National Savings Recurring Deposit (3rd Amendment) Scheme 2023

National Savings Recurring Deposit (3rd Amendment) Scheme 2023

MINISTRY OF FINANCE
(Department of Economic Affairs)

NOTIFICATION

New Delhi, the 3rd November, 2023

G.S.R. 818(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 National Savings Recurring Deposit Scheme, 2019, namely:-

1. Short title and commencement.- (1) This Scheme may be called the National Savings Recurring Deposit (Third Amendment) Scheme, 2023.

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

2. In the National Savings Recurring Deposit Scheme, 2019 (hereinafter referred to as the said Scheme), in sub-paragraph (1) in paragraph 9, for the TABLE 1.1, the following TABLE shall be substituted, namely:-

TABLE-1.1 

3. In the said Scheme, in paragraph 10, in sub-paragraph (2), in clause (a),-

(a) in TABLE-1.3, for the words, figures and letters, “on or after the 1st day of July, 2023”, the words, figures, letters and brackets “between 1st July, 2023 to 30th September, 2023 (both days inclusive)” shall be substituted;

(b) after TABLE-1.3, the following TABLE shall be inserted, namely:-

“TABLE-1.4

[Amount inclusive of interest repayable on the accounts opened on or after the 1^st day of October, 2023 and continued with monthly deposits beyond the maturity period or maturity period as extended under sub- paragraph (1) of paragraph 10]

4. In the said Scheme, in paragraph 11, in sub-paragraph (2),-

(a) in TABLE-2.3, for the words, figures and letters, “on or after the 1st day of July, 2023”, the following
words, figures, letters and brackets “between 1st July, 2023 to 30th September, 2023 (both days inclusive)” shall be substituted;

(b) after TABLE-2.3, the following TABLE shall be inserted, namely:-

“TABLE-2.4
[Amount inclusive of interest repayable on the accounts opened on or after the 1st day of September, 2023 and continued without any fresh monthly deposits beyond the maturity period or maturity period as extended under sub-paragraph (1) of paragraph 11

5. In the said Scheme, in paragraph 12, in sub-paragraph (1),-

(a) in TABLE-2.3, for the words, figures and letters, “on or after the 1st day of July, 2023”, the following
words, figures, letters and brackets “between 1st July, 2023 to 30th September, 2023 (both days inclusive)” shall be substituted;

(b) after TABLE-2.3, the following TABLE shall be inserted, namely:-

“TABLE-2.4
[Amount payable to legal heir or nominees on the death of the depositor in five years under this Scheme on the accounts opened on or after the 1st day of September, 2023 and up to the closure of the account]

[F. No. 1/4/2016-NS (Part)]

ASHISH VACHHANI, Addl. Secy.

Explanatory Memorandum.-By giving retrospective effect to the National Savings Recurring Deposit (Third Amendment) Scheme, 2023, no one shall be adversely affected as a result of retrospective effect being given to this amendment.

Note:     The principal Scheme was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 918(E), dated the 12^th December, 2019 and subsequently amended vide numbers G.S.R. 285(E), dated the 5^th May, 2020, G.S.R. 330(E), dated the 27^th April, 2023 and G.S.R. 621(E), dated the 23^rd August, 2023

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