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Untitled Document

MINISTRY OF FINANCE
(DEPARTMENT OF ECONOMIC AFFAIRS)
NEW DELHI

SAVINGS SCHEME NOTIFICATION

Dated: July 11, 2014

G.S.R.490(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 Post Office Time Deposit Rules, 1981, namely:-

1. (1) These rules may be called the Post Office Time Deposit (Amendment) Rules, 2014.

(2) They shall be deemed to have come into force on the 1st day of April, 2014.

2. In the Post Office Time Deposit Rules, 1981, in rule 7,-

(A) under the heading "Table-T", for the brackets, words, figures and letters "(For deposits made on or after the 1st April, 2013)", the brackets, words, figures and letters, "(For deposits made on or after the 1st day of April, 2013 but before the 1st day of April, 2014)" shall be substituted;

(B) after Table-T, the following Table shall be inserted, namely:-

"Table U

[For deposits made on or after the 1st April, 2014]

Period of deposit
Rate of interest per cent per annum
1 year
8.4
2 years
8.4
3 years
8.4
5 years
8.5".

(C) in the Notes, in paragraph (2), for the word and letter "Table T", the words and letters "Table T or Table U" shall be substituted.

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 2014-15 revised with effect from 1st April, 2014, have been communicated vide its O.M. No.6-1/2011-NS-II, dated the 4th March, 2014. 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 (Pt. II)

(Rajat Bhargava)
Jt. Secy.

Note: The principal rules were published vide number G.S.R. 664(E), dated the 17th December, 1981, and subsequently amended vide numbers G.S.R. 300(E), dated the 1st April, 1982, G.S.R. 257(E), dated the 11th March, 1983, G.S.R. 502(E), dated the 9th July, 1984, G.S.R. 418(E), dated the 10th May, 1985, G.S.R. 193(E), dated the 12th February, 1986, G.S.R. 362(E), dated the 1st April, 1987, G.S.R. 1005(E), dated the 23rd December, 1987, G.S.R. 353(E), dated the 18th March, 1988, G.S.R. 507(E), dated the 23rd May, 1990, G.S.R. 191(E), dated the 27th March, 1991, G.S.R. 580(E), dated the 12th September, 1991, G.S.R. 727(E), dated the 6th December, 1991, G.S.R. 431(E), dated the 24th April, 1992, G.S.R. 586(E), dated the 2nd September, 1993, G.S.R. 118(E), dated the 8th March, 1995, G.S.R. 5(E), dated the 1st January, 1999, G.S.R. 43(E), dated the 15th January, 2000, G.S.R. 151(E), dated the 1st March, 2001, G.S.R. 159(E), dated the 1st March, 2002, G.S.R. 174(E), dated the 1st March, 2003, G.S.R. 589(E), dated the 25th July, 2003, G.S.R. 286(E), dated the 13th May, 2005, G.S.R. 479(E), dated the 26th June, 2008, G.S.R. 742(E), dated the 4th October, 2011, G.S.R. 846(E), dated the 25th November, 2011, G.S.R. 323(E ), dated the 25th April, 2012, G.S.R. 400(E) dated the 25th June, 2013, and G.S.R. 222(E), dated the 13th March, 2014.

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