On September 18, 2024, the Ministry of Communications, Department of Posts, issued SB Order No. 07/2024, informing all Heads of Circles/Regions about amendments to the National Savings Scheme Rules. This notification, dated August 29, 2024, and published in the e-Gazette on September 5, 2024, details changes to the National Savings Scheme Rules, 1987, and 1992. The amendments include the introduction of new clauses effective October 1, 2024, which eliminate interest accrual on balances held under these schemes.
For the period from March 1, 2003, to September 30, 2024, the existing rules provide for an interest rate of 7.5% per annum, calculated monthly on the lowest balance between the 10th and end of the month, and credited annually. However, from October 1, 2024, balances will no longer earn interest. This change affects both the National Savings Scheme Rules, 1987, and 1992. The order instructs for widespread dissemination and posting in all Post Offices to ensure that the public and all stakeholders are informed and can take necessary actions in response to the new regulations.
SB Order No. 07/2024 Dated: 18.09.2024
No. FS-113-03/2024
Government of India
Ministry of Communications
Department of Posts
(Financial Services Division)
Dak Bhawan, New Delhi – 110001
To,
All Heads of Circles / Regions
Subject: Circulation of amendments in National Savings Scheme Rules, 1987 and National Savings Scheme Rules, 1992- Reg.
Madam / Sir,
The undersigned is directed to forward copies of the Gazette notifications dated 29.08.2024 issued by Department of Economic Affairs, Ministry of Finance and published in e-Gazette on 05.09.2024 in connection with the amendments in rules related to National Savings Schemes.
(i) G. S.R. 537(E) – National Savings Scheme (Amendment) Rules, 2024.
(ii) G.S.R. 538(E) – National Savings Scheme Rules, 1987.
2. Rules amended in National Savings Scheme Rules, 1992.
(a). In rule 6, in sub-rule (1), for clause (v), the following clauses shall be substituted namely:-
“(v). For the period commencing from the 1st day of March, 2003 but before 1st day of October, 2024, the interest at the rate of seven-and-a-half per cent per annum shall be allowed for a calendar month on the lowest balance at credit of an account between the close of the tenth day and the end of the month and such interest shall be calculated and credited to the account at the end of each year.
(vi). The balances at the credit of the subscribers of the National Savings Scheme under these rules, on or after the 1st day of October, 2024, shall bear no interest.
3. Rules amended in National Savings Scheme Rules, 1987- In exercise of the powers conferred by sub-rule (1) of rule 6 of the National Savings Scheme Rules, 1987, and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Economic Affairs), number G.S.R. 177(E), dated the 1st March, 2003, except as respects things done or omitted to be done before such supersession, the Central Government hereby notifies that the balances at the credit of the subscribers of the National Savings Scheme under the said rules, on or after the 1st day of October, 2024, shall bear no interest.
4. It is requested to circulate it to all concerned for information, guidance and necessary action. Same may also be placed on the notice board of all Post Offices in public area.
5. This issues with the approval of competent authority.
Yours faithfully,
(Devender Kumar Sharma)
Assistant Director (SB-II)
Copy to:
1. PPS to Secretary (Posts)
2. PS to Director General Postal Services.
3. PPS/PS to Addl. DG (Co-ordination)/Member (Banking)/ Member (0)/ Member(P) /Member (Planning & HRD)/Member (PLI)/Member (Tech)/AS & FA
4. Director General, APS, New Delhi
5. Chief General Manager, BD Directorate / Parcel Directorate / PLI Directorate
6. Deputy Director General (Vigilance) & CVO) / Sr. Dy. Director General (PAF)
7. Director, RAKNPA / GM, CEPT / Directors of all PTCs
8. Director General P & T (Audit), Civil Lines, New Delhi
9. Secretary, Postal Services Board/ All Deputy Directors General
10. A11 General Managers (Finance) / Directors Postal Accounts / DDAP
11. Chief Engineer (Civil), Postal Directorate
12. All Sections of Postal Directorate
13. AII recognized Federations / Unions / Associations
14. GM, CEPT for kind information and necessary actions.
15. Deputy Secretary, DEA, MoF, NS-II, North Block, New Delhi — 110001.
16. Joint Director & HOD, ICCW Building, 4 Deendayal Upadhyay Marg, New Delhi 17.e-file/Guard File
(Devender Kumar Sharma)
Assistant Director (SB-II)
