PM Modi has invested in this small savings post office scheme; know details

PM Modi's affidavit for Lok Sabha elections 2024: Whenever a top politician files a nomination for a Lok Sabha election, there are two things that attract him the most: the assets that the politician has and his educational qualifications. On Monday, when Prime Minister Narendra Modi filed his nomination for the third time from the Varanasi Lok Sabha seat in Uttar Pradesh, he also declared assets and the investments he has made in different investment schemes. 

In his Lok Sabha Elections 2024 affidavit available on the Election Commission of India (ECI) website, he declared that he has invested Rs 9,12,338 in the National Savings Certificate (NSC) scheme, which is a prominent post office scheme. Apart from that, he also declared investments worth Rs 2,85,60,338 in fixed deposits (FDs) at State Bank of India (SBI). 

Among other declarations, he showed that he has Rs 24,920 in cash in hand and has also withdrawn Rs 28,000 from his election bank account. 

He has an account in SBI, Gandhinagar, Gujarat branch, where he has deposits worth Rs 73,304, while in the Shivaji Nagar branch, Varanasi, he has a balance of Rs 7,000.

He has four gold rings of a total of 46 g worth Rs 2,67,750, while the total gross value of his assets is Rs 3,02,06,889, as per the affidavit.

Know some of features of NSC

NSC is a small savings scheme run by post office. It has a lock-in period of five years.

The minimum amount that can be deposit in the scheme is Rs 1,000 and in mutiples of Rs 100, while there is no maximum limit.

At one-time investment, the scheme offers an interest rate of 7.7 per cent compounded annually but payable at maturity.

Deposits in the scheme also provides income tax benefits of up to Rs 1.50 lakh under Section 80C of the Income Tax Act, 1961.      

One can have a single account or a joint account (up to 3 adults).

A guardian on bhalf of a minor can also open an account.