National Savings (Monthly Income Account) (Amendment) Scheme, 2020- Interest Rate Notified

MINISTRY OF FINANCE
Department of Economic Affairs)
NOTIFICATION

New Delhi, the 5th May, 2020

G.S.R. 286(E).—In exercise of the powers conferred by section 3Aof the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby makes the following Scheme to amend the National Savings (Monthly Income Account) Scheme, 2019, namely:-

1. (1) This Scheme may be called the National Savings (Monthly Income Account) (Amendment) Scheme, 2020.

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

2. In the National Savings (Monthly Income Account) Scheme, 2019, in paragraph 5, for sub-paragraph (1), the following sub-paragraphs shall be substituted, namely:-

“(1) The deposit made under this Scheme between 12^th December, 2019 to 31^st March, 2020 (both days inclusive) shall bear interest at the rate of 7.6 per cent. per annum.

(1A) The deposit made under this Scheme on or after the 1^st day of April, 2020 shall bear interest at the rate of 6.6 per cent. per annum.”

[F. No. 1/04/2019-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. 917(E), dated the 12^th December, 2019