Revision of interest rates for Small Savings Schemes (Kisan Vikas Patra/National Savings Time Deposit Scheme/Senior Citizens Savings Scheme/ National Savings (Monthly Income Account) Scheme) w.e.f. 01.10.2022: Addendum SB Order No. 15/2022
SB Order No. 15 /2022
No 113-03/2017-SB(Pt.1)
Government of India
Ministry of Communications
Department of Posts
(Financial Services Division)
Dak Bhawan, New Delhi — 110001
Dated: 03.01.2023
Addendum
To
All Head of Circles/Regions
Subject: Revision of interest rates for Small Savings Schemes w.e.f. 01.10.2022
Madam / Sir,
In continuation to this office letter of even number dated 29.09.2022 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 third quarter of FY 2022-23 for further necessary actions. Copies of the following notifications are enclosed.
(i). G.S.R. 837 (E) Kisan Vikas Patra (Amendment) Scheme, 2022 dated 22.11.2022
(ii). G.S.R. 838 (E) National Savings Time Deposit (Amendment) Scheme, 2022 dated 22.11.2022
iii). G.S.R. 839 (E) National Savings (Monthly Income Account) (Amendment) Scheme, 2022 dated 22.11.2022
(iv). G.S.R. 842 (E) Senior Citizens’ Savings (Amendment) Scheme, 2022 dated 22.11.2022
This is issued with the approval of the Competent Authority.
Encl: As above.
(T.C VIJAYAN)
Assistant Directér (SB-I)
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 22nd November, 2022
G.S.R. 837(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 Kisan Vikas Patra Scheme, 2019, namely:—
1. Short title and commencement.—
(1) This Scheme may be called the Kisan Vikas Patra (Amendment) Scheme, 2022.
(2) It shall be deemed to have come into force on the 1st day of October, 2022.
2. In the Kisan Vikas Patra Scheme, 2019 (hereinafter referred to as the said Scheme), in paragraph 5,—
a. in sub-paragraph (1A), for the words and figures, “on or after the 1st day of April, 2020”, the following words, figures and brackets “between 1st April, 2020 to 30th September, 2022 (both days inclusive)” shall be substituted;
b. after sub-paragraph (1A), the following sub-paragraph shall be inserted, namely: —
“(1B) The maturity period of an account opened on or after the 1st day of October, 2022 shall be ten years and three months.
(IC) The deposits made in the account shall double on maturity.”.
3. In the said Scheme, in paragraph 6, in sub-paragraph (3),—
a. in TABLE-2, for the words and figures, “on or after the 1st day of April, 2020”, the following words, figures and brackets “between 1st April, 2020 to 30th September, 2022 (both days inclusive)” shall be substituted;
b. after TABLE-2, the following TABLE shall be inserted, namely: —
“TABLE-3
[Table showing premature closure value of account opened on or after 1st day of October with 1000 rupees]
| Period from the date of the certificate to the date of its encashment | Amount payable inclusive of interest (Rupees) |
| (1) | (2) |
| Two and half years but less than three years | 1157 |
| Three years but less than three and half years | 1191 |
| Three and half years but less than four years | 1226 |
| Four years but less than four and half years | 1262 |
| Four and half years but less than five years | 1300 |
| Five years but less than five and half years | 1338 |
| Five and half years but less than six years | 1378 |
| Six years but less than six and half years | 1419 |
| Six and half years but less than seven years | 1460 |
| Seven years but less than seven and half years | 1504 |
| Seven and half years but less than eight years | 1548 |
| Eight years but less than eight and half years | 1594 |
| Eight and half years but less than nine years | 1641 |
| Nine years but less than nine and half years | 1689 |
| Nine and half years but less than ten years | 1739 |
| Ten years but before Maturity of Certificate | 1791 |
| On maturity of certificate | 2000” |
[F. No. 1/4/2016-NS]
ASHISH VACHHANI, Addl. Secy.
Explanatory Memorandum.—The Kisan Vikas Patra (Amendment) Scheme, 2022 takes effect from the date as specified in the notification. However, no one shall be adversely affected as a result of retrospective effect being given to this amendment Scheme.
