National Savings Scheme 1987 and NSS 1992 shall bear no interest w.e.f. 01.10.2024

National Savings Scheme 1987 and 1992 shall bear no interest w.e.f. 01.10.2024.

The Finance Ministry has issued Notification No. G.S.R. 537(E) and Notification No. G.S.R. 538(E) both dated 29th August, 2024 providing that the balances at the credit of the subscribers of the National Savings Scheme 1987 and 1992 shall bear no interest on or after the 1st day of October, 2024.

It has been provided that for NSS 1992, for the period commencing from the 1st day of March, 2003 but before 1st day of October, 2024, the interest at the rate of seven-and-a-half per cent per annum shall be allowed for a calendar month on the lowest balance at credit of an account between the close of the tenth day and the end of the month and such interest shall be calculated and credited to the account at the end of each year.

It is notable that both NSS 1987 and NSS 1992 have already been discontinued. National Saving Scheme 1987 was replaced by National Savings Scheme, 1992 w.e.f. 01.10.1992.

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