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Date: 24-Aug-2023 Category: Extra Ordinary State: Union Government Country: India

Revision of interest of Small Savings

Issued by Ministry of Finance · Department of Economic Affairs

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Executive Summary & Key Takeaways

National Savings Time Deposit (Third Amendment) Scheme, 2023

  • This notification amends the National Savings Time Deposit Scheme, 2019.
  • The amendment revises the interest rates for time deposits made on or after July 1, 2023.
  • The scheme is called the National Savings Time Deposit (Third Amendment) Scheme, 2023 and came into force on July 1, 2023.

Key Changes - National Savings Time Deposit

  • The notification replaces the interest rate applicability period in paragraph 7(1)(D) to specify that the previous rates applied to deposits made between April 1, 2023, and June 30, 2023.
  • A new sub-paragraph 1(E) is added to paragraph 7, introducing a new table of interest rates applicable to deposits made on or after July 1, 2023.
  • The new interest rates for time deposits made on or after July 1, 2023 are: One-year: 6.9%, Two-years: 7.0%, Three-years: 7.0%, Five-years: 7.5%.

National Savings Recurring Deposit (Second Amendment) Scheme, 2023

  • This notification amends the National Savings Recurring Deposit Scheme, 2019.
  • The amendment revises the amount repayable on recurring deposits based on when the account was opened.
  • The scheme is called the National Savings Recurring Deposit (Second Amendment) Scheme, 2023 and came into force on July 1, 2023.

Key Changes - National Savings Recurring Deposit

  • Table 1.1 in paragraph 9 is replaced with updated amounts repayable on a 100 rupee denomination account based on the period during which the account was opened. For accounts opened on or after July 1, 2023, the repayable amount is Rs. 7099.08.
  • In paragraph 10(2)(a), Table 1.2's applicability is changed to accounts opened between April 1, 2023 and June 30, 2023.
  • Table 1.3 is inserted after Table 1.2, specifying the amount inclusive of interest repayable on accounts opened on or after July 1, 2023 and continued with monthly deposits beyond the maturity period. For a five-year continuation, the amount is Rs. 16898.80 for a 100 rupee denomination account.
  • In paragraph 11(2)(a), Table 2.2's applicability is changed to accounts opened between April 1, 2023 and June 30, 2023.
  • Table 2.3 is inserted after Table 2.2, specifying the amount inclusive of interest repayable on accounts opened on or after July 1, 2023 and continued without any fresh monthly deposits beyond the maturity period. For a five-year continuation, the amount is Rs. 9799.71 for a 100 rupee denomination account.
  • In paragraph 12(1)(a), Table 2.2's applicability is changed to accounts opened between April 1, 2023 and June 30, 2023.
  • Table 2.3 is inserted after Table 2.2, specifying the 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 July, 2023 and up to the closure of the account. For 60 deposits made, the amount is Rs. 7099.08 for a 100 rupee denomination account.

Impact Analysis

Depositors

  • Action: Depositors should review the new interest rates and maturity values to make informed decisions about their investments.

Financial Institutions (e.g., Banks, Post Offices)

  • Action: Update IT systems, train staff, and revise marketing materials to accurately reflect the new rates and values.

Government

  • Action: Analyze the effect of interest rate changes on overall savings and revise strategies as needed.

