Revision of interest of Small Savings

REGD. No. D. L.-33004/99 CG-DL-E-24082023-248287 EXTRAORDINARY PART II—Section 3—Sub-section (i) PUBLISHED BY AUTHORITY No. 485] NEW DELHI, THURSDAY, AUGUST, 24, 2023/BHADRA 2, 1945 MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 23rd August, 2023 G.S.R. 620(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 further to amend the National Savings Time Deposit Scheme, 2019, namely:- 1. (1) This Scheme may be called the National Savings Time Deposit (Third Amendment) Scheme, 2023. (2) It shall be deemed to have come into force on the 1st day of July, 2023. 2. In the National Savings Time Deposit Scheme, 2019, in paragraph 7,- (a) in sub-paragraph 1(D), for the words and figures, "on or after the 1st day of April, 2023", the words, figures and brackets "between 1st April, 2023 and 30th June, 2023 (both days inclusive)" shall be substituted; (b) after sub-paragraph 1(D), the following sub-paragraph and Table shall be inserted, namely:- "1(E) The rate of interest as specified in the Table below shall be applicable to the deposit made on or after 1st day of July, 2023 under the Scheme. TABLE +-----+--------------------+----------------------------------------+ | S.No.| Category of account | Rate of interest (per cent. per annum) | +=====+====================+==========================================+ | (1) | (2) | (3) | +-----+--------------------+----------------------------------------+ | 1. | One-year | 6.9 | +-----+--------------------+----------------------------------------+ | 2. | Two-years | 7.0 | +-----+--------------------+----------------------------------------+ | 3. | Three-years | 7.0 | +-----+--------------------+----------------------------------------+ | 4. | Five-years | 7.5". | +-----+--------------------+----------------------------------------+ [F. No. 1/04/2016-NS] ASHISH VACHHANI, Addl. Secy. Explanatory Memorandum.- By giving retrospective effect to the National Savings Time Deposit (Third Amendment) Scheme, 2023 no one shall be adversely affected as a result of retrospective effect being given to this amendment. 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 subsequently amended vide number G.S.R. 289(E), dated the 5th May, 2020, G.S.R. 838(E), dated the 22nd November, 2022, G.S.R. 53(E), dated the 20th January, 2023 and G.S.R. 327(E), dated the 27th April, 2023. NOTIFICATION New Delhi, the 23rd August, 2023 G.S.R. 621(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 further to amend the National Savings Recurring Deposit Scheme, 2019, namely:- 1. (1) This Scheme may be called the National Savings Recurring Deposit (Second Amendment) Scheme, 2023. (2) It shall be deemed to have come into force on the 1st day of July, 2023. 2. In the National Savings Recurring Deposit Scheme, 2019 (hereinafter referred to as the said Scheme), in paragraph 9, for the TABLE 1.1, the following TABLE shall be substituted, namely:- "TABLE-1.1 +---------------------------------------+-------------------------------------------------------------------+ | Period during which account is opened | Amount (Rupees) repayable on an account of 100 rupees denomination | +========================================+=====================================================================+ | From 12.12.2019 to 31.03.2020 | 7231.38 | +---------------------------------------+-------------------------------------------------------------------+ | From 01.04.2020 to 31.03.2023 | 6969.67 | +---------------------------------------+-------------------------------------------------------------------+ | From 01.04.2023 to 30.06.2023 | 7043.27 | +---------------------------------------+-------------------------------------------------------------------+ | On or after 01.07.2023 | 7099.08 | +---------------------------------------+-------------------------------------------------------------------+ Amount repayable inclusive of interest on an account of any other denomination shall be proportionate to the amount specified in the table". 3. In the said Scheme, in paragraph 10, in sub-paragraph (2), in clause (a),- (a) in TABLE-1.2, for the words and figures, "on or after the 1st day of April, 2023", the following words, figures and brackets "between 1st April, 2023 to 30th June, 2023 (both days inclusive)" shall be substituted; (b) after TABLE-1.2, the following TABLE shall be inserted, namely:- "TABLE-1.3 [Amount inclusive of interest repayable on the accounts opened on or after the 1st day of July, 2023 and continued with monthly deposits beyond the maturity period or maturity period as extended under sub-paragraph (1) of paragraph 10] +-------------------------------------------------------------+-----------------------------------------------------------+ | Number of completed years for which the account continued | Amount (Rupees) on an account of 100 