Senior Citizen Savings Scheme: Rule amended to allow spouse if sole nominee, to continue account
Ministry of Finance
(Department of Economic Affairs)
SAVINGS SCHEME NOTIFICATION
Dated : June 9, 2014
G.S.R.392(E). - In exercise of the powers conferred by section 15 of the Government Savings Bank 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, 2014.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In Senior Citizen Savings Scheme Rules, 2004, after sub-rule 3 of rule 8, following shall be inserted, namely:-
“Provided that in the case of a joint account, or where the spouse is the sole nominee, the spouse may continue the account on the same terms and conditions as specified under these rules:
provided further that in case the spouse does not continue the joint account, the account shall be closed on an application in Form-F and the deposit refunded alongwith interest as above”.
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 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 die 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 and G.S.R.224(E) dated the 13th March, 2014.