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Home / Saving Schemes

National Saving Schemes - 1992

NSS-92 is open to all individuals and HUFs. In case of joint accounts, the amount is payable to both the holders together or the survivor. Separate accounts have to be opened every year. The applicable interest rate stands at 10.5 percent.

Contributions to NSS-92 are entitled to the benefits under Section 88, while interest is covered under Section 80(L). Deposits are to be made in multiples of Rs.100/- Though there is no limit on the amount of contributions, Section 88 has its own ceiling set at Rs.60,000/-. Obviously, it makes no sense to contribute any additional amount to NSS-92 if the maximum permissible limit under Section 88 is reached.

Under the scheme, the interest once credited can be withdrawn at any given time. Closure of the account is allowed after four years of the account opening. In case, the account is not closed after it becomes due, will earn interest at the normal applicable rate until the funds are withdrawn.

Contributions to minor accounts are not eligible for rebate, but a guardian can open an account in a minor's name and is especially useful for those who are physically or mentally handicapped or earning income through specific skills.

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