This pertains to the NSS1987 that came into force on I April 1987. Fresh deposits under the scheme were discontinued from 1 October 1992. Subsequently, the government launched a new scheme NSS-92, but this too was discontinued after 1 November 2002. The interest applicable on both the schemes was 7.5%, commencing from 1 March 2003 till 30 September 2024.
With reference to an 8 November article in Mint, the finance ministry said it may be noted that these schemes were introduced mainly to defer the tax liabilities in those years.
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