The government has launched new savings instrument, 10-Year National Savings Certificate (IX-Issue), 2011, on Tuesday based on the recommendations of the Committee for Comprehensive Review of National Small Savings Fund (NSSF), headed by Shyamala Gopinath, the then Deputy Governor, Reserve Bank of India.
— Investments in Certificate will earn Interest at the rate of 8.7% p.a. compounded semi-annually.
— On investment of Rs. 100, the depositor will get Rs. 234.35 on maturity of the Certificate.
— This Certificate will be available in the denominations of Rs. 100, Rs. 500, Rs. 1000, Rs. 5000 and Rs. 10,000.
— There is no upper limit for investment in the Certificate.
— The Certificate can be transferred from a post office where it is registered to any other post office and it can be pledged as a security.
— The scheme will come into effect from Dec. 1, 2011.