Interest Rate on Post Office Monthly Income A/cs wef 01.04.016

MINISTRY OF FINANCE

(Department of Economic Affairs)

NOTIFICATION

New Delhi, the 29th March, 2016

G. S. R. 349(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, 2016.

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

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

“(m) 7.8 per cent. per annum in respect of deposits made on or after the 1^st day of April, 2016.”

[F.NO. 1/04/2016-NS-II]

PRASHANT GOYAL, Jt. Secy.

Note : The Principal rules were published vide G. S. R. 70 1(E), dated the 10^th August, 1987, and subsequently amended vide: – G.S.R. 805(E), dated the 21^st July, 1988, G.S.R. 46(E), dated the 20^th January, 1989, G.S.R. 581(E), dated the 12^th September, 1991, G.S.R. 430(E), dated the 24^th April, 1992, G.S.R. 390(E), dated the 29^th April, 1993, G.S.R. 585(E), dated the 2^nd September, 1993, G.S.R. 5(E), dated the 1^st January, 1999, G.S.R. 45(E), dated the 15^th January, 2000, G.S.R. 80(E), dated the 1^st February, 2000, G.S.R. 613(E), dated the 18^th July, 2000, G.S.R. 153(E), dated the 1^st March, 2001, G.S.R. 161(E), dated the 1^st March, 2002, G.S.R. 350(E), dated the 10^th May, 2002, G.S.R. 176(E), dated the 1^st March, 2003, G.S.R. 758(E), dated the 23^rd September, 2003, G.S.R. 288(E), dated the 13^th May, 2005, G.S.R. 59(E), dated the 10^th February, 2006, G.S.R. 521(E), dated the 1^st August, 2007, G.S.R. 763(E) dated the 8^th December, 2007 and G.S.R. 741(E), dated the 4^th October, 2011 and G.S.R. 845(E), dated the 25^th November, 2011, G.S.R. 322(E), dated the 25^th April, 2012, G.S.R. 399(E), dated the 25^th June, 2013, G.S.R. 223(E), dated the 13^th March, 2014 and G.S.R. 490 (E), dated the 11^th July, 2014.