Key Entities Referenced

Central Government: The issuer of the notification, responsible for amending the National Savings Schemes. Government Savings Promotion Act, 1873: The Act that empowers the Central Government to make schemes related to government savings. National Savings Time Deposit Scheme, 2019: The original scheme being amended by this notification. It defines the rules and regulations for time deposits. National Savings Recurring Deposit Scheme, 2019: The original scheme being amended by this notification. It defines the rules and regulations for recurring deposits.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-24082023-248287 xxxGIDHxxx CG-DL-E-24082023-248287 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (i) PART II—Section 3—Sub-section (i) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 485] नई दिल्ली, बृहस्ट्प जतिार, अगस्ट्त , 24, 2023/भार 2, 1945 No. 485] NEW DELHI, THURSDAY, AUGUST, 24, 2023/BHADRA 2, 1945 जित्त मत्रं ालय (आर्थकि काय िजिभाग) अजधसचू ना नई दिल् ली, 23 अगस्ट्त , 2023 सा.का.जन. 620(अ).—केन्‍द रीय सरकार, सरकारी बचत सिं धिन अजधजनयम, 1873 (1873 का 5) की धारा 3क द्वारा प्रित्त िजियों का प्रयोग करत े हुए, राष्ट्रीय बचत सािजध िमा स्ट्कीम, 2019 का और संिोधन करने के जलए जनम्नजलजखत स्ट्कीम बनाती ह,ै अथाित ् :-- 1. (1) इस योिना का संजिप् त नाम राष्ट्रीय बचत सािजध िमा (तीसरा संिोधन) स्ट्कीम, 2023 ह ै। (2) यह 1 िलु ाई, 2023 से प्रित्ृ त हुई समझी िाएगी । 2. राष्ट्रीय बचत सािजध िमा स्ट्कीम, 2019 के परै ा 7 म,ें -- (क) उप-परै ा 1(घ) म,ें "1 िनिरी, 2023 को या उसके पश्चात्" अंकों और िब्िों के स्ट्थान पर, "1 अप्रलै , 2023 और 30 िून, 2023 के बीच (जिसम ेंयह िोनों तारीख ें सजममजलत ह)ैं ” अंक, िब्ि और कोष्ठक रखें िाएंगे ; (ख) उप-परै ा 1(घ) के पश्चात, जनम्नजलजखत उप-पैरा और सारणी अतं :स्ट्थाजपत की िाएगी, अथाित्: - "1(ङ) योिना के अधीन 1 िलु ाई, 2023 को या उसके पश्चात् दकए गए िमा पर नीचे िी गई सारणी में जनर्ििष्ट ब्याि िर लागू होगी :-- 5443 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] सारणी क्र.स.ं खात े की श्रणे ी ब्याि की िर (प्रजतित प्रजत िर्)ि (1) (2) (3) 1. एक िर्ि 6.9 2. िो िर्ि 7.0 3. तीन िर् ि 7.0 4. पांच िर्ि 7.5”। [फा. सं. 1/04/2016-एनएस] आिीर् िच्छानी, अपर सजचि स्ट्प ष्ट ीकारक ज्ञापन—राष्ट्रीय बचत सािजध िमा (तीसरा संिोधन) स्ट्कीम, 2023 अजधसूचना में यथा जिजनर्ििष् ट तारीख से प्रभािी होगी, तथाजप, इस संिोजधत स्ट्कीम को भूतलिी प्रभाि दिए िाने के पररणामस्ट् िरूप दकसी भी व् यज‍त पर प्रजतकूल प्रभाि नहीं पडगे ा। रटप्प ण : मूल स्ट्कीम संख यांक सा.का.जन. 922(अ), तारीख 12 दिसंबर, 2019 द्वारा भारत के रािपत्र, असाधारण, भाग 2, खंड 3, उपखडं (i) में प्रकाजित की गई थी और तत्प श् चात् संख यांक सा.का.जन. 289(अ), तारीख 5 मई, 2020, सा.का.जन. 838(अ), तारीख 22 निंबर, 2022, सा.का.जन. 53(अ), तारीख 20 िनिरी, 2023 और सा.का.जन. 327(अ), तारीख 27 अप्रैल, 2023 द्वारा संिोजधत की गई थी। MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 23rd August, 2023 G.S.R. 620(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 Time Deposit Scheme, 2019, namely:- 1. (1) This Scheme may be called the National Savings Time Deposit (Third Amendment) Scheme, 2023. (2) It shall be deemed to have come into force on the 1st day of July, 2023. 