Note : The principal Scheme was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (1) vide number G.S.R. 920(E), dated the 12th December, 2019 and subsequently amended vide number G.S.R 283(E), dated the 5th May, 2020.
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 22nd November, 2022
G.S.R 838 (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. Short title and commencement.—
(1) This Scheme may be called the National Savings Time Deposit (Amendment) Scheme, 2022.
(2) It shall be deemed to have come into force on the 1“ day of October, 2022.
2. In the National Savings Time Deposit Scheme, 2019 (hereinafter referred to as the said Scheme), in paragraph 7,—
(a) in sub-paragraph 1(A), for the words and figures, “on or after the 1st day of April, 2020”, the following words, figures and brackets “between 1st April, 2020 to 30th September, 2022 (both days inclusive)” shall be substituted;
(b) after sub-paragraph 1(A), the following sub-paragraph and table shall be inserted, namely:-
“1(B) The rate of interest as specified in the table below shall be applicable to the deposit made on or after 1st day of October, 2022 under the Scheme.
TABLE
| S. No. | Category of account | Rate of interest (per cent. per annum) |
| (1) | (2) | (3) |
| 1. | One-year | 5.5 |
| 2. | Two-years | 5.7 |
| 3. | Three-years | 5.8 |
| 4. | Five-years | 6.7” |
[F. No. 1/04/2016-NS]
ASHISH VACHHANI, Addl. Secy.
Explanatory Memorandum.—The National Savings Time Deposit (Amendment) Scheme, 2022 takes effect from the date as specified in the notification. However, no one shall be adversely affected as a result of retrospective effect being given to this amendment Scheme.
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 5th May, 2020.
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 22nd November, 2022
G.S.R. 842(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 Senior Citizens’ Savings Scheme, 2019, namely:-
1. Short title and commencement.-
(1) This Scheme may be called the Senior Citizens’ Savings (Amendment) Scheme, 2022.
(2) It shall be deemed to have come into force on the Ist day of October, 2022.
2. In the Senior Citizens’ Savings Scheme, 2019, in paragraph 5,-
(a) in sub-paragraph (1A), for the words and figures, “on or after the 1st day of April, 2020”, the following words, figures and brackets “between 1st April, 2020 to 30th September, 2022 (both days inclusive)” shall be substituted;
(b) after sub-paragraph (1A), the following sub-paragraph shall be inserted, namely:- “(1B) The deposit made under this Scheme on or after the 1st day of October, 2022 shall bear interest at the rate of 7.6 per cent. per annum.”.
[F. No. 1/04/2016-NS-II]
ASHISH VACHHANI, Addl. Secy.
Explanatory Memorandum.-The Senior Citizens’ Savings (Amendment) Scheme, 2022 takes effect from the date as specified in the notification. However, no one shall be adversely affected as a result of retrospective effect being given to this amendment Scheme.
Note: The principal Scheme was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (1) 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.
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 22nd November, 2022
G.S.R. 839(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 (Monthly Income Account) Scheme, 2019, namely:—
1. Short title and commencement.-
(1) This Scheme may be called the National Savings (Monthly Income Account) (Amendment) Scheme, 2022.
(2) It shall be deemed to have come into force on the 1st day of October, 2022.
2. Inthe National Savings (Monthly Income Account) Scheme, 2019, in paragraph 5,-
a. in sub-paragraph (1A), for the words and figures, “on or after the 1st day of April, 2020”, the following words, figures and brackets “between 1st April, 2020 to 30th September, 2022 (both days inclusive)” shall be substituted;
b. after sub-paragraph (1A), the following sub-paragraph shall be inserted, namely:-
“(1B) The deposit made under this Scheme on or after the 1st day of October, 2022 shall bear interest at the rate of 6.7 per cent. per annum.”.
[F. No. 1/04/2016-NS]
ASHISH VACHHANI, Addl. Secy.
Explanatory Memorandum.—The National Savings (Monthly Income Account) (Amendment) Scheme, 2022 takes effect from the date as specified in the notification. However, no one shall be adversely affected as a result of retrospective effect being given to this amendment Scheme.
Note : The principal Scheme was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (1) vide number G. S. R. 917(E), dated the 12th December, 2019 and subsequently amended vide number G.S.R. 286(E) dated the 5th May, 2022.
COMMENTS