Senior Citizens’ Savings (Amendment) Scheme, 2022

MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION

New Delhi, the 22nd November, 2022

G.S.R. 842(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 Senior Citizens’ Savings Scheme, 2019, namely:-

1. Short title and commencement.-

(1) This Scheme may be called the Senior Citizens’ Savings (Amendment) Scheme, 2022.

(2) It shall be deemed to have come into force on the 1st day of October, 2022.

2. In the Senior Citizens’ Savings Scheme, 2019, in paragraph 5,-

(a) in sub-paragraph (1A), for the words and figures, “on or after the 1^st day of April, 2020”, the following words, figures and brackets “between 1^st April, 2020 to 30^th September, 2022 (both days inclusive)” shall be substituted;

(b) after sub-paragraph (1A), the following sub-paragraph shall be inserted, namely:-

“(1B) The deposit made under this Scheme on or after the 1^st day of October, 2022 shall bear interest at the rate of 7.6 per cent. per annum.”.

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

Explanatory Memorandum.-The Senior Citizens’ Savings (Amendment) Scheme, 2022 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. 916(E), dated the 12th December, 2019 and subsequently amended vide number G.S.R. 287 (E), dated the 5^th May, 2020.