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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.495(E). of 1959), the Central Government hereby makes the following rules further to amend the National
Savings Certificates (IX Issue) Rules, 2011, namely:-
1. (1) These rules may be called the National
Savings Certificates (IX Issue) Amendment Rules, 2014.
(2) They shall be deemed to have come into force on the 1st day of April, 2014.
2. In the National Savings Certificates (IX Issue) Rules, 2011 (hereinafter referred to as the said rules), in
rule 15, after Sub-rule (3), the following shall be inserted, namely:-
"(4) Where a certificate has been purchased on or after the 1st day of April, 2014, the amount inclusive
of interest, payable on encashment of the certificate at any time after the expiry of its maturity period
shall be Rs.236.60 for denomination of Rs. 100 and at proportionate rate for any other denomination
and the interest as specified in the Table below shall accrue to the holder or holders of the certificate at
the end of each year and the interest so accrued at the end of each year upto the end of the fourth
year shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount
of face value of the certificate.
TABLE
| Year for which interest accrues |
Amount of interest (rupees) accruing on
certificate of Rs. 100 denomination |
| First Year |
8.99 |
| Second Year |
9.80 |
| Third Year |
10.68 |
| Fourth Year |
11.64 |
| Fifth Year |
12.69 |
| Sixth Year |
13.83 |
| Seventh Year |
15.08 |
| Eighth Year |
16.43 |
| Ninth Year |
17.91 |
| Tenth Year |
19.52 |
Note: The amount of interest accruing on a certificate of any other denomination shall be proportionate to
the amount specified in the Table above.".
3. In rule 16 of the said rules,-
(a) In clause (ii) of sub-rule (4), for the figures, letters and words "1st day of April, 2013", the figures,
letters and word "1st day of April, 2013 but before the 1st day of April, 2014" shall be substituted;
(b) after clause (iii) of Sub-rule (4)) and the Table relating thereto, the following shall be inserted,
namely:-
"(iv) If a certificate is encashed under sub-rule (1) after the expiry of three years from the date of
certificate purchased on or after the 1st day of April 2014, the amount payable, inclusive of interest
accrued under rule 15 and after adjustment of discount, shall be as specified in the Table below for a
certificate of Rs. 100-denomination and at a proportionate rate for a certificate of any other denomination.
TABLE
| Period from date of certificate to date of its encashment |
Amount payable inclusive of
interest (rupees) |
| (1) |
(2) |
| 3 years or more, but less than 3 years and 6 months |
124.24 |
| 3 years and 6 months or more, but less than 4 years |
128.81 |
| 4 years or more, but less than 4 years and 6 months |
133.56 |
| 4 years and 6 months or more, but less than 5 years |
138.48 |
| 5 years or more, but less than 5 years and 6 months |
144.50 |
| 5 years and 6 months or more, but less than 6 years |
149.92 |
| 6 years or more, but less than 6 years and 6 months |
155.55 |
| 6 years and 6 months or more, but less than 7 years |
161.38 |
| 7 years or more, but less than 7 years and 6 months |
167.43 |
| 7 years and 6 months or more, but less than 8 years |
173.71 |
| 8 years or more, but less than 8 years and 6 months |
180.22 |
| 8 years and 6 months or more, but less than 9 years |
186.98 |
| 9 years or more, but less than 9 years and 6 months |
193.99 |
| 9 years and 6 months or more, but less than 10 ears |
201.27.". |
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 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-NSII, dated the 4th March, 2014. It is certified that the interest of no deposit
holder would 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. 848(E), dated the 29th November, 2011, subsequently
amended vide numbers G.S.R. 319(E), dated the 25th Apri1, 2012, G.S.R. 403(E), dated the 25th June 2013 and
G.S.R. 227(E), dated the 13th March, 2014.
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