Notification of Schemes under Small Savings Schemes

7086 GI/202 3 (1) रजिस्ट्री सं. डी.एल.- 33004/99 REGD. No . D. L. -33004/99 EXTRAORDINARY PART II —Section 3 —Sub-section ( i) PUBLISHED BY AUTHORITY No. 649] NEW DELHI, THURS DAY , NOVEMBER 9, 2023/ KARTIKA 18, 1945 CG-DL-E-09112023-249981 MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 7th November , 2023 G.S.R . 829(E). — In exercise of the powers conferred by section 3A of the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby makes the following Scheme to further amend the Senior Citizen’ s Savings Sch eme, 2019, namely: — 1. (1) This Scheme may be called the Senior Citizen’s Savings (Fourth Amendment ) Scheme, 2023. (2) It shall come into force on the date of its publication in the Official G azette. 2. In the Senior Citizen’s Savings Sch eme, 2019 (herein after referred to as the Principal Scheme) , in paragraph 3, in sub-paragraph (1) , for clause (ii) and the proviso, the followin g shall be substituted, namely: — “(ii) who has attained the age of fifty -five years or more but less than s ixty years, and who has retired on superannuation or otherwise on the date of opening of an account under this Scheme, subject to the condition that the account is opened by such individual within three months from the date of receipt of the retirement ben efits and proof of date of disbu rsal of such retirement benefits along with a certificate from the employer indicating the details of retirement on superannuation or otherwise, retirement benefits or admissible financial assistance to an eligible government employee who died in harness, employment held and period of su ch employment with the employer, is attached with the application form : Provided that the retired personnel of Defence Services (excluding Civilian Defence employees) shall be eligible to open an account under this Scheme on attaining the age of fifty year s subject to the fulfilment of other specified conditions. Provided further that the spouse of the government employee shall be allowed to open an account under this Scheme , if the government employee who has attained the age of fifty years and has died in harness , subject to the fulfilment of other specified conditions. Explanation :— For the purposes of this proviso, the Government Employee includes all Central and State Government employees eligible for retirement benefit or death compensation .” 3. In the Principal Scheme, in paragraph 4, for Explanation, the following Explanation shall be substituted, namely: — ‘Explanation. — For the purposes of this sub -paragraph, “retirement benefits” means any payment due to the account holder on account of retir ement on superannuation or otherwise and includes Provident Fund dues, retirement or superannuation or death gratuity, commuted value of pension, cash equivalent of leave, savings element of Group Savings Linked Insurance Scheme payable by the employer on retirement, retirement -cum-withdrawal benefit under the Employees’ Family Pension Scheme and ex -gratia payments under a voluntary or a spec ial voluntary retirement scheme and i n case , if the employee died in harness, the “retirement benefits” shall also me an the above mention ed benefits to employee who died in h arness.’ . 4. In the Principal Scheme, in paragraph 5, for sub-paragraph (7), the following sub-paragraph shall be substituted, namely :— “(7) In case of an account extended after maturity under sub-paragraph (1) of paragraph 8, the deposit in such account shall earn interest at the rate applicable to the Scheme on the date of maturity or on the date of extended maturity.” . 5. In the Principal Scheme, in paragraph 6, in sub-paragraph (1) after clause (iii), the following clause shall be inserted, namely: — “(iv) In case the account is closed before expiry of one year from the date o f extension as mentioned in sub - paragraph (2), an amount equal to one per cent. of the deposit shall be deducted and the balance shal l be paid to the account holder .”. 6. In the Principal Scheme, in paragraph 7, — (a) for sub-paragraph (1), the followin g shall be substituted, namely: — “(i) The deposit made at the time of opening of account shall be paid on or after the expiry of five years or after the expiry of each block period of three years where accou nt was extended under paragraph 8 from the date of opening of account, on an application made in Form -3: Provided that after closure of the existi ng acc ount or accounts, new account or account s may be opened again as required by the depositor subject to the maximum de posit limit as mentioned in sub -paragraph ( 1) of paragraph 4.”; (b) In sub -paragraph (2), for the second proviso, the following proviso shall be substituted, namely: — “Provided further that in case of a joint account, or where the spouse is the sole nominee, the spouse may continue the account by applying to the accounts office, on the same terms and conditions as specified under this Scheme, if the spouse meets eligibility conditions under the Scheme on the date of death of the account holder. ”. 