Under the National Saving Certificate Scheme, the NSC Calculator is used to calculate the interest on an individual's investment, when saving. There are few key details required to be filled in the NSC calculator to calculate the interest;
When you fill in all the details mentioned above, the calculator will generate the total interest rate accumulated. The NSC calculator will provide with all the details of the total accumulated interest generated from the investments made in the National Saving Certificate Scheme.
The interest you pay on an NSC is compounded every six months and is then added to the total accrued amount. Under the Indian Income Tax Act, 1961, Section 80C, the year-end interest collected on National Saving Certificate Scheme meets with the tax exemption requirements and can be invested again.
Issues available under National Saving Certificate Scheme
Let us take an example to understand this more specifically.
If an individual tends to invest Rs 1000 in an NSC VIII Issue for a maturity period of 5 years at 8.50% interest rate. At the end of the schemes term, the individual will receive Rs 1516.2 as the maturity value. Also, the interest rate an individual will earn during the four-year span will be reinvested again in the NSC account.
One need to put the below given following details in the National Saving Certificate Calculator to find out the maturity value.
401, Lakhani Centrium, Sector 15, CBD Belapur, Navi Mumbai, Maharashtra 400614