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MINISTRY OF FINANCE
(DEPARTMENT OF ECONOMIC AFFAIRS)
NEW DELHI

SAVINGS SCHEME NOTIFICATION

Dated: July 11, 2014

G.S.R.493(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 (Monthly Income Account) Rules, 1987, namely:-

1. (1) These rules may be called the Post Office (Monthly Income Account) Amendment Rules, 2014.

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

2. In the Post Office (Monthly Income Account) Rules, 1987, in rule 8, in sub-rule (1), after clause (k), the following shall be inserted, namely:-

“(1) 8.4 per cent per annum in respect of deposits made on or after the 1st day of April, 2014.”.

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 Apri1, 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. 701(E), dated the 10th August, 1987, and subsequently amended vide numbers G.S.R. 805(E), dated the 21st July, 1988, G.S.R. 46(E), dated the 20th January, 1989, G.S.R. 581(E), dated the 12th September, 1991, G.S.R. 430(E), dated the 24th April, 1992, G.S.R. 390(E), dated the 29th April, 1993, G.S.R. 585(E), dated the 2nd September, 1993, G.S.R. 5(E), dated the 1st January, 1999, G.S.R. 45(E), dated the 15th January, 2000, G.S.R. 80(E), dated the 1st February, 2000, G.S.R. 613(E), dated the 18th July, 2000, G.S.R. 153(E), dated the 1st March, 2001, G.S.R. 161(E), dated the 1st March, 2002, G.S.R. 350(E), dated the 10th May, 2002, G.S.R. 176(E), dated the 1st March, 2003, G.S.R. 758(E), dated the 23rd September, 2003, G.S.R. 288(E), dated the 13th May, 2005, G.S.R. 59(E), dated the 10th February, 2006, G.S.R. 521(E), dated the 1st August, 2007, G.S.R. 763(E), dated the 8th December, 2007 and G.S.R. 741(E), dated the 4th October, 2011, G.S.R.845(E), dated the 25th November, 2011 G.S.R.322(E), dated the 25th April, 2012, G.S.R. 399(E), dated the 25th June 2013 and G.S.R. 223(E), dated the 13th March, 2014.