SAVINGS SCHEME NOTIFICATION

Dated 24th December, 2012

G.S.R. 926(E) In exercise of the powers conferred by Section 15 of the G9veniment Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Savings Account Rules, 1981, namely:-

1. (1) These rules may be called the Post Office Savings Account (Amendment) Rules, 2012.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In Post Office Savings Account Rules, 1981, in rule 4A, in the Table,-

(a) against serial number 1 relating to Single Account,—

(i) under column (5), for the entries, the following entries shall be substituted, namely:-

“Wages under NREG Act, Government benefits and deposits under these rules”;

(ii) under column (6), in the entries, the words “and Wage Slip” shall be omitted;

(b) against serial number 2 relating to Joint Account,

(i) under column (5), for the entries, the following entries shall be substituted, namely:

“Wages under NREG Act, Government benefits and deposits under these rules”;

(ii) under column (6), in the entries, the words “and Wage Slip” shall be omitted.

F.No. 2/6/2006-NS.II

(R K Thakar)
Under Secy.

Note : The principal rules were published vide number G.S.R. 663(E), dated the 17th December, 1981, and subsequently amended vide number-

(1) G.S.R.8(E), dated the 2nd January, 1987;

(2) G.S.R.948(E), dated the 2nd December, 1987;

(3) G.S.R.5(E), dated the 5th January, 1989;

(4) G.S.R.430(E), dated the 6th April, 1989;

(5) G.S.R.695(E), dated the 17th July, 1989;

(6) G.S.R.813(E), dated the 4th September, 1989;

(7) G.S.R.1001(E), dated the 8th November, 1989;

(8) G.S.R.499(E), dated the 8th July, 1993;

(9) G.S.R.165(E), dated the 28th February, 2000;

(10) G.S.R.349(E), dated the 10th May, 2002;

(11) G.S.R.431(E), dated the 14th June, 2002;

(12) G.S.R.587(E), dated the 25th July, 2003;

(13) G.S.R.286(E), dated the 13th May, 2005;

(14) G.S.R.509(E), dated the 27th July, 2005;

(15) G.S.R.481(E), dated the 11th July, 2007;

(16) G.S.R.478(E), dated the 26th June, 2008;

(17) G.S.R.611(E), dated the 26th August, 2008;

(18) G.S.R.882(E), dated the 3rd November, 2010.

SAVINGS SCHEME NOTIFICATION

Dated : April 25, 2012

In exercise of the powers conferred by section 12 of the Government Savings Certificates Act, 1959 (46 of 1959), the Central Government hereby makes the following rules further to amend the National Savings Certificates (VIII Issue) Rules, 1989, namely:-

1. (1) These rules may be called the National Savings Certificates (VIII Issue) (Amendment Rules), 2012.

(2) They shall deemed to have come into force on the 1st day of April, 2012.

2. In the National Savings Certificates (VIII Issue) Rules, 1989 (hereinafter referred to as the said rules), in rule 15,-

(a) in sub-rule (6A), after the figures, letters and words “1st day of December, 2011”, the words, figures and letters “but before the 1st day of April, 2012,” shall be inserted;

(b) after sub-rule (6A) and the Table relating thereto, the following shall be inserted, namely:-

“(6B) Where a certificate has been purchased on or after the 1st day of April, 2012 the maturity period of a certificate of any denomination, shall be five years, commencing from the date of issue of the certificate. The amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be Rs.152.35 for denomination of Rs.100 and at proportionate rate for any other denomination. The interest as specified in the Table below shall accrue to the holder or holders of the certificate at the end of each year and the interest so accrued at the end of each year upto the end of the fourth year shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount of face value of the certificate.

TABLE

Note: The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above”.

3. In rule 16 of the said rules, in sub-rule (4),-

(a) in clause (v), after the figures, letters and words “lst day of December, 2011”, the words, figures and letters “but before the 1st day of April, 2012” shall be inserted;

(b) after clause (v) and the Table relating thereto, the following shall be inserted, namely:-

“(vi) If a certificate is encashed under sub-rule (1) after the expiry of three years from the date of certificate purchased on or after the 1st day of April 2012, the amount payable, inclusive of interest accrued under rule 15 and after adjustment of discount, shall be as specified in the Table below for a certificate of Rs.100 denomination and at a proportionate rate for a certificate of any other denomination.

TABLE

EXPLANATORY MEMORANDUM

The Ministry of Finance, Department of Economic Affairs, (Budget Division) vide its O.M. No.6-1/2011-NS.II (Pt.) dated 11th November, 2011 has communicated to all concerned the various decisions taken by the Government on the recommendations of the Shyamala Gopinath Committee for comprehensive review of National Small Savings Fund (NSSF). Accordingly, the rates of interests on various small savings schemes for the financial year 2012-13 revised with effect from 01.04.2012, have been communicated vide its O.M. No.6-1/2011-NS-II(Pt.) dated 26th March, 2012. It is certified that the interests of no deposit holder would be prejudicially affected by the retrospective effect given to the notification.

F.No.1/7/2011-NS-II

(M.A. Khan)
Under Secy.

Note : The principal rules were published vide G.S.R. 496(E), dated the 1st May, 1989, and subsequently amended vide:- G.S.R. 508(E), dated the 23rd May, 1990, G.S.R. 120(E), dated the 8th March, 1998, G.S.R. 7(E), dated the 1st January, 1999, G.S.R. 491(E), dated the 6th July, 1999, G.S.R. 47(E), dated the 15th January, 2000, G.S.R. 156(E), dated the 1st March, 2001, G.S.R. 572(E), dated the 2nd August, 2001, G.S.R. 163(E), dated the 1st March, 2002, G.S.R. 711(E), dated the 17th October, 2002, G.S.R. 179(E), dated the 1st March, 2003, G.S.R. 590(E), dated the 25th July, 2003, G.S.R. 591(E), dated the 25th July, 2003, G.S.R. 820(E), dated the 16th October, 2003, G.S.R. 289(E), dated the 13th May, 2005, G.S.R. 744(E), dated the 4th October, 2011 and G.S.R. 842(E), dated the 25th November, 2011.

