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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.491(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 Recurring Deposit Rules, 1981, namely:-

1. (1) These rules may be called the Post Office Recurring 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 Recurring Deposit Rules, 1981 (hereinafter referred to as the said rules), in rule 9,-

(a) in the Schedule under clause (a) of sub-rule (1), for the last entries, the following entries shall be substituted, namely:-

"From 1.04.2013 to 31.3.2014 (both dates inclusive) 744.53
From 1.04.2014 onwards. 746.53"

(b) in the Schedule under clause (a) of sub-rule (2), for the last entries, the following entries shall be substituted, namely:-

"From 1.04.2013 to 31.3.2014 (both dates inclusive) 744.53
From 1.04.2014 onwards 746.53.".

3. In rule 10 of the said rules, in sub-rule (2), in items (a) and (c), for the words and figures "Tables 1, 2, 11, 13, 17, 20, 22, 26, 29, 32, 35, 38, 41 ,44, 47 or 50", the words and figures "Tables 1, 2, 11, 13 17, 20, 22, 26, 29, 32, 35, 38, 41, 44, 47, 50 or 53" shall be substituted.

4. In rule 11 of the said rules, in sub-rule (2), in items (b) and (c), for the words and figures "Tables 3, 4, 12, 14, 18, 21, 23, 27, 30, 33, 36, 39, 42, 45, 48 or 51", the words and figures "Tables 3, 4, 12, 14, 18, 21, 23, 27, 30, 33, 36, 39, 42, 45, 48, 51 or 54" shall be substituted.

5. In rule 12 of the said rules,-

(a) in sub-rule (1), in item (b), in sub-item (ii), for the words and figures "Tables 5, 6, 7, 8, 9 10, 15, 16, 19, 24, 25, 28, 31, 34, 37, 40, 43, 46, 49 or 52", the words and figures "Tables 5, 6, 7, 8, 9, 10, 15, 16, 19, 24, 25, 28, 31, 34, 37, 40, 43, 46, 49, 52 or 55" shall be substituted;

(b) in sub-rule (3) and sub-rule (4), for the words and figures "Tables 5, 6, 7, 8, 9, 10, 15, 16, 19, 24, 25, 28, 31, 34, 37, 40, 43, 46, 49 or 52", the words and figures "Tables 5, 6, 7, 8, 9, 10, 15, 16, 19, 24, 25, 28, 31, 34, 37, 40, 43, 46, 49, 52 or 55" shall be substituted.

6. After Table 49 of the said rules, the following Tables shall be inserted, namely:-

"Table 53
(See rule 10)

Amount, inclusive of interest, payable on an account opened on or after the 1st day of April, 2014 and continued, with monthly deposits, beyond the maturity period or maturity period as extended under subrule (1) of rule 7.

Number of completed years for which account continued
Amount ( rupees) repayable on an account of Rs. 10 denomination
One year
936.64
Two years
1143.22
Three years
1367.71
Four years
1611.66
Five years
1876.76

Note: The amount repayable on an account of any other denomination shall be proportionate to the amount specified above.

Table 54
(See rule 11)

Amount, inclusive of interest, repayable on an account opened on or after the 1st day of April, 2014 and continued, without any fresh monthly deposits, beyond the maturity period or maturity period as extended under sub-rule (1) of rule 7.

Number of completed years for which account continued
Amount (rupees) repayable on an account of Rs. 10 denomination
One year
811.07
Two years
881.20
Three years
957.41
Four years
1040.23
Five years
1130.23

Note: The amount repayable on an account of any other denomination shall be proportionate to the amount specified above.

Table 55
(See rule 12)

Amount, payable to legal heir or nominee on the death of the depositor in a Five Year Recurring Deposit Account opened on or after the 1st day of April, 2014.

Number of deposits made
Amount (rupee) for denomination of Rs.10
Number of deposits made
Amount (rupee) for denomination of Rs.10
1 to 11
Deposits made
36
410.30
12
125.57
37
423.23
13
136.52
38
436.25
14
147.53
39
449.33
15
158.62
40
462.55
16
169.80
41
475.83
17
181.05
42
489.19
18
192.37
43
502.68
19
203.79
44
516.25
20
215.28
45
529.88
21
226.83
46
543.66
22
238.49
47
557.51
23
250.22
48
571.43
24
262.02
49
585.50
25
273.92
50
599.64
26
285.90
51
613.85
27
297.94
52
628.22
28
310.10
53
642.65
29
322.32
54
657.16
30
334.62
55
671.83
31
347.03
56
686.57
32
359.51
57
701.38
33
372.06
58
716.36
34
384.74
59
731.41
35
397.48
60
746.53

Note: The amounts shall be proportionate for other denominations."

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 Funds (NSSF). Accordingly, the rates of interest 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 4th March, 2014. It is certified that the interest 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.