MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION

New Delhi, the 5th May, 2020

G.S.R. 284(E).—In exercise of the powers conferred by section 3A of the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby makes the following Scheme to amend the National Savings Certificates (VIII Issue) Scheme, 2019, namely:-

1. (1) This Scheme may be called the National Savings Certificates (VIII Issue) (Amendment) Scheme, 2020.

(2) They shall be deemed to have come into force on the 1st day of April, 2020.

2. In the National Savings Certificates (VIII Issue) Scheme, 2019, in paragraph 5,-

(a) for sub-paragraph (2), the following sub-paragraphs shall be substituted, namely:-

“(2) The maturity value of an account opened between 12th December, 2019 to 31st March, 2020 (both days inclusive) with one thousand rupees shall be one thousand four hundred sixty two rupees and fifty four paisa and proportionate for deposits made with any other sum as per sub-paragraph (1) of paragraph 4. In calculation of maturity value, any amount in fraction of a rupee shall be rounded off to the nearest rupee and for this purpose, any amount of fifty paisa or more shall be treated as one rupee and any amount less than fifty paisa shall be ignored.”

(2A)The maturity value of an account opened on or after the 1st day of April, 2020 with one thousand rupees shall be one thousand three hundred eighty nine rupees and forty nine paisa and proportionate for deposits made with any other sum as per sub-paragraph (1) of paragraph 4. In calculation of maturity value, any amount in fraction of a rupee shall be rounded off to the nearest rupee and for this purpose, any amount of fifty paisa or more shall be treated as one rupee and any amount less than fifty paisa shall be ignored.”;

(b) in sub-paragraph (3), for the “TABLE”, the following TABLES shall be substituted, namely:-

“TABLE-1

[For the certificates purchased between 12th December, 2019 to 31st March, 2020 (both days inclusive)]

The year for which interest accrues Amount of interest (rupees) accruing on certificate of Rs.1000 denomination
First Year 79.00
Second Year 85.24
Third Year 91.98
Fourth Year 99.24
Fifth Year 107.08

TABLE-2

[For the certificates purchased on or after the 1 st day of April, 2020]

The year for which interest accrues Amount of interest (rupees) accruing on certificate of Rs.1000 denomination
First Year 68.00
Second Year 72.62
Third Year 77.56
Fourth Year 82.84
Fifth Year 88.47

Note: The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Tables above.”

3. In paragraph 7 of the said Scheme, in sub-paragraph(4), for the TABLE, the following TABLES shall be substituted, namely:-

“TABLE-1

[Table showing premature closure value of account opened between 12th December, 2019 to 31st March, 2020 (both days inclusive) with 1000 rupees]

Period from the date of the account to the date of its pre-mature closure

 

Amount payable inclusive of interest (Rupees)
(1) (2)
Three years or more, but less than three years and six months 1221.61
Three years and six months or more, but less than four years 1263.05
Four years or more, but less than four years and six months 1305.90
Four years and six months or more, but less than five years 1350.20

TABLE-2

[Table showing premature closure value of account opened on or after the 1st day of April, 2020 with 1000 rupees]

Period from the date of the account to the date of its pre-mature closure Amount payable inclusive of interest (Rupees)
(1) (2)
Three years or more, but less than three years and six months 1184.29
Three years and six months or more, but less than four years 1218.15
Four years or more, but less than four years and six months 1252.98
Four years and six months or more, but less than five years 1288.80”.

[F. No. 1/4/2019-NS]

RAJAT KUMAR MISHRA, Jt. Secy.

Note: The Principal Scheme was published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (i) vide notification number G.S.R. 919(E), dated the 12th December, 2019.

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