POST OFFICE NSC

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Deal Subedar
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I am planning to take a NSC.

1. i understand it can be taken only from post office, can it be taken from any other banks?

2. Post office staff was asking to open a savings account before opening NSC, this wasn’t a requirement few years before. I doubt if they are trying to increase their post office savings account, can someone pls confirm if SB account is must for NSC.

32 Comments  |  
14 Dimers
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Deal Subedar
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Yes buy through any PSU bank.

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Deal Subedar
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What is rate of return on nsc and locking period if any ?

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igen wrote:

Yes buy through any PSU bank.

Any personal experience, i enqured a couple of banks and response was they do KVP but not NSC

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Deal Lieutenant
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Open post office SB account, not a big deal, min bal is Rs250. Its is purely Indian govt so you are helping them.
I was also asked to open one for redeeming NSC, account is lying with them with Rs250, not touched for last 2 yrs
Or you can write a complaint on plain paper and give it to manager and ask for ack, they will definitely book your NSC.
Yes, they should not force customers to open SB against their will.

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caks2006407 wrote:

Open post office SB account, not a big deal, min bal is Rs250. Its is purely Indian govt so you are helping them.
I was also asked to open one for redeeming NSC, account is lying with them with Rs250, not touched for last 2 yrs
Or you can write a complaint on plain paper and give it to manager and ask for ack, they will definitely book your NSC.
Yes, they should not force customers to open SB against their will.

Now d min bal to open sb account is ₹500. SB account isn’t mandatory for NSC .. But it could b useful while redeeming d NSC after d maturity .

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jainashish85 wrote:

Any personal experience, i enqured a couple of banks and response was they do KVP but not NSC

Maturity amount above 20k won’t b paid in cash.. It vil b transferred to SB account.. Thatsy v r telling yo to open to SB account

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vimvim wrote:

Now d min bal to open sb account is ₹500. SB account isn’t mandatory for NSC .. But it could b useful while redeeming d NSC after d maturity .

Ohh then they must be charging me for not maintaining min bal flushed

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jainashish85 wrote:

6.8% ; 5 years

What’s so special about the rate and service of indian post that you want to go with them….
I mean if you have demat account why not take Bajaj Finance FD 6.9% interest 1 year…and everything is online

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Sudarshan61 wrote:

What’s so special about the rate and service of indian post that you want to go with them….
I mean if you have demat account why not take Bajaj Finance FD 6.9% interest 1 year…and everything is online

Any first hand experience dealing with bajaj finance’s deposit facilities. Previously when i researched on it people had mixed opinion dealing with them.

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Sudarshan61 wrote:

What’s so special about the rate and service of indian post that you want to go with them….
I mean if you have demat account why not take Bajaj Finance FD 6.9% interest 1 year…and everything is online

NSC is backed by GOI, for just .1% not worth the risk of going with these corporate FD’s.

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vimvim wrote:

Maturity amount above 20k won’t b paid in cash.. It vil b transferred to SB account.. Thatsy v r telling yo to open to SB account

Cant they transfer to other SB other than post office.

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jainashish85 wrote:

Cant they transfer to other SB other than post office.

It will be transferred only to a Post Office SB account. However, if you already have a SB Acct with any post office, you can request credit to that account, instead of opening a new account with the particular post office.
Effective from 2016, the practice of issuing Physical NSC certificates have been discontinued. Now it can only be issued in E-certificate form or through a physical passbook. Most post offices do not have supplies of physical passbook so insist on E-certificates. E-certificates are linked to SB accounts, so they also insist on opening SB accounts.

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caks2006407 wrote:

Open post office SB account, not a big deal, min bal is Rs250. Its is purely Indian govt so you are helping them.
I was also asked to open one for redeeming NSC, account is lying with them with Rs250, not touched for last 2 yrs
Or you can write a complaint on plain paper and give it to manager and ask for ack, they will definitely book your NSC.
Yes, they should not force customers to open SB against their will.

Its not about opening an account, was trying to avoid if possible. Probably will open account with them.

Off topic: i find the staff very casual, in one of visits in the first week of october for opening account, the response was we are busy come after 15th for opening new account. This is what got me scared with their services.

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panchabhut wrote:

It will be transferred only to a Post Office SB account. However, if you already have a SB Acct with any post office, you can request credit to that account, instead of opening a new account with the particular post office.
Effective from 2016, the practice of issuing Physical NSC certificates have been discontinued. Now it can only be issued in E-certificate form or through a physical passbook. Most post offices do not have supplies of physical passbook so insist on E-certificates. E-certificates are linked to SB accounts, so they also insist on opening SB accounts.

Thanks for the extra details justifying the need for SB account.

However I feel they should make it more convenient to attract more ppl opting for it.

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jainashish85 wrote:

NSC is backed by GOI, for just .1% not worth the risk of going with these corporate FD’s.

Read about ratings🤦‍♂️…Bajaj finance FD is FAAA

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teriab33 wrote:

Any first hand experience dealing with bajaj finance’s deposit facilities. Previously when i researched on it people had mixed opinion dealing with them.

I do such FDs online via my Demat Account, in summary I don’t have to deal with Bajaj directly. So all good till now

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jainashish85 wrote:

Its not about opening an account, was trying to avoid if possible. Probably will open account with them.

Off topic: i find the staff very casual, in one of visits in the first week of october for opening account, the response was we are busy come after 15th for opening new account. This is what got me scared with their services.

Sarkari Babu’s…They have no interest in customers service

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Sudarshan61 wrote:

Read about ratings🤦‍♂️…Bajaj finance FD is FAAA

Do you know what was the rating of ILFS before it got busted?

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jainashish85 wrote:

Do you know what was the rating of ILFS before it got busted?

Bonds vs FD… difference
Before they went down rating was downgraded…

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Sudarshan61 wrote:

Bonds vs FD… difference
Before they went down rating was downgraded…

I dont know why/how you have so much confidence on these ratings agency.
I tried my best to justify the marginal gain is not worth the risk even the best rating.
FYI, ILFS bonds was rated AAA a week before they were busted.

If it makes sense financial sense to you to take that step for addional 0.1% gain then go ahead (your money, your choice).

Peace.

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Sudarshan61 wrote:

Bonds vs FD… difference
Before they went down rating was downgraded…

Still not worth taking the risk, entire Indian share/equity/banking market is much less transparent compared to developed nations.

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jainashish85 wrote:

Cant they transfer to other SB other than post office.

No.. Not possible.. But u can transfer Ur SB account balance to other Bank account n vice versa using ippb app..

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Deal Subedar
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Finally got the NSC done with couple of visits.

Opened a savings account with post office first and then got NSC done.

Bonus Tip: post office agents(not post office staff) are paid a 0.5% commission for any NSC they get done.

So if you can get hold of an agent then they are willing to share a part of their commission as well.

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jainashish85 wrote:

Finally got the NSC done with couple of visits.

Opened a savings account with post office first and then got NSC done.

Bonus Tip: post office agents(not post office staff) are paid a 0.5% commission for any NSC they get done.

So if you can get hold of an agent then they are willing to share a part of their commission as well.

Post office SB Account gave you Internet banking facility ?

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I will avoid investing in post offices. Their service is horrible. Had a very bad experience in past with them.

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ZitOO wrote:

Post office SB Account gave you Internet banking facility ?

Yes, you need to request for it.
Email and phone should be updated in account

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