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What is a National Savings Certificate?

National Savings Certificate

National Savings Certificates are a fixed-income investment product that may be opened at a post office. It is secure and a low-risk product, strategy.

The NSC system is available at all NSC post offices, and it is aggressively promoted by the Indian government. The program has gained a lot of popularity in India as a result of the country’s post office abundance and accessibility.

The main objective of the program is to motivate people to save little to medium sums of money, and it provides tax benefits for doing so. The scheme is pushed by the Indian government, thus the risks of investing in it are minimal.

Non-resident Indians (NRIs) and Hindu Undivided Families (HUF) are ineligible to participate in the plan because it was designed primarily for individuals. Those who wish to invest in the NSC plan must be Indian citizens.

Read More: Definition of a Demand Deposit, Types of Accounts, and Criteria

NSC Qualifications

The following is a list of the requirements for investors to buy NSCs:

  • The involved party must be a citizen of India.
  • No set age limit applies when purchasing a certificate.
  • Indians who do not reside in India are not allowed to invest in NSC.
  • A person may invest alongside another adult or buy an NSC on behalf of a minor.
  • HUFs and Trusts are ineligible to invest in the scheme under NSC VIII Issue.

current update

Interest rates on National Savings Certificates were lowered by 110 bps.

The interest rates for modest savings schemes were reduced by the Central Government by up to 140 basis points (bps) for the April to June quarter of the current fiscal year. The National Savings Certificate interest rate was decreased by 110 basis points. From 7.9% to 6.8%, the interest rate has been lowered. A yearly calculation is made to determine the interest the scheme generates. The program is a project of the Indian government and can be registered through post offices. The plan has two maturities, each lasting five and ten years.

The program would offer tax savings of up to Rs. 1.5 lakh. The amount in the account may also be used as collateral for loans. The interest rates for micro-savings programs are updated by the government every three months. Following a recent 75-bps reduction in the repo rate by the RBI, the government opted to lower interest rates.

Features NSC

The following list includes the scheme’s key characteristics:

Investment requirements: You must invest at least Rs. 100 to obtain a certificate. The certificate comes in amounts of 10,000, 5,000, 1,000, 500, and 100 rupees. People can start out by making tiny investments and then raise them as soon as it is practical.

Maturity tenure: The two maturity durations of the plan that people can select from are 5 years and 10 years.

Interest rate: At the moment, interest is compounded annually and has been lowered from 7.9% to 6.8%. But the interest is only payable when the loan matures. A subscriber who invests Rs. 100 will, for instance, receive Rs. 146.93 after 5 years.

Nominations: The investor may add more nominations, including family members and minors. The nominee will be entitled to inherit the scheme in the event that the investor dies while the scheme is still in effect.

Transfer of certificate: The National Security Certificate (NSC) may be transferred between post offices. A certificate may also be transferred from one person to another. However, the certificate will continue to be the same, with the name of the new owner being printed there and the name of the previous owner being rounded.

Different NSC issues: At first, there were just two types of certificates available: the NSC IX Issue and the NSC VIII Issue. But as of December 2015, the Indian government had given up on the NSC IX Issue. As a result, the only publication available is the NSC VIII Issue.

Loans against NSC: The NSC may be offered to banks as security or as collateral to obtain loans. The relevant postmaster must, however, give his or her approval before the certificate can be transferred to the bank.

Purchase of NSC: After submitting the required documents, the plan may be purchased through post offices.

Benefits of NSC

The main advantages of funding the NSC are as follows:

One of the main advantages of doing so is the potential tax savings that customers may experience on their investments in the NSC. The returns under this plan are also guaranteed. Because it can provide retirees with a reliable income, the NSC scheme is well-liked.

With the exception of interest earned in the last year, the remaining interest that is generated is tax-free.

People can get a duplicate certificate if they lose their original certificate.

People have the opportunity to keep investing in the program even after it has reached maturity.

It is possible to transfer the certificate from one person to another. During the lock-in time, it is only permitted once.

The interest that is earned is compounded annually and added back into the program. The investor’s investment grows as a result without having to buy certificates.

documents needed by the NSC

The following is a list of the supporting documents needed to buy an NSC:

The submission of the NSC application is required.

For verification, investors are required to provide an original form of identity, such as a passport, permanent account number (PAN) card, voter ID, driver’s license, senior citizen ID, or government ID.

A photo must be provided by the investor.

Investors are required to produce address proof, such as a passport, phone bill, power bill, bank statement, check, and a certificate or ID card that has been issued by they also made an investment in the post office.

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Tax advantages offered by the NSC

The tax advantages of NSC investments for individuals are listed below:

Under Section 80C of the Income Tax Act of 1961, you are eligible to obtain tax benefits of up to Rs. 1.5 lakh for your NSC contributions.

