MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 27th April, 2023

G.S.R.325(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 (Monthly Income Account) Scheme, 2019, namely:-

1. (1) This Scheme may be called the National Savings (Monthly Income Account) (Third 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 (Monthly Income Account) Scheme, 2019, in paragraph 5,-

a. in sub-paragraph (1C), for the words and figures, “on or after the 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 sub-paragraph (1C), the following sub-paragraph shall be inserted, namely:-

“(1D) The deposit made under this Scheme on or after the 1st day of April, 2023 shall bear interest at the rate of 7.4 per cent. per annum.”.

[F. No. 1/04/2016-NS]
ASHISH VACHHANI, Addl. Secy.

Explanatory Memorandum. – The National Savings (Monthly Income Account) (Third 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. 917(E), dated the 12th December, 2019 and subsequently amended vide numbers G.S.R. 286(E), dated the 9th May, 2022, G.S.R. 839 (E), dated the 22nd November, 2022, G.S.R. 55 (E), dated the 27th January, 2023 and G.S.R. 239 (E), dated the 31st March, 2023.

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