MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 27th April, 2023
G.S.R.328(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 further to amend the National Savings Certificates (VIII Issue) Scheme, 2019, namely:-
1. (1) This Scheme may be called the National Savings Certificates (VIII Issue) (Second Amendment) Scheme, 2023.
(2) It shall be deemed to have come into force on the 1st day of April, 2023.
2. In the National Savings Certificates (VIII Issue) Scheme, 2019 (hereinafter referred to as the said Scheme), in paragraph 5,-
(a) in sub-paragraph (2B), for the words and figures, “on or after the 1st day of January, 2023”, the following words, figures and brackets “between 1st January, 2023 to 31st March, 2023 (both days inclusive)” shall be substituted;
(b) after sub-paragraph (2B), the following sub-paragraph shall be inserted, namely:-
“(2C) The maturity value of an account opened on or after the 1st day of April, 2023 with one thousand rupees shall be one thousand four hundred forty nine rupees and three 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.”;
(c) in sub-paragraph (3), in TABLE-3,-
(i) for the words and figures, “on or after 1st day of January, 2023”, the words, figures and brackets “between 1st January, 2023 to 31st March, 2023 (both days inclusive)” shall be substituted;
(ii) after TABLE-3, the following TABLE shall be inserted, namely:-
“TABLE-4
[For the certificates purchased on or after 1st day of April, 2023]
| The year for which interest accrues | Amount of interest (rupees) accruing on certificated of Rs.1000 denomination |
| First Year | 77.00 |
| Second Year | 82.93 |
| Third Year | 89.31 |
| Fourth Year | 96.19 |
| Fifth Year | 103.60 |
Note: The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above.”.
3. In the said Scheme, in paragraph 7, in sub-paragraph (4), –
(a) in TABLE-3, for the words and figures, “on or after 1st day of January, 2023”, the words, figures and brackets “between 1st January, 2023 and 31st March, 2023 (both days inclusive)” shall be substituted;
(b) after TABLE-3, the following TABLE shall be inserted, namely:-
“TABLE-4
[Table showing premature closure value of account opened on or after the 1st day of April, 2023 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 | 1214.77 |
| Three years and six months or more, but less than four years | 1254.80 |
| Four years or more, but less than four years and six months | 1296.16 |
| Four years and six months or more, but less than five years | 1338.87”. |
[F. No. 1/04/2016-NS]
ASHISH VACHHANI, Addl. Secy.
Explanatory Memorandum.- The National Savings Certificates (VIII Issue) (Second Amendment) Scheme, 2023 takes effect from the date as specified in the notification. However, no one shall be adversely affected as a result of retrospective effect being given to this amendment Scheme.
Note: The principal Scheme was published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i), vide number G.S.R. 919(E), dated the 12th December, 2019 and subsequently amended vide number G.S.R. 284(E), dated the 5th May, 2020 and G.S.R. 54(E), dated the 20th January, 2023.
