Is withdrawal from NSS taxable?

Also, the facility of premature withdrawal and flexible investment amount in the multiple of Rs. 1000 makes it a suitable investment avenue for many. However, the income earned on this savings scheme is fully taxable under the Income Tax Act and further attracts TDS if its aggregate interest earning is over Rs. 50000.

How do I close my NSS post office account?

x) After transfer of account, the account holder may close his/her NSS-87/NSS-92 account from the HO by submitting account closure form. Payment shall be made either by cheque or by credit into account holders PO Savings Account.

Is NSS 87 withdrawal taxable?

Up to last year, the interest rate was 11 per cent and was not changed even when the rates on other post office schemes were being steadily brought down. It is tax-free in the hands of the nominee or legatee. TDS is applied on withdrawal if the withdrawn amount is over Rs 2,400.

How do I delete my NSS 87 account?

Closure(Without 15H/15G)

1. Invoke HCAAC menu.
2. Function – Close.
3. Enter the A/C number.
4. Select the transaction type as Cash/Transfer.
5. Click on GO(F4)
6. Go through A/C information and Closure tabs.
7. Enter the appropriate closure reason code in Closure tab.
8. Click on SUBMIT(F10)

How much money can you withdraw from post office ATM?

Post office permits cash withdrawals up to ₹ 25,000 per day through its ATM card, according to India Post’s official website. A cash withdrawal limit of ₹ 10,000 per transaction is applicable. That means the maximum cash that one can withdraw in a single transaction at a post office ATM is Rs 10,000.

How much cash can I withdraw from the Post Office?

Withdrawals are free of charge. You can withdraw up to £1000 a day via a Post Office branch or ATM. Unlimited withdrawal requests can be made in writing or up to £50k over the phone. Postal or telephone withdrawals can be made by cheque or into your linked bank account.

Can I transfer money from my post office account to my bank account?

To make a transfer with the Post Office, you can choose to either go to one of their physical locations (which may be an independent Post Office or as part of another store), or use their online service on the Post Office website. You can choose either a cash pick up or delivery to a bank account.

What is the interest rate on NSS 1987?

It is, indeed, the worst news to learn that the interest rate on small saving scheme (NSS-87) has been slashed from 11 per cent to 7.5 per cent w.e.f 01-03-03 i.e., by almost 32 per cent.

Can I withdraw amount from any post office?

Now, withdraw your money of any bank, any branch from post office | Goa News – Times of India.