2. In the National Savings Time Deposit Scheme, 2019, in paragraph 7,- (a) in sub-paragraph 1(D), for the words and figures, “on or after the 1st day of April, 2023”, the words, figures and brackets “between 1st April, 2023 and 30th June, 2023 (both days inclusive)” shall be substituted; (b) after sub-paragraph 1(D), the following sub-paragraph and Table shall be inserted, namely:- “1(E) The rate of interest as specified in the Table below shall be applicable to the deposit made on or after 1st day of July, 2023 under the Scheme. TABLE S. No. Category of account Rate of interest (per cent. per annum) (1) (2) (3) 1. One-year 6.9 2. Two-years 7.0 3. Three-years 7.0 4. Five-years 7.5”. [F. No. 1/04/2016-NS] ASHISH VACHHANI, Addl. Secy.[भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 3 Explanatory Memorandum.- By giving retrospective effect to the National Savings Time 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. 922(E), dated the 12th December, 2019 and subsequently amended vide number G.S.R. 289(E), dated the 5th May, 2020, G.S.R. 838(E), dated the 22nd November, 2022, G.S.R. 53(E), dated the 20th January, 2023 and G.S.R. 327(E), dated the 27th April, 2023. अजधसचू ना नई दिल् ली, 23 अगस्ट् त, 2023 सा.का.जन. 621(अ).—केन्‍द रीय सरकार, सरकारी बचत संिधनि अजधजनयम, 1873 (1873 का 5) की धारा 3क द्वारा प्रित् त िज‍त यों का प्रयोग करत े हुए, राष्र ीय बचत आिती जनिेप योिना, 2019 का और संिोधन करन े के जलए जनमन जलजखत योिना बनाती ह,ै अथाित् :-- 1. (1) इस स्ट्कीम का संजिप् त नाम राष्र ीय बचत आिती जनिेप (संिोधन) योिना, 2023 ह ै । (2) यह 1 िुलाई, 2023 से प्रित्ृ त हुई समझी िाएगी । 2. राष्र ीय बचत आिती िमा स्ट्कीम, 2019 (जिसे इसम ें इसके पश् चात् उ‍त योिना कहा गया ह)ै के पैरा 9 म,ें सारणी 1.1 के स्ट्थान पर, जनम्नजलजखत सारणी रखी िाएगी, अथाित् :-- “सारणी-1.1 अिजध, जिसके िौरान खाता खोला गया 100 रु. मल्ू य िग िके दकसी खात े पर पनु :सिं ेय रकम (रुपए म)ें 12.12.2019 स े 31.03.2020 तक 7231.38 01.04.2020 स े 31.03.2023 तक 6969.67 01.04.2023 स े 30.06.2023 तक 7043.27 01.07.2023 को या उसके पश्चात् 7099.08 अन्‍द य दकसी मूल् य िग ि के दकसी खाते पर ब् याि सजहत पुन:संिये रकम, सारणी म ें जिजनर्ििष्ट रकम की समानुपाती होगी”। 3. उि योिना के पैरा 10 के उप पैरा (2) के खंड (क) म,ें-- (क) सारणी 1.2 म,ें “1 अप्रलै , 2023 को अथिा उसके पश् चात्” अंकों और िब् िों के स्ट्थ ान पर, “1 अप्रैल, 2023 स े 30 िून, 2023 के बीच (जिसम ें ये िोनों तारीख ें भी सजममजलत ह)ैं ” अंक, िब् ि और कोष्ठ क रखे िाएगं े ; (ख) सारणी 1.2 के पश् चात ्जनम नजलजखत सारणी अंत:स्ट्थ ाजपत की िाएगी, अथाित् :— “सारणी-1.3 [1 िलु ाई, 2023 को या उसके पश्च ात ्खोल ेगए तथा पररपक्वता अिजध के पश्चात ् या परै ा 10 के उपपरै ा (1) के अधीन यथाजिस्ट्ताररत पररपक्वता अिजध स ेआग ेमाजसक िमाओं के साथ िारी खातों पर ब्याि सजहत पनु :सिं ेय रकम] पणू ि िर्ों की सखं या, जिनम ें खाता िारी रहा 100 रु. मल्ू य िग िके दकसी खात े पर रकम (रुपए म)ें एक िर्ि 8814.76 िो िर्ि 10644.70 तीन िर् ि 12596.52 चार िर् ि 14678.33 पांच िर्ि 16898.80 अन्‍द य दकसी मूल् य िग ि के दकसी खाते पर ब् याि सजहत पुन:संिेय रकम, सारणी म ें जिजनर्ििष्ट रकम की समानुपाती होगी”। 