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

G.S.R.327(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 Time Deposit Scheme, 2019, namely:-

1. (1) This Scheme may be called the National Savings Time Deposit (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 Time Deposit Scheme, 2019 (hereinafter referred to as the said Scheme), in paragraph 7,-

(a) in sub-paragraph 1(C), 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 1(C), the following sub-paragraph and Table shall be inserted, namely:-

“1(D) The rate of interest as specified in the Table below shall be applicable to the deposit made on or after 1st day of April, 2023 under the Scheme.

Table

S. No. Category of account Rate of interest
(per cent. per annum)
(1) (2) (3)
1. One-year 6.8
2. Two-years 6.9
3. Three-years 7.0
4. Five-years 7.5”.

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

Explanatory Memorandum.- The National Savings Time Deposit (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, Sub-section (i), vide number G.S.R. 922(E), dated the 12th December, 2019 and subsequently amended vide number G.S.R. 289(E), dated the 5th May, 2020, G.S.R. 838(E), dated the 22nd November, 2022 and G.S.R. 53(E), dated the 20th January, 2023.

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Telegram

taxguru on telegram GROUP LINK

Download our App

  

More Under Finance

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

February 2024
M T W T F S S
 1234
567891011
12131415161718
19202122232425
26272829