Senior Citizen’s Savings & Time Deposits (Fourth Amendment) Scheme, 2023 - Gazette dtd 07.11.2023
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 Scheme, 2019, namely:—
1. (1) This Scheme may be called the SeniorCitizen’s Savings (Fourth Amendment) Scheme 2023.
(2) It shall come into force on the date of its publication in the Official Gazette.
2.
In the Senior Citizen’s Savings Scheme, 2019 (herein after referred to
as the Principal Scheme), in paragraph 3, in sub-paragraph (1), for
clause (ii) and the proviso, the following shall be substituted,
namely:—
“(ii)
who has attained the age of fifty-five years or more but less than
sixty 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 benefits and proof of
date of disbursal 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 such 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 years
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
fulfillment 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 retirement 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 special voluntary retirement scheme and
in case, if the employee died in harness, the “retirement benefits”
shall also mean the above mentioned benefits to employee who died in
harness.’.
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:—
“(i)
In case the account is closed before expiry of one year from the date
of extension as mentioned in subparagraph (2), an amount equal to one
per cent. of the deposit shall be deducted and the balance shall be paid
to the account holder.”.
6. In the Principal Scheme, in paragraph 7,—
(a) for sub-paragraph (1), the following 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 account 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 existing account or accounts, new account or
accounts may be opened again as required by the depositor subject to the
maximum deposit 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-paragraphs (1) and (2), the following sub-paragraphs 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 three 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 Time 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 Gazette.
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
the 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 deposit, 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 provisions
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 Savings 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 subsequently 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 Provident Fund Scheme, 2019, namely: —
1.(1) This Scheme 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 Gazette.
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, Subsection (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.
0 comments:
Post a Comment