s overall criteria can apply for National Savings Certificates (VIII-Issue) Scheme. Refer to the eligibility section above for the complete checklist.
What documents are required for National Savings Certificates (VIII-Issue) Scheme in Bihar?
Applicants in Bihar typically need identity proof (Aadhaar), state residency proof, bank account details, and any scheme-specific documents listed in the documents section.
Frequently Asked Questions
The scheme "National Savings Certificates (VIII-Issue) Scheme" was launched by the Department of Economic Affairs, Ministry of Finance, Government of India to promote a culture of long-term savings among individuals. Under the scheme, an individual can deposit a minimum of [?]1000/- and thereafter in multiple of [?]100/- with no maximum deposit limit for 5 years maturity period.