National Savings Recurring Deposit (Amendment) Scheme, 2020- Amount repayable inclusive of interest notified

MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION

New Delhi, the 5th May, 2020

G.S.R. 285(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 Recurring Deposit Scheme, 2019, namely:-

1. (1)This Scheme may be called the National Savings Recurring Deposit (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 Recurring Deposit Scheme, 2019(hereinafter referred to as the said Scheme), in paragraph 9, sub-paragraph (1), for the TABLE, the following TABLE shall be substituted, namely:-

“TABLE 1.1

Period during which account is opened	Amount (Rupees) repayable on an account of 100 rupees denomination
From 12.12.2019 to 31.03.2020	7231.38
On or after 01.04.2020	6969.67

Amount repayable inclusive of interest on an account of any other denomination shall be proportionate to the amount specified in the table”.

3. In the said Scheme, in paragraph 10, in sub-paragraph (2), in clause (a),-

(i) in TABLE-1, for the heading, the following heading shall be substituted, namely:-

“[Amount inclusive of interest repayable on the accounts opened between 12^th December, 2019 to 31^st March, 2020 (both days inclusive) and continued with monthly deposits beyond the maturity period or maturity period as extended under sub-paragraph (1) of paragraph 10]”;

(ii) after the “TABLE-1”, the following TABLE shall be inserted, namely:-

“TABLE-1.1

[Amount inclusive of interest repayable on the accounts opened on or after the 1^st day of April, 2020 and continued with monthly deposits beyond the maturity period or maturity period as extended under sub-paragraph (1) of paragraph 10]

Number of completed years for which the account continued	Amount (Rupees) repayable on an account of 100 rupees denomination
One year	8620.98
Two years	10370.17
Three years	12223.03
Four years	14185.73
Five years	16264.76

Amount repayable inclusive of interest on an account of any other denomination shall be proportionate to the amount specified in the table”.

4. In the said Scheme, in paragraph 11, in sub-paragraph (2),-

(a) in “TABLE-2”, for the heading, the following heading shall be substituted, namely:-

“[Amount inclusive of interest repayable on an account opened between 12^th December, 2019 to 31^st March, 2020 (both days inclusive) and continued without any fresh monthly deposit beyond the maturity period or maturity period as extended under sub-paragraph (1) of paragraph 11]”;

(b)  after the “TABLE-2”, the following TABLE shall be inserted, namely:-

“TABLE-2.1

[Amount inclusive of interest repayable on the accounts opened on or after the 1^st day of April, 2020 and continued without any fresh monthly deposits beyond the maturity period or maturity period as extended under sub-paragraph (1) of paragraph 11]

Number of completed years for which the	Amount (Rupees) repayable on an account of
account continued	100 rupees denomination
One year	7382.79
Two years	7820.40
Three years	8283.94
Four years	8774.96
Five years	9295.09

Amount repayable inclusive of interest on an account of any other denomination shall be proportionate to the amount specified in the table”.

5. In the said Scheme, in paragraph 12, in sub-paragraph (1),-

(a) in “TABLE-2”, for the heading, the following heading shall be substituted, namely:-

“[Amount payable to legal heir or nominees on the death of the depositor in five years under this

Scheme on the accounts opened between 12^th December, 2019 to 31^st March, 2020 (both days inclusive)and up to closure of the account]”;

(b)  after the “TABLE-2”, the following TABLE shall be inserted, namely:-

“TABLE-2.1

[Amount payable to legal heir or nominees on the death of the depositor in five years under this Scheme on the accounts opened on or after the 1^st day of April, 2020 and up to closure of the account]

Number of deposits made	Amount (Rupee) for denomination of 100 rupees
1 to 11	Deposits made
12	1238.19
13	1344.63
14	1451.57
15	1559.04
16	1667.02
17	1775.52
18	1884.54
19	1994.09
20	2104.16
21	2214.76
22	2325.90
23	2437.56
24	2549.77
25	2662.52
26	2775.80
27	2889.64
28	3004.02
29	3118.95
30	3234.43
31	3350.47
32	3467.07
33	3584.23
34	3701.95
35	3820.24
36	3939.09
37	4058.52
38	4178.53
39	4299.11
40	4420.27
41	4542.01
42	4664.34
43	4787.26
44	4910.76
45	5034.87
46	5159.57
47	5284.87
48	5410.77
49	5537.27
50	5664.39
51	5792.12
52	5920.46
53	6049.42
54	6179.00
55	6309.20
56	6440.03
57	6571.49
58	6703.58
59	6836.31
60	6969.67

Amount repayable inclusive of interest on an account of any other denomination shall be proportionate to the   amount specified in the table”.

[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. 918(E), dated the 12^th December, 2019.