Post Office NSC Calculator | National Saving Certificate Interest Calculation
Post Office NSC Calculator | National Saving Certificate Interest Calculation, Features & Benefits in hindi
In this video by FinCalC TV we will see NSC calculator to check interest calculation in NSC (National Saving Certificate) in hindi. Using this NSC calculator you can know how much maturity amount you will get in NSC.
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Rs. 10,000 FD Interest Calculation
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CHAPTERS:
00:00 NSC Calculator Intro
00:32 NSC Interest rate, Features and Benefits
02:19 NSC interest rate change effect on existing NSC
03:12 Compounding Benefit in NSC
03:46 Using NSC Calculator
06:54 How Interest is calculated in NSC?
10:51 NSC Calculator Conclusion
10:59 NSC vs FD Which is Better?
NSC FEATURES AND BENEFITS
NSC full form is National Saving Certificates
These are the certificates that can be issued in Post Office for a fixed term of 5 years
NSC certificates helps you to save income tax under Section 80C, apart from other options like PPF (Public Provident Fund), 5 year fixed deposits, etc.
You can claim maximum of Rs. 1.5 lakh in section 80 C to save income tax with Old Tax Regime
The current interest in NSC (National Saving Certificate) is 7.7% annually
We get yearly compounding for NSC interest calculation. Which means the interest earned for the first year will be added to our deposits in second year, and we earn more interest on this interest
Minimum amount you can invest in NSC is Rs. 1000 and in multiple of 100 after Rs. 1000
NSC certificates are physical certificates having the details amount investment amount, interest rate, tenure and maturity amount
You can get the maturity amount encashed or transferred in bank account after maturity. Failing to do so will help you earn interest for next 2 years at post office savings account interest rate, post which you will not earn any interest
The interest portion of maturity amount in NSC is taxable as per your tax slab rates
NSC INTEREST RATE ON EXISTING NSC CERTIFICATES
We know that interest rate is subjected to change every quarter, but what happens to existing NSC on going for 5 years?
So the interest rate at which NSC was issued will be fixed throughout the tenure. The interest rate change every quarter will not impact the existing NSC certificates. Only the new certificates issued will have the updated interest rate applicable.
So if you had taken NSC at 7% in January 2023, you will earn interest based on 7% only for next 5 years (up to Jan 2028), even when the interest rate increases to 7.7% in April 2023.
You need to issue fresh NSC certificates to get the latest NSC interest rate applicable.
IS NSC BETTER THAN FD?
For your goals of below 5 years tenure, FD is better since it will help you to achieve goal within 5 years and NSC lock in period is 5 years minimum.
For goals of 5 years, you can always compare the NSC interest with FD interest using the FD calculator.
FD gives us quarterly compounding compared to NSC which gives yearly compounding. This factor can help us gain more interest in FD provided the interest rates in both schemes are same.
For 5 years tenure, NSC interest rate is 7.7% and fixed deposit interest rate is 7.5% in post office. On Rs. 1 lakh of investment, we get Rs. 44,995 as total interest in FD and Rs. 44,903 as total interest in NSC.
Clearly FD interest is slightly more here if that is the factor you are looking for.
WHAT IS THE MATURITY VALUE OF 1 LAKH IN NSC?
As seen above, on Rs. 1 lakh on investment in NSC, total interest amount is Rs. 44,903 and total maturity amount will be Rs. 1,44,903.
NSC CALCULATOR FOR POST OFFICE 2023
The above NSC calculator is also applicable for Post office saving scheme in 2023. This NSC calculator will help you to know your NSC interest calculation for the period of 5 years with given interest rate.
#nsc #nationalsavingcertificate #nsccalculator #fincalc
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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown. It is advised to seek professional help before taking any financial decisions. The owner of this channel shall not be liable in any way.