MINISTRY OF FINANCE
(Department of Economic Affairs)

NOTIFICATION

New Delhi, the 16th July, 2019

G.S.R. 504(E).— In exercise of the powers conferred by section 15 of the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Senior Citizens Savings Scheme Rules, 2004, namely:-

1. (1) These rules may be called the Senior Citizens Savings Scheme (Amendment) Rules, 2019.

(2) They shall be deemed to have come into force on the 1st day of July, 2019.

2. In the Senior Citizens Savings Scheme Rules, 2004, in rule 7, in sub-rule (1), after the ninth proviso, following proviso shall be inserted, namely:-

“Provided also that in the case of a deposit made under these rules on or after the 1st day of July, 2019, it shall bear at the rate of 8.6 per cent. per annum from the date of deposit.”

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

ARVIND SHRIVASTAVA, Jt. Secy.

Note: The Senior Citizens Savings Scheme Rules, 2004 were published in the Gazette of India, Extraordinary, vide notification number G. S. R. 490(E), dated the 2nd August , 2004 and subsequently amended vide numbers G. S. R. 706(E), dated the 27th October, 2004, GSR 176(E), dated the 23rd March, 2006, GSR 390(E), dated the 24th May 2007,G.S.R. 639 ( E ), dated the 28th July, 2010, G.S.R. 770( E ), dated the 19th October, 2011,G.S.R.321 (E ), dated the 25th April 2012, G.S.R. 402 ( E ), dated the 25th June 2013, G.S.R.224 (E), dated the 13th March 2014, G.S.R. 492 (E), dated the 11th July, 2014, G.S.R. 592 (E) dated the 27th July, 2015, G.S.R. 351 (E), dated the 29th March, 2016, G.S.R. G.S.R. 938 (E), dated the 30th September, 2016, G.S.R. 386 (E), dated the 31st March, 2017, G.S.R. 857 (E), dated the 30th June, 2017 and G.S.R. 962 (E), dated the 28th September, 2018.

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2 Comments

  1. K Baliga says:

    I have deposit opened in July 2019 with 8.60 interest rate. Now after recent reduction of rate, whether existing rate also reduces or old rate continues till maturity.

  2. S R BALASUBRAMANIAN says:

    I have 2 SCSS Accounts with ICICI Bank. The 2nd Account was opened by me only in Nov 2019 and hence For FY 2019-20 I submitted my Form 15H on 2.12.2019 and got ack from them on 17.12.19 and 26.12.2019. However, from the 4th quarter interest ie. due on 31.3.2020 they deducted tax from both account interest saying that they paid interest only on 3.4.2020 and for FY 2020.21 I have not submitted Form 15H. When I informed that the interest due was for 2019-20 and I had submitted Form 15H they dont accept that. However, they refunded the TDS amounts showing the latest Govt Notification due to COVID 19 which is not correct according to me. My understanding is that they should not deduct tax for 2019-20 when I promptly submitted Form 15H. But they claim by this ridiculous claim that since they paid the interest only on 3.4.2020. In fact they should have accepted their double errors (1) of paying last quarter interest lon 3.4.2020 instead of on 31.3.2020 and (2) of not accepting their mistake.
    May I have your views on this please.

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