7. In the Principal Scheme, in paragraph 8, — (a) For sub-paragraph s (1) and (2) , the following sub-paragraph s shall be substituted, namely: — “(1) The account holder may extend the account for a further block period of three years by making an application in Form -4 within a period of one year from the date of maturity or from the date of end of each block period of three years. (2) The extension of the account under sub -paragraph (1) shall be deemed to have been made from the date of maturity or from the date of end of each block period of three years, irrespective of the date of application.” ; (b) In sub-paragraph ( 3), for the words “only once”, the words “in block period of th ree years” shall be substituted. [F. No. 1/4/2023 -NS(Pt.)] ASHISH VACHHANI, Addl. Secy. Note : The Principal Scheme was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub -section (i) vide number G. S. R. 916(E), dated the 12th December, 2019 and subsequently amended vide number G.S.R. 287 (E), dated the 5th May, 2020, G.S.R. 842(E) , dated the 23rd November, 2022, G.S.R. 56(E), dated the 27th January, 2023, G.S.R. 240 (E), dated the 31st March, 2023 and G.S.R. 326 (E), dated the 27th April, 2023. NOTIFICATION New Delhi, the 7th November , 2023 G.S.R . 830(E). — In exercise of the powers conferred by section 3A of the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby makes the following Scheme to further amend the National Savings Tim e Deposit Scheme, 2019, namely: — 1. (1) This Scheme may be called the National Savings Time Deposit ( Fourth Amendment) Scheme, 2023. (2) It shall come into force on the date of its publication in the Official G azette. 2. In the National Savings Time Deposit Scheme, 2019, for paragraph 8, the following paragraph shall be substituted, namely: — “8. Premature closure of account. - Premature closure of an account shall be allowed on an application by the account holder in Form -4, subject to th e following conditions, namely: — (a) no deposit shall be withdrawn before the expiry of six months from the date of deposit; (b) where a deposit in a one -year, two -year or three -year account is withdrawn prematurely after six months, but before the expiry of one year from the date of deposi t, interest shall be payable to the account holder at the rate applicable to Post Office Savings Account for the completed months; (c) where a deposit in a two -year or three -year account is withdrawn prematurely after the expiry of one year from the date of deposit, interest on such deposit shall be payable to the account holder for the completed years and months, commencing on the date of deposit and ending with the date of withdrawal, and such interest shall be calculated at the rate which shall be less by two per cent. points than the rate specified for a deposit of one -year or two -year, as the case may be , and interest for the completed year shall be calculated on quarterly compounding basis in accordance with the provisions of paragraph 7, and for any part of a year, interest shall be payable as per the provision s of sub - paragraph (b); (d) Where a deposit in a five -year account is withdrawn prematurely after four years from the date of opening of account, interest shall be payable at the rate applicable to Post Office Sa vings Account; and (e) any interest already paid on the deposit under paragraph 7 shall be recovered from the amount of repayment of deposit and the interest payable under this paragraph.” . [F. No. 1/4/2023 -NS(Pt.)] ASHISH VACHHANI, Addl. Secy. Note :The Principal Scheme was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub -section (i), vide number G.S.R. 922(E), dated the 12th December, 2019 and sub sequently amended vide number G.S.R. 289(E), dated the 9th May, 2020, G.S.R. 838(E), dated the 22nd November, 2022, G.S.R. 53(E), dated the 27th January, 2023 , G.S.R. 327 (E), dated the 27th April, 2023 and G.S.R. 620(E), dated the 23rd August, 2023. NOTIFICATION New Delhi, the 7th November , 2023 G.S.R . 831(E).—In exercise of the powers conferred by section 3A of the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby makes the following Scheme to further amend the Public Provi dent Fund Scheme, 2019, namely: — 1. (1) This Schem e may be called the Public Provident Fund ( Amendment ) Scheme, 2023. (2) It shall come into force on the date of its publication in the Official G azette. 2. In the Public Provident Fund Scheme, 2019, in paragraph 13, in the second proviso, for the words “or the date of extension of the account”, the words “or from the date of commencement of the current block period of five years” shall be substituted. [F. No. 1/4/2023 -NS(Pt.)] ASHISH VACHHANI, Addl. Secy. Note : The Principal Scheme was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub - section (i) vide number G. S. R. 915(E) dated the 12th December, 2019 and subsequently amended vide number G.S.R. 290(E) dated the 5th May, 2020 . Uploaded by Dte. of Printing at Government of India Press, Ring R oad, Mayapuri, New Delhi -110064 and Published by the C ontroller of Publications, Delhi -110054.