The Ministry of Finance, Department of Economic Affairs, has issued a significant notification regarding the interest rate applicable to deposits under the Senior Citizens Welfare Fund. Dated 10th June, 2024, this notification impacts all stakeholders involved in senior citizen welfare planning and financial management.
According to the latest notification (F. No. 13/20/2014-NS), deposits under the Senior Citizens Welfare Fund will now accrue interest at a rate of 7.15% per annum, effective from 1st April, 2023, continuing until 31st March, 2024. This rate adjustment is crucial as it affects financial planning for senior citizens and related stakeholders across the country.
The Ministry’s decision to maintain the interest rate at 7.15% reflects ongoing efforts to support financial security for senior citizens amidst economic fluctuations. This rate ensures that investments in the welfare fund remain attractive, offering stability and growth potential over the specified period.
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 10th June, 2024
F. No. 13/20/2014-NS.—It is hereby notified that the deposits made under the Senior Citizens Welfare Fund, announced in the Ministry of Finance (Department of Economic Affairs) Notification No. G.S.R. 322(E) dated 18th March, 2016, shall with effect from 1st April, 2023 to 31st March, 2024, bear interest at 7.15% (Seven point one five percent). This rate will be in force with effect from 1st April, 2023.
ASHISH VACHHANI, Addl. Secy.