4. उि स्ट्कीम के पैरा 11 के उपपैरा (2) म,ें-- (क) सारणी 2.2 म,ें “1 अप्रलै , 2023 को अथिा उसके पश् चात्” अंकों और िब् िों के स्ट्थ ान पर, “1 अप्रैल, 2023 स े 30 िून, 2023 के बीच (जिसम ें ये िोनों तारीख ें भी सजममजलत ह)ैं ” अंक, िब् ि और कोष्ठ क रखे िाएगं े ; (ख) सारणी 2.2 के पश् चात ्जनम नजलजखत सारणी अंत:स्ट्थ ाजपत की िाएगी, अथाित् :--4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] “सारणी-2.3 [1 िलु ाई, 2023 को या उसके पश्च ात ्खोल ेगए तथा पररपक्वता अिजध के पश्चात ् या परै ा 10 के उप परै ा (1) के अधीन यथाजिस्ट्ताररत पररपक्वता अिजध स ेआग ेजबना दकन्‍दही नई माजसक िमाओं के साथ िारी खातों पर ब्याि सजहत पनु :सिं ेय रकम] पणू ि िर्ों की सखं या, जिनम ें खाता िारी रहा 100 रु. मल्ू य िग िके दकसी खात े पर रकम (रुपए म)ें एक िर्ि 7571.89 िो िर्ि 8076.19 तीन िर् ि 8614.08 चार िर् ि 9187.79 पांच िर्ि 9799.71 अन्‍द य दकसी मूल् य िग ि के दकसी खाते पर ब् याि सजहत पुन:संिेय रकम, सारणी म ें जिजनर्ििष्ट रकम की समानुपाती होगी”। 5. उि स्ट्कीम के पैरा 12 के उप परै ा (1) म,ें-- (क) सारणी 2.2 म,ें “1 अप्रलै , 2023 को अथिा उसके पश् चात्” अंकों और िब् िों के स्ट्थ ान पर, “1 अप्रैल, 2023 स े 30 िून, 2023 के बीच (जिसम ें ये िोनों तारीख ें भी सजममजलत ह)ैं ” अंक, िब् ि और कोष्ठ क रखे िाएगं े ; (ख) सारणी 2.2 के पश् चात् जनम नजलजखत सारणी अंत:स्ट्थ ाजपत की िाएगी, अथाित् :— “सारणी-2.3 [1 िलु ाई, 2023 को या उसके पश्च ात ्खोल ेगए तथा खाता बिं होन े तक, इस योिना के अधीन पाचं िर्ों के िौरान िमाकता िकी मत्ृ य ुपर जिजधक उत्तराजधकारी या नामजनिेजिजतयों को सिं ेय रकम] दकए गए िमाओं 100 रु. मल्ू य िग ि के जलए रकम दकए गए िमाओं की 100 रु. मल्ू य िग ि के जलए रकम की सखं या (रुपए म)ें सखं या (रुपए म)ें 1 स े 11 दकए गए िमा 36 3982.44 12 1242.86 37 4104.43 13 1350.10 38 4227.08 14 1457.91 39 4350.40 15 1566.31 40 4474.37 16 1675.28 41 4599.02 17 1784.85 42 4724.33 18 1895.00 43 4850.33 19 2005.75 44 4977.00 20 2117.10 45 5104.35 21 2229.04 46 5232.39 22 2341.59 47 5361.12 23 2454.74 48 5490.54 24 2568.51 49 5620.66 25 2682.88 50 5751.48 26 2797.88 51 5883.00 27 2913.49 52 6015.24 28 3029.72 53 6148.18 29 3146.59 54 6281.85 30 3264.08 55 6416.23 31 3382.20 56 6551.34 32 3500.96 57 6687.17 33 3620.36 58 6823.74[भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 5 34 3740.41 59 6961.04 35 3861.10 60 7099.08 अन्‍द य दकसी मूल् य िग ि के दकसी खाते पर ब् याि सजहत संिेय रकम, सारणी म ें जिजनर्ििष्ट रकम की समानुपाती होगी”। [फा. सं. 1/04/2016-एनएस] आिीर् िच्छानी, अपर सजचि स्ट्प ष्ट ीकारक ज्ञापन—राष्र ीय बचत आिती िमा (सिं ोधन) योिना, 2023 अजधसूचना म ें यथा जिजनर्ििष् ट तारीख स े प्रभािी होगी । तथाजप, इस सिं ोजधत स्ट्कीम को भूतलिी प्रभाि दिए िान े के पररणामस्ट् िरूप दकसी भी व् यज‍त पर प्रजतकूल प्रभाि नहीं पडगे ा । रटप्प ण : मूल योिना भारत के रािपत्र, असाधारण, भाग 2, खंड 3, उपखडं (i) म ें संख यांक सा.का.जन. 918(अ), तारीख 12 दिसंबर, 2019 द्वारा प्रकाजित की गई थी और तत्पश् चात् संख यांक सा.का.जन. 285(अ), तारीख 5 मई, 2020 और सा.का.