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With reference to the National Savings Certificate, consider the following statements:
It is a savings scheme backed by the government that can be purchased from any general post office in India.
  • It provides guaranteed returns and tax rebates as per Income Tax Act, 1961.
  • The National Savings certificate may be pledged or transferred as securities to the President of India.
    Which of the statements given above are correct?
    • a)
      1 and 2 only
    • b)
      1 and 3 only
    • c)
      2 and 3 only
    • d)
      1, 2 and 3
    Correct answer is option 'D'. Can you explain this answer?
    Most Upvoted Answer
    With reference to the National Savings Certificate, consider the foll...
    • The National Savings Certificate (NSC) is a small savings scheme backed by the government which can be purchased from any general post office in India. Hence statement 1 is correct.
    • NSC provides guaranteed returns, tax rebates as per section 80C of the IT Act, 1961 and NSC interest rates of 8.5% and 8.8% for NSC VIII (five years) and NSC IX (10 years) respectively. The interest, under this scheme, is compounded on a half-yearly basis. Hence statement 2 is correct.
    • The deposits can be opened with a Minimum of Rs.1000 and in multiple of Rs.100, no maximum limit and any number of accounts can be opened under the scheme. The deposit shall mature on the completion of five years from the date of the deposit (NSC VIII issue). NSC may be pledged or transferred as security, by submitting the prescribed application form at the concerned Post Office supported with an acceptance letter from the pledgee. Transfer/pledging can be made to the following authorities.-The President of India/Governor of the State, RBI/Scheduled Bank/Co-operative Society/Co-operative Bank.-Corporation (public/private)/Govt. Company/Local Authority.-Housing finance company. Hence statement 3 is correct.
    • A pledged asset is a valuable possession that is transferred to a lender to secure a debt or loan. Hence pledging means the transfer of an asset from a debtor (the pledgor) to a creditor (the pledgee) to secure repayment for some debt or obligation and to the mutual benefit of both parties.
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    With reference to the National Savings Certificate, consider the following statements: It is a savings scheme backed by the government that can be purchased from any general post office in India. It provides guaranteed returns and tax rebates as per Income Tax Act, 1961. The National Savings certificate may be pledged or transferred as securities to the President of India. Which of the statements given above are correct?a)1 and 2 onlyb)1 and 3 onlyc)2 and 3 onlyd)1, 2 and 3Correct answer is option 'D'. Can you explain this answer?
    Question Description
    With reference to the National Savings Certificate, consider the following statements: It is a savings scheme backed by the government that can be purchased from any general post office in India. It provides guaranteed returns and tax rebates as per Income Tax Act, 1961. The National Savings certificate may be pledged or transferred as securities to the President of India. Which of the statements given above are correct?a)1 and 2 onlyb)1 and 3 onlyc)2 and 3 onlyd)1, 2 and 3Correct answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to the National Savings Certificate, consider the following statements: It is a savings scheme backed by the government that can be purchased from any general post office in India. It provides guaranteed returns and tax rebates as per Income Tax Act, 1961. The National Savings certificate may be pledged or transferred as securities to the President of India. Which of the statements given above are correct?a)1 and 2 onlyb)1 and 3 onlyc)2 and 3 onlyd)1, 2 and 3Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the National Savings Certificate, consider the following statements: It is a savings scheme backed by the government that can be purchased from any general post office in India. It provides guaranteed returns and tax rebates as per Income Tax Act, 1961. The National Savings certificate may be pledged or transferred as securities to the President of India. Which of the statements given above are correct?a)1 and 2 onlyb)1 and 3 onlyc)2 and 3 onlyd)1, 2 and 3Correct answer is option 'D'. Can you explain this answer?.
    Solutions for With reference to the National Savings Certificate, consider the following statements: It is a savings scheme backed by the government that can be purchased from any general post office in India. It provides guaranteed returns and tax rebates as per Income Tax Act, 1961. The National Savings certificate may be pledged or transferred as securities to the President of India. Which of the statements given above are correct?a)1 and 2 onlyb)1 and 3 onlyc)2 and 3 onlyd)1, 2 and 3Correct answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
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