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NSS 1992 discontinued

By Our Staff Reporter

CHENNAI OCT. 29. The Central Government has discontinued the National Savings Scheme 1992 with effect from November 1. Post offices have already been directed not to accept deposits under the scheme, which offers a 20 per cent income tax rebate under Section 88 and an annual interest of 8.5 per cent.The Centre had withdrawn NSS 87, which offered 11 per cent interest in 1992, and replaced it with the present one in October 1992. The NSS 1992 had no limit on investment and there was no maximum period of holding as one could hold the account for any number of years.

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