National Savings Recurring Deposit (Amendment) Scheme, 2023

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

G.S.R.330(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 Recurring Deposit Scheme, 2019, namely:-

1. (1) This Scheme may be called the National Savings Recurring Deposit (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 Recurring Deposit Scheme, 2019 (hereinafter referred to as the said Scheme), in paragraph 9, for the TABLE 1.1, the following TABLE shall be substituted, namely:-

“TABLE-1.1

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

(a) in TABLE-1.1, for the words and figures, “on or after the 1st day of April, 2020”, the following words, figures and brackets “between 1st April, 2020 to 31st March, 2023 (both days inclusive)” shall be substituted;

(b) after TABLE-1.1, the following TABLE shall be inserted, namely:-

“TABLE-1.2

[Amount inclusive of interest repayable on the accounts opened on or after the 1st day of April, 2023
and continued with monthly deposits beyond the maturity period or maturity period as extended
under sub-paragraph (1) of paragraph 10]

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

(a) in TABLE-2.1, for the words and figures, “on or after the 1st day of April, 2020”, the following words, figures and brackets “between 1st April, 2020 to 31st March, 2023 (both days inclusive)” shall be substituted;

(b) after TABLE-2.1, the following TABLE shall be inserted, namely:-

“TABLE-2.2

[Amount inclusive of interest repayable on the accounts opened on or after the 1st day of April, 2023
and continued without any fresh monthly deposits beyond the maturity period or maturity period as
extended under sub-paragraph (1) of paragraph 11]

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

(a) in TABLE-2.1, for the words and figures, “on or after the 1st day of April, 2020”, the following words, figures and brackets “between 1st April, 2020 to 31st March, 2023 (both days inclusive)” shall be substituted;

(b) after TABLE-2.1, the following TABLE shall be inserted, namely:-

“TABLE-2.2

[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 1st day of April, 2023 and up to the closure of the
account]

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

Explanatory Memorandum.– The National Savings Recurring Deposit (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. 922(E), dated the 12^th December, 2019 and subsequently amended vide numbers G.S.R. 285(E), dated the 5^th May, 2020 and G.S.R. 838(E), dated the 22^nd November, 2022.