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MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 20th January, 2023

G.S.R. 56(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, 2023.

(2) It shall be deemed to have come into force on the 1st day of January, 2023.

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

(a) in sub-paragraph (1B), for the words and figures, “on or after the 1st day of October, 2022”, the words, figures and brackets “between 1st October, 2022 and 31st December, 2022 (both days inclusive)” shall be substituted;

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

“(1C) The deposit made under this Scheme on or after the 1st day of January, 2023 shall bear interest at the rate of 8.0 per cent. per annum.”.

[F. No. 1/04/2016-NS]

ASHISH VACHHANI, Addl. Secy.

Explanatory Memorandum.- The Senior Citizens’ Savings (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. 916(E), dated the 12th December, 2019 and subsequently amended vide number G.S.R. 287 (E), dated the 5th May, 2020 and G.S.R. 842(E), dated the 22nd November, 2022.

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