For tax purposes, the interest that is annually generated by NSC investments is regarded as a fresh investment.

The National Savings Certificate does not apply Tax Deducted at Source (TDS). The tax on the earned interest must be paid, nonetheless, in accordance with the marginal income tax rates.

Your credit card was Lost? Following Are Your Next Steps

credit cards

Whether you’ve actually misplaced your credit card or have seen unusual behavior on your records, you should take immediate action to correct the situation. You may get your money back and avoid further issues by following these same steps in each situation.

Even though we would all prefer to believe that nothing unpleasant will ever happen, it is occasionally beyond our control. It’s possible that you dropped your credit card in a cab or left it at the bar. Things do happen, but the good news is that you shouldn’t become anxious.

There is a good probability that if you take action fairly fast, you won’t need to worry too much. We’ll describe what to do in this section if you lose your credit card. We’ll also go over what to anticipate in the next days and weeks.

Read More: What is the Voluntary Provident Fund?

Take Action Immediately

The most crucial measure to take after losing your credit card may be to act right away. You can start by looking there if you have a decent notion of where you could have left your card. For instance, you can return and enquire about your card if you established a tab at a pub but forgot to get it before leaving.

But if you can’t find your credit card, phone the company that issued it as soon as possible—no later than two business days. There is a possibility that it could get into the wrong hands if you don’t know where it is. Unauthorized charges or identity theft are more likely to occur the longer it takes. If you can’t find your card, don’t hesitate to call; just do it.

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Avoid Identity Theft and Unauthorized Charges

You should cancel your card and notify your bank right once if your credit card is indeed lost or if you see any questionable activity. In some situations, your bank will inform you directly of the activity, allowing you to begin the procedure there. The good news is that credit card issuers typically pay out for erroneous charges promptly, and Rathner promises you that you should receive the money returned back to your account within days of reporting it.

The ideal outcome after losing your credit card is immediately getting it back. But, there can be a period when you have trouble locating your card, necessitating further action. When you call your card issuer, it is likely that they will take action to safeguard your account, such as canceling the lost card and providing you with a new one.

But, based on how recently you misplaced the card, there are some additional procedures you might want to take. The likelihood of illegal charges or theft, for instance, will be higher if it has been a week or more. If there are any charges on your credit card statements that you don’t recognize, start there.

Call the company that issued your card right once if there are any fraudulent charges. It’s also conceivable that someone has stolen your account’s login information. To avoid any illegal access, think about updating your login information right now. Consider setting two-factor authentication and using a strong, one-time password to increase security.

You can ask for a credit freeze if you think you may have been a victim of identity theft. This will stop unauthorized individuals from creating accounts or requesting credit in your name. You might also want to report a crime to the police. This will assist in documenting the theft, and your card company could need it as part of the process for disputing any illegal purchases.

To replace a lost card

You might need to order a new card to replace your missing one. If you typically use the card you lost, prepare alternative plans since it may take 7–10 business days for new cards to arrive. There are a few things you may need to do even after requesting a replacement card.

For instance, the missing card may be set up with automatic payments. If so, inform them of the new card information. You might want to temporarily move any payments that will be processed in the next several days to a different payment method. By doing this, you can prevent missing any subscriptions or payments while you wait for your replacement card.

Read More: What is Pradhan Mantri Mudra Yojana?

Take Steps To Prevent Future Losses

It’s possible that losing a credit card will make you feel humiliated or even embarrassed, but it’s best not to let such sentiments persist. Instead, see this as a chance to defend yourself. Use these instructions to assist avoid losing your credit cards in the future:

Cards should always be stored securely so that others cannot easily access them. If you keep them in a worn-out wallet that doesn’t adequately protect them, think about getting a new one.

Don’t give out your card number or PIN: Don’t give out your card number or PIN to anyone. Your card number could occasionally be required while making purchases, but keep it private unless absolutely necessary.

Use digital wallet and contactless options: Contactless and digital wallets are your greatest bets for protecting your credit cards. They frequently let you make purchases without disclosing your card information to retailers.


Dont, get panic when you lost your credit card. Follow the steps from bankmybank site to take immediate action and prevent any unauthorized activity of credit cards and losses.

What is Maestro, and what sets it apart from Mastercard?


Maestro and Mastercard are two well-known brands in the debit and credit card industry. You can choose the card that best suits your lifestyle by knowing their similarities and distinctions.

The differences between Maestro and Mastercard are discussed in more detail below. Also, you’ll learn how to purchase a new card and begin using its advantages.

Maestro: What is It?

Mastercard is the company that issues debit cards under the Maestro name. 1991 saw the brand’s introduction by Mastercard.

