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Date: 10-Jun-2024 Category: Extra Ordinary State: Union Government Country: India

Notification for Special Deposit Schemes

Issued by Ministry of Finance · Department of Economic Affairs

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Executive Summary & Key Takeaways

What it means

  • This gazette notification announces the interest rate applicable to deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds.
  • The interest rate is applicable for the period from April 1, 2024, to June 30, 2024.

Key Changes

  • The interest rate for deposits under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds is set at 7.1% (seven point one percent) per annum.
  • This rate is effective from April 1, 2024, and will remain in force until June 30, 2024.
  • The scheme was originally announced in the Ministry of Finance (Department of Economic Affairs) Notification No. F.16(1)-PD/75 dated June 30, 1975.

Impact Analysis

Impact on Non-Government Provident, Superannuation and Gratuity Funds

  • Trustees and managers of these funds need to update their financial models and projections to reflect this interest rate for the relevant period.

Impact on Employees/Beneficiaries

  • The returns on their retirement savings or gratuity amounts are somewhat influenced by the interest earned on these deposits.

Suggested Action Items

  • Communicate the applicable interest rate to employees and beneficiaries to ensure transparency.

Key Entities Referenced

Ministry of Finance (Department of Economic Affairs): The government body responsible for announcing the interest rate for the Special Deposit Scheme. Non-Government Provident, Superannuation and Gratuity Funds: The entities that are eligible to make deposits under the Special Deposit Scheme and are affected by the announced interest rate. Special Deposit Scheme: A specific deposit scheme for Non-Government Provident, Superannuation and Gratuity Funds announced vide Notification No. F.16(1)-PD/75 dated 30th June, 1975.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सससीीी...जजजीीी...---डडडीीी...एएएललल...---अअअ...---111000000666222000222444---222555444666333000 xxxGIDHxxx CCCGGG---DDDLLL---EEE---111000000666222000222444---222555444666333000 xxxGIDExxx असाधारण EXTRAORDINARY भाग I—खण्ड 1 PART I—Section 1 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 150] नई दिल्ली, सोमिार, िनू 10, 2024/ज्य ष्े ठ 20, 1946 No. 150] NEW DELHI, MONDAY, JUNE 10, 2024/JYAISHTHA 20, 1946 जित्त मत्रं ालय (आर्थकि काय िजिभाग) अजधसचू ना नई दिल्ली, 10 िून, 2024 फा. स.ं 5(3)-बी(पी.डी.)/2023.—एतिद्वारा यह अजधसूजचत दकया िाता ह ै दक जित्त मंत्रालय (आर्थिक काय ि जिभाग) की अजधसूचना सं. एफ. 16(1)-पी.डी./75 तारीख 30 िून, 1975 में घोजित गरै -सरकारी भजिष्य, अजधिर्ििता और उपिान जनजधयों के जलए जििेि िमा योिना के अंतगित िमा करायी गई राजियों पर 1 अप्रलै , 2024 स े 30 िून, 2024 तक 7.1% (सात ििमलि एक प्रजतित) ब्याि लगगे ा। यह िर 1 अप्रलै , 2024 स ेलागू होगी। आिीि िच्छानी, अपर सजचि MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 10th June, 2024 F. No. 5(3)-B(PD)/2023.—It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department 3456 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1] of Economic Affairs) Notification No.F.16(1)-PD/75 dated 30th June, 1975, shall with effect from 1st April, 2024 to 30th June, 2024 bear interest at 7.1% (Seven point one percent). This rate will be in force w.e.f. 1st April, 2024. ASHISH VACHHANI, Addl. Secy. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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