National Savings Certificates (VIII-Issue) Scheme

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 5-year maturity period. The following type of accounts can be opened under the Scheme, namely:- - Single Holder Type Account: This type of account may be opened by an adult for himself, or on behalf of a minor or a person of unsound mind of whom he is the guardian; or by a minor who has attained the age of 10 years. - Joint A- Type Account: This type of account may be opened jointly in the names of upto three adults payable to all the holders jointly or to the survivor or survivors. - Joint B- Type Account: This type of account may be opened jointly in the name of upto three adults payable to any of the account holders or to the survivor or survivors.