Govt increased Interest rate on Senior Citizen Savings Scheme

By | September 4, 2015

Govt. hikes interest rate to 9.3% for deposits under Senior Citizen Saving Scheme w.e.f April 1, 2015

MINISTRY OF FINANCE

(Department of Economic Affairs)

NOTIFICATION

New Delhi, the 27th July, 2015

G.S.R. 592(E).—In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Senior Citizens Savings Scheme Rules, 2004, namely:—

1. (1) These rules may be called the Senior Citizen Savings Scheme (Amendment) Rules, 2015.

(2) They shall be deemed to have come into force on the 1st day of April, 2015.

2. In the Senior Citizen Savings Scheme Rules, 2004, in rule 7, in sub-rule (1), after the third provisio, following proviso shall be inserted, namely:—

“Provided also that in the case of a deposit made under these rules on or after the 1st day of April, 2015, it shall bear at the rate of 9.3 per cent. per annum from the date of deposit.”

EXPLANATORY MEMORANDUM

The Ministry of Finance, Department of Economic Affairs (Budget Division) vide its O.M. No. 6-1/2011-NS.II (Pt.), dated the 11th November, 2011 has communicated to all concerned the various decisions taken by the Government on the recommendations of the Shyamala Gopinath Committee for comprehensive review of National Small Savings Fund (NSSF). Accordingly, the rates of interests on various small savings schemes for the financial year 2015-16 revised with effect from 1st April, 2015, have been communicated vide its O.M. No. 6-1/2011-NS-II, dated the 31st March, 2015. It is certified that the interests of no deposit holder shall be prejudicially affected by the retrospective effect given to the notification.

[F. No. 6-1/2011/NS-II]

Dr. RAJAT BHARGAVA, Jt. Secy.

Note : The Senior Citizens Savings Scheme Rules, 2004 were published in the Gazette of India, Extraordinary, vide notification number G.S.R. 490(E), dated the 2nd August, 2004 and subsequently amended vide numbers G.S.R. 706(E), dated the 27th October, 2004, G.S.R. 176(E), dated the 23rd March, 2006, G.S.R. 390(E), dated the 24th May 2007, G.S.R. 639(E), dated the 28th July, 2010, G.S.R. 770(E), dated the 19th October, 2011, G.S.R. 321(E), dated the 25th April 2012, G.S.R. 402(E), dated the 25th June, 2013, G.S.R.224(E), dated the 13th March, 2014 and G.S.R. 492(E ), dated the 11th July, 2014.

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