Easy Chart To Compute Accrued Interest on NSC & KVP!
July 30, 2007 by taxworry · 5 Comments
National Saving Certificate (VIII) is issued for 6 years. Premature withdrawl is not allowed.No TDS at the time of encashment.Can be purchased on Minor’s name , but an NRI is not eligible to purchase NSC.It is available in denomination of Rs100,Rs500,Rs 1000, Rs 5000 & Rs 10,000.
| Accrued Interest on NSC of Rs 100 |
| Year of Accrual | If purchased on or after 1/3/2001 but before 1/3/2002 | If purchased on or after 1/3/2002 but before 1/3/2003 | If purchased on or after 1/3/2003 |
| First year | 9.72 | 9.20 | 8.16 |
| Second Year | 10.67 | 10.05 | 8.83 |
| Third year | 11.71 | 10.97 | 9.55 |
| Fourth Year | 12.85 | 11.98 | 10.33 |
| Fifth Year | 14.10 | 13.09 | 11.17 |
| Sixth Year | 15.47 | 14.29 | 12.08 |
Kisan Vikas Patra doubles your money in 8 years & 7 months. No TDS on interest. Interest paid only on maturity.
| Accrued Interest On Kisan Vikas Patra For Rs 1000 |
| Period from the date of certificate to the date of its encashment | Purchased between 15/1/2000 to 28/2/2001 |
Purchased between 1/3/2001 to 28/2/2002 |
Purchased between 1/3/2002 to 28/2/2003 |
Purchased from 1/3/2003 |
| 1st year | N. A | N. A | N. A | N. A |
| 2nd year | N.A | N. A | N. A | N. A |
| 2 Yrs & 6 months | 1246 | 1209 | 1195 | 1170.51 |
| 3 years | 1302 | 1274 | 1256 | 1207.95 |
| 3 years & 6 months | 1407 | 1327 | 1305 | 1267.19 |
| 4 years | 1478 | 1409 | 1382 | 1310.8 |
| 4 years & 6 months | 1585 | 1470 | 1439 | 1355.9 |
| 5 years | 1668 | 1572 | 1534 | 1435.63 |
| 5 years & 6 months | 1779 | 1644 | 1602 | 1488.49 |
| 6 years | 1874 | 1770 | 1672 | 1543.3 |
| 6 years & 6 months | 2000 | 1857 | 1800 | 1649.13 |
| 7 years | —- | 1883 | 1713.82 | |
| 7 years & 3 months | 2000 | —– | ——- | |
| 7 years & 6 months | —- | 1781.06 | ||
| 7 years & 8 months | 2000 | —– | ||
| 8 years or more but less than 8 yrs 7 months | —- | 1850.93 | ||
| 8 years & 7 months | —- | 2000 |
Last column in nsc interest accrued calculation should show year as 2003 instead of 2002.
Good for Reference.
I am having Recurring deposit (RD) account of RS 5000 per month in post office. Should I decalre interest earn on this RD account every year in my ITR? If yes, how I can calculate the interest? Let’s assume I started this account from August 2006.
I has knowledge of nsc. I do purchase nsc interested. Please submitted some knowlwdge of nsc.
(Bhanu Pratap Singh )
Should all acc. interest on NSC be added in the income ? or we add the last year’s interest in our income.Also please tell acc. interest be added in 80 C along with gpf/gis/etc?
Dr.Malani
Hai Sir, i have Doubt, How to Calculate Accured Interest In Fixed Deposit .
Ex: Deposit Date :02/06/2009 ,Period Is 3 years ,ROI=8.5 , marturity date:02/06/2012. I Want to Calculate On 31/03/2010. How much Accured interest and what is the Procedure.