MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 29th March, 2016

G.S.R. 351(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 Senior Citizens Savings Scheme Rules, 2004, namely:-

1. (1) These rules may be called the Senior Citizen Savings Scheme (Amendment) Rules, 2016.

(2) They shall be deemed to have come into force on the 1st day of April, 2016.

2. In the Senior Citizen Savings Scheme Rules, 2004, in rule 7, in sub-rule (1), after the fourth proviso, following proviso shall be inserted, namely:-

“Provided also that in the case of a deposit made under these rules on or after the 1st day of April, 2016, it shall bear at the rate of 8.6 persent per annum from the date of deposit.”

[F. No. 1/04/2016-NS-II] PRASHANT GOYAL, Jt. Secy.

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 numbers G. S. R. 706(E), dated the 27th October, 2004, GSR 176(E), dated the 23rd March, 2006, GSR 390(E), dated the 24th May 2007,G.S.R. 639 ( E ), dated the 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, G.S.R.224 (E), dated the 13th March 2014, G.S.R. 492 (E ), dated the 11th July, 2014 and G.S.R. 592 (E) dated the 17th July, 2015.

Posted Under

  • mitesh

    is SCSS investment considered for exemption under 80C?