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The Hindu
Advice on account closure, tax implications, and alternative investment options post-interest suspension.
Q. I am a senior citizen. I had invested in the National Savings Scheme (NSS) 1987 when I was in service.
I have not withdrawn money from it as I was planning to do it in instalments to minimise tax implications.
I read in the newspapers that from October 1, 2024 no interest would be paid on NSS. If this was true, please answer the following:
1) Whether the account must be closed in full?
2) Can I continue to hold the account without interest and withdraw the balance amount in instalments with the aim of minimising tax?
3) Is there any time limit for the closure of the account?
- A.V. Narayanan
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