जन. 330(अ), तारीख 27 अप्रलै , 2023 द्वारा संिोजधत की गई थी । NOTIFICATION New Delhi, the 23rd August, 2023 G.S.R. 621(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. (1) This Scheme may be called the National Savings Recurring Deposit (Second Amendment) Scheme, 2023. (2) It shall be deemed to have come into force on the 1st day of July, 2023. 2. In the National Savings Recurring Deposit Scheme, 2019 (hereinafter referred to as the said Scheme), in paragraph 9, for the TABLE 1.1, the following TABLE shall be substituted, namely:- “TABLE-1.1 Period during which account is opened Amount (Rupees) repayable on an account of 100 rupees denomination From 12.12.2019 to 31.03.2020 7231.38 From 01.04.2020 to 31.03.2023 6969.67 From 01.04.2023 to 30.06.2023 7043.27 On or after 01.07.2023 7099.08 Amount repayable inclusive of interest on an account of any other denomination shall be proportionate to the amount specified in the table”. 3. In the said Scheme, in paragraph 10, in sub-paragraph (2), in clause (a),- (a) in TABLE-1.2, for the words and figures, “on or after the 1st day of April, 2023”, the following words, figures and brackets “between 1st April, 2023 to 30th June, 2023 (both days inclusive)” shall be substituted; (b) after TABLE-1.2, the following TABLE shall be inserted, namely:- “TABLE-1.3 [Amount inclusive of interest repayable on the accounts opened on or after the 1st day of July, 2023 and continued with monthly deposits beyond the maturity period or maturity period as extended under sub- paragraph (1) of paragraph 10] Number of completed years for which the account Amount (Rupees) on an account of 100 rupees continued denomination One years 8814.76 Two years 10644.70 Three years 12596.52 Four years 14678.33 Five years 16898.80 Amount repayable inclusive of interest on an account of any other denomination shall be proportionate to the amount specified in the table”.6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] 4. In the said Scheme, in paragraph 11, in sub-paragraph (2),- (a) in TABLE-2.2, for the words and figures, “on or after the 1st day of April, 2023”, the following words, figures and brackets “between 1st April, 2023 to 30th June, 2023 (both days inclusive)” shall be substituted; (b) after TABLE-2.2, the following TABLE shall be inserted, namely:- “TABLE-2.3 [Amount inclusive of interest repayable on the accounts opened on or after the 1st day of July, 2023 and continued without any fresh monthly deposits beyond the maturity period or maturity period as extended under sub-paragraph (1) of paragraph 11] Number of completed years for which the account Amount (Rupees) on an account of 100 rupees continued denomination One years 7571.89 Two years 8076.19 Three years 8614.08 Four years 9187.79 Five years 9799.71 Amount repayable inclusive of interest on an account of any other denomination shall be proportionate to the amount specified in the table”. 5. In the said Scheme, in paragraph 12, in sub-paragraph (1),- (a) in TABLE-2.2, for the words and figures, “on or after the 1st day of April, 2023”, the following words, figures and brackets “between