Revision of interest rates for Small Savings Schemes w.e.f. 01.07.2023 – SB Order No. 15/2023
SB Order No. 15/2023
No. 113-03/2017-SB(Pt.1)
Govt. of India
Ministry of Communications
Department of Posts
(F.S. Division)
Dak Bhawan, New Delhi — 110001
Dated: 30.08.2023
Addendum
To
All Heads of Circles / Regions
Subject: Revision of interest rates for Small Savings Schemes w.e.f. 01.07.2023.
***
Madam / Sir,
In continuation to this office letter of even number dated 30.06.2023 on the above mentioned subject, the undersigned is directed to forward copies of gazette notifications issued by Department of Economic Affairs, Ministry of Finance in connection with the revision of interest rates for second quarter of FY 2023-24 for further necessary action. Copies of the following notifications dated 23.08.2023 are enclosed.
(i). G.S.R. 620(E) National Savings Time Deposit (Third Amendment) Scheme, 2023
(ii). G.S.R.621(E) National Savings Recurring Deposit (Second Amendment) Scheme, 2023
2. This is issued with the approval of Competent Authority.
Encl: As above.
(T C VIJAYAN)
Asst. Director (SB-I)
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. Inthe 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-NB]
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 (1), vide number G.S.R. 922(E), dated the 12th December, 2019 and subsequently amended vide number G.S.R. 289(E), dated the 5 May, 2020, G.S.R. 838(E), dated the 22″ November, 2022, G.S.R. 53(E), dated the 20th January, 2023 and G.S.R. 327(E), dated the 27th April, 2023.
COMMENTS