SAVINGS SCHEME NOTIFICATION

Dated : April 25, 2012

In exercise of the powers conferred by section 12 of the Government Savings Certificates Act, 1959 (46 of 1959), the Central Government hereby makes the following rules further to amend the National Savings Certificates (IX Issue) Rules, 2011, namely:-

(1) These rules may be called the National Savings Certificates (IX Issue) (Amendment) Rules, 2012.

(2) They shall deemed to have come into force on the 1st day of April, 2012.

2. In the National Savings Certificates (IX Issue) Rules, 2011 (hereinafter referred to as the said rules), rule 15 shall be renumbered as sub-rule (1) of rule 15 and after subrule (1), as so renumbered, the following sub-rule shall be inserted, namely:-

“(2) Where a certificate has been purchased on or after the lst day of April, 2012 the amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be Rs.238.87 for denomination of Rs.100 and at proportionate rate for any other denomination. The interest as specified in the Table below shall accrue to the holder or holders of the certificate at the end of each year and the interest so accrued at the end of each year upto the end of the fourth year shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount of face value of the certificate.

TABLE

Note: The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above”.

3. In rule 16 of the said rules,-

(a) sub-rule (4) shall be renumbered as clause (i) of sub-rule (4), and in clause (i) as so renumbered, after the figures, letters and words “1st day of December, 2011”, the words, figures and letters “but before the 1st day of April, 2012” shall be inserted;

(b) after clause (i) as so renumbered and the Table relating thereto, the following shall be inserted, namely:-

“(ii) If a certificate is encashed under sub-rule (1) after the expiry of three years from the date of certificate purchased on or after the lst day of April 2012, the amount payable, inclusive of interest accrued under rule 15 and after adjustment of discount, shall be as specified in the Table below for a certificate of Rs.100 denomination and at a proportionate rate for a certificate of any other denomination.

TABLE

EXPLANATORY MEMORANDUM

The Ministry of Finance, Department of Economic Affairs, (Budget Division) vide its O.M. No.6-1/2011-NS.II (Pt.) dated 11th November, 2011 has communicated to all concerned the various decisions taken by the Government on the recommendations of the Shyamala Gopinath Committee for comprehensive review of National Small Savings Fund (NSSF). Accordingly, the rates of interests on various small savings schemes for the financial year 2012-13 revised with effect from 01.04.2012, have been communicated vide its O.M. No.6-1/2011-NS-II(Pt.) dated 26th March, 2012. It is certified that the interests of no deposit holder would be prejudicially affected by the retrospective effect given to the notification.

F.No.1/7/2011-NS-II

(M.A. Khan)
Under Secy.

Note : The Principal rules were published vide G.S.R. 848(E), dated the 29th November, 2011.

SAVINGS SCHEME NOTIFICATION

Dated : April 25, 2012

In exercise of the powers conferred by section 15 of the Government Savings Bank Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Recurring Deposit Rules, 1981, namely:-

1. (1) These rules may be called the Post Office Recurring Deposit (Amendment) Rules, 2012.

(2) They shall deemed to have come into force on the 1st day of April, 2012.

2. In the Post Office Recurring Deposit Rules, 1981 (hereinafter referred to as the said rules), in rule 9,-.

(a) in the Schedule to the said rules,- (i) in sub-rule (1), in clause (a), for the last entry, the following entries shall be substituted, namely:-

“From 1.12.2011 to 31.3.2012 (both dates inclusive) ....738.62

From 1.04.2012 onwards ....746.51”;

(ii) in sub-rule (2), in clause (b), for the last entry, the following entries shall be substituted, namely:-

“From 1.12.2011 to 31.3.2012 (both dates inclusive) ....738.62

From 1.4.2012 onwards .... 746.51”.

3. In rule 10 of the said rules, in sub-rule (2), in items (a) and (c), for the words and figures “Tables 1, 2, 11, 13, 17, 20, 22, 26, 29, 32, 35, 38, 41 or 44”, the figures and words “Tables 1, 2, 11, 13, 17, 20, 22, 26, 29, 32, 35, 38, 41, 44 or 47” shall be substituted.

4. In rule 11 of the said rules, in sub-rule (2), in items (b) and (c), for the words and figures “Tables 3, 4, 12, 14, 18, 21, 23, 27, 30, 33, 36, 39, 42 or 45”, the words and figures “Tables 3, 4, 12, 14, 18, 21, 23, 27, 30, 33, 36, 39, 42, 45 or 48” shall be substituted.

5. In rule 12 of the said rules,-

(a) in sub-rule (1), in item (b), in sub-item (ii), for the words and figures “Tables 5, 6, 7, 8, 9, 10, 15, 16, 19, 24, 25, 28, 31, 34, 37, 40, 43 or 46”, the words and figures “Tables 5, 6, 7, 8, 9, 10, 15, 16, 19, 24, 25, 28, 31, 34, 37, 40, 43, 46 or 49” shall be substituted.

(b) in sub-rule (3) and sub-rule (4), for the words and figures “Tables 5, 6, 7, 8, 9, 10, 15, 16, 19, 24, 25, 28, 31, 34, 37, 40, 43 or 46”, the words and figures “Tables 5, 6, 7, 8, 9, 10, 15, 16, 19, 24, 25, 28, 31, 34, 37, 40, 43, 46 or 49” shall be substituted.

6. After Table 46 of the said rules, the following Tables shall be inserted, namely:-