The first debit network for point-of-sale transactions online was Maestro. For the first time, cardholders in Europe could use their debit cards practically any place. Money can be taken out of ATMs and paid for in-store using Maestro.

Online purchases are possible with several Maestro cards.

It is also the sole card that may be used to make payments in the Netherlands, as any Dutch person will know.

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Mastercard vs. Maestro

A Maestro debit card is issued by Mastercard. It seems to sense that the two could be confused. The primary distinction is the kind of card each brand offers.

Debit cards include Maestro. It can be pre-paid or connected to a bank account. Although Maestro cards are often referred to as credit cards, they are all fact debit cards.

A Mastercard can function as a prepaid, bank debit, or credit card.

Credit versus Debit versus Prepaid

Prepaid and debit cards function essentially in the same way. Cardholders can use the funds in their account to make purchases. This is a bank account when used with a typical debit card. In the case of a prepaid card, it is the funds stored on the card.

Direct withdrawals or payments are made from the available funds.

The operation of a credit card is distinct. Once a month, the cardholder receives a bill or invoice from the bank, which settles transactions as they happen. In essence, the bank or credit card company is lending the money to the cardholder.

How do Maestro debit cards function?

Like a Mastercard debit card, a Maestro debit card functions in the same way. Any type of card can be used to make in-store purchases or withdraw cash from an ATM by cardholders.

The same security measures as Mastercard are used when Maestro cards are used for online purchases. The Mastercard SecureCode system will add a second stage for identity verification for the customer. The verification mechanism is frequently a one-time passcode.

Beyond the predetermined limit, card payments require the cardholder’s signature or PIN. In an ATM, the PIN is always required to withdraw cash. Contactless payments are supported by both Mastercard and Maestro cards.

Where to use Mastercard vs. Maestro

There are about 400 million Maestro cards in use worldwide. Maestro is particularly well-liked in Europe. Germany, Austria, the Netherlands, Belgium, and Switzerland are some of the biggest marketplaces in Europe.

Maestro’s network is just half as big as Mastercard’s. More e-commerce transactions are supported by it. Many e-commerce portals are incompatible with the format of Maestro card numbers, which can have up to 19 digits.

The Mastercard and/or Maestro logos are frequently displayed on the doors of stores to indicate that they accept these cards. At checkout, online retailers frequently display card logos.

You can use a Maestro card to access the Cirrus network of Mastercard ATMs. One of the biggest networks in the world is Cirrus. Millions of ATMs worldwide offer secure cash withdrawals for holders of Maestro and Mastercard cards.

Benefits of using a Maestro debit card

Maestro cards are accepted by shops and ATMs everywhere. Maestro is a wonderful option for folks who live in or will be traveling to Europe because of its popularity.

For managing a budget, debit cards like Maestro have several benefits. Using debit cards instead of credit cards is frequently advised in personal financial advice since you won’t run the risk of accruing debt.

Direct debit from the cardholder’s account is used for purchases. Spending tracking is simpler. When there is no other money available besides what is in the account, the incentive to overspend is reduced.

When traveling, using a debit card can be advantageous. Less tangible cash needs to be carried by cardholders. According to numerous travel advice articles, this is financially and personally safer.

The amount of money in the account can only be used if a debit card is lost or stolen. Nobody wants to experience the anxiety and inconvenience of illicit purchasing. At least the damage won’t be as severe as if a credit card were stolen.

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The benefits of a Mastercard

You can choose a credit or debit card from Mastercard. Debit cards have a lot of benefits. Yet, using a credit card can be a smarter move if you’re making bigger purchases or booking rooms.

One of the two biggest payment processing networks in the world is Mastercard. Mastercard is accepted almost everywhere that accepts credit or debit cards. Cardholders can buy nearly anything online using their cards.

Future of Maestro cards

Despite the many advantages of a Maestro card, Mastercard will no longer offer the product. The major motivation, according to a statement from Mastercard, is to increase cardholders’ capacity to make online purchases. The number of locations where cardholders can use their new debit cards both online and offline will increase significantly.

By July 1st, 2023, banks and card issuers will begin replacing lost or expired Maestro cards. A Mastercard debit card will be the typical alternative.

The updating of a card does not require any activity on the part of the cardholder. They will receive a new debit card from their bank when their Maestro cards expire after July 1, 2023. The new card will function similarly to the Maestro debit card and be connected to the same account.

How to apply for a Mastercard or Maestro

Cards are not directly issued by Mastercard. Bunq offers Maestro or Mastercards that you can use with your account. The procedure is easy:

  • Activate the Bunq app.
  • Click “Cards”
  • Choose either “Add Credit Card” or else select”Add Debit Card” and then click next.
  • Select the desired card.

Within ten business days, the card will be received by mail. You may then start using mobile payments by simply connecting it to Apple Pay or Google Pay.