The Ministry of Finance (MoF) on April 28, 2023, published the National Savings Recurring Deposit (Amendment) Scheme, 2023 to further amend the National Savings Recurring Deposit Scheme, 2019
This Scheme shall be deemed to have come into force on April 01, 2023.
The following amendments have been made namely: -
• In paragraph 9 which states “Repayment on maturity” TABLE 1.1 shall be substituted
• In paragraph 10 which states “Accounts continued beyond maturity period” the Table that specifies the Amount inclusive of interest repayable on the accounts opened on or after the publication of this scheme and continued with monthly deposits beyond the maturity period or maturity period as extended under sub-paragraph (1) of paragraph 10, in sub-paragraph (2), in clause (a), -
(a) in TABLE-1.1, for the words and figures, “on or after the 1st day of April 2020”, the following words, figures, and brackets “between 1st April 2020 to 31st March 2023 (both days inclusive)” shall be substituted.
(b) after TABLE-1.1, a new TABLE shall be inserted.
• In paragraph 11 which states “Retention of the amount of repayment beyond maturity period”, in sub-paragraph (2), -
(a) in TABLE-2.1, for the words and figures, “on or after the 1st day of April 2020”, the following words, figures, and brackets “between 1st April 2020 to 31st March 2023 (both days inclusive)” shall be substituted.
(b) after TABLE-2.1, a new TABLE shall be inserted.
• In paragraph 12 which states “Repayment on the death of the account holder” in sub-paragraph (1), -
(a) in TABLE-2.1, for the words and figures, “on or after the 1st day of April 2020”, the following words, figures, and brackets “between 1st April 2020 to 31st March 2023 (both days inclusive)” shall be substituted;
(b) after TABLE-2.1, a new TABLE shall be inserted.
The National Savings Recurring Deposit (Amendment) Scheme, 2023 takes effect from the date specified in the notification. However, no one shall be adversely affected as a result of the retrospective effect being given to this amendment Scheme.
[Notification No. G.S.R.330(E)]