rupees denomination | +================================================================+===============================================================+ | One years | 8814.76 | +-------------------------------------------------------------+-----------------------------------------------------------+ | Two years | 10644.70 | +-------------------------------------------------------------+-----------------------------------------------------------+ | Three years | 12596.52 | +-------------------------------------------------------------+-----------------------------------------------------------+ | Four years | 14678.33 | +-------------------------------------------------------------+-----------------------------------------------------------+ | Five years | 16898.80 | +-------------------------------------------------------------+-----------------------------------------------------------+ Amount repayable inclusive of interest on an account of any other denomination shall be proportionate to the amount specified in the table". 4. In the said Scheme, in paragraph 11, in sub-paragraph (2),- (a) in TABLE-2.2, for the words and figures, "on or after the 1st day of April, 2023", the following words, figures and brackets "between 1st April, 2023 to 30th June, 2023 (both days inclusive)" shall be substituted; (b) after TABLE-2.2, the following TABLE shall be inserted, namely:- "TABLE-2.3 [Amount inclusive of interest repayable on the accounts opened on or after the 1st day of July, 2023 and continued without any fresh monthly deposits beyond the maturity period or maturity period as extended under sub-paragraph (1) of paragraph 11] +-------------------------------------------------------------+-----------------------------------------------------------+ | Number of completed years for which the account continued | Amount (Rupees) on an account of 100 rupees denomination | +================================================================+===============================================================+ | One years | 7571.89 | +-------------------------------------------------------------+-----------------------------------------------------------+ | Two years | 8076.19 | +-------------------------------------------------------------+-----------------------------------------------------------+ | Three years | 8614.08 | +-------------------------------------------------------------+-----------------------------------------------------------+ | Four years | 9187.79 | +-------------------------------------------------------------+-----------------------------------------------------------+ | Five years | 9799.71 | +-------------------------------------------------------------+-----------------------------------------------------------+ Amount repayable inclusive of interest on an account of any other denomination shall be proportionate to the amount specified in the table". 5. In the said Scheme, in paragraph 12, in sub-paragraph (1),- (a) in TABLE-2.2, for the words and figures, "on or after the 1st day of April, 2023", the following words, figures and brackets "between 1st April, 2023 to 30th June, 2023 (both days inclusive)" shall be substituted; (b) after TABLE-2.2, the following TABLE shall be inserted, namely:- "TABLE-2.3 [Amount payable to legal heir or nominees on the death of the depositor in five years under this Scheme on the accounts opened on or after the 1st day of July, 2023 and up to the closure of the account] Number of deposits made / Amount (Rupees) for denomination of 100 rupees: 1 to 11: Deposits made; 12: 1242.86; 13: 1350.10; 14: 1457.91; 15: 1566.31; 16: 1675.28; 17: 1784.85; 18: 1895.00; 19: 2005.75; 20: 2117.10; 21: 2229.04; 22: 2341.59; 23: 2454.74; 24: 2568.51; 25: 2682.88; 26: 2797.88; 27: 2913.49; 28: 3029.72; 29: 3146.59; 30: 3264.08; 31: 3382.20; 32: 3500.96; 33: 3620.36; 34: 3740.41; 35: 3861.10; 36: 3982.44; 37: 4104.43; 38: 4227.08; 39: 4350.40; 40: 4474.37; 41: 4599.02; 42: 4724.33; 43: 4850.33; 44: 4977.00; 45: 5104.35; 46: 5232.39; 47: 5361.12; 48: 5490.54; 49: 5620.66; 50: 5751.48; 51: 5883.00; 52: 6015.24; 53: 6148.18; 54: 6281.85; 55: 6416.23; 56: 6551.34; 57: 6687.17; 58: 6823.74; 59: 6961.04; 60: 7099.08. Amount repayable inclusive of interest on an account of any other denomination shall be proportionate to the amount specified in the table". [F. No. 1/04/2016-NS] ASHISH VACHHANI, Addl. Secy. Explanatory Memorandum.-By giving retrospective effect to the National Savings Recurring Deposit (Second Amendment) Scheme, 2023, no one shall be adversely affected as a result of retrospective effect being given to this amendment. Note: The principal Scheme was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 918(E), dated the 12th December, 2019 and subsequently amended vide numbers G.S.R. 285(E), dated the 5th May, 2020, G.S.R. 330(E), dated the 27th April, 2023.