Post Office National Savings Scheme : Beneficiaries Will no Longer get Interest | New Rules to Come into Effect from October

Bad news for Post Office National Savings Scheme (NSS) beneficiaries. Beneficiaries of this scheme will no longer get interest on their deposits from the month of October. According to the new rules, the depositors have been paid interest on this scheme till September 30 this year.

The central government does not want to pay interest on this deposit scheme as it has been closed for many years. Therefore, the central government has removed the interest benefits received in the scheme from October. Also, if the National Savings Scheme depositor closes the account, they will have to pay tax on both the principal and the interest he withdraws. The government has arranged that the depositor will pay income tax at the rate of 10 percent.

National Savings Scheme(NSS)

In 1987, the central government launched the NSS scheme. In which a person can deposit up to 1.5 lakhs rupees per year. Interest was also earned on the deposit at the rate of 7.5 percent per annum. In 1992, the central government has stopped this scheme but those who had already deposited in their accounts were kept opened and their interest was also earned.

Meanwhile, no income tax was payable on the interest of Rs 2400. The post office used to deduct TDS on interest above that. According to the postal authorities, this deposit scheme has been stopped by the central government since many years. Do not want to pay any more interest to that account holder. Gradually the depositor will be forced to close the account and withdraw the money. NSS depositors have to come to the head post office to collect the money. The post office is advised to close the accounts of such depositors as soon as they arrive.

New Rule

According to the new law, this interest amount has been deposited in the depositor’s account till September 30th of this year. Since October, the Union Finance Ministry has removed interest benefits from the scheme. On the contrary, the beneficiary will pay income tax on the deposit money of National Savings Scheme. This new rule has been implemented since October. If no income tax was previously payable on the principal. Depositors are very unhappy with such policies of the central government. People cannot easily accept the imposition of tax on their custodial deposits. This will cause deep dissatisfaction among the pensioner senior citizens. Because most people in this category deposit money in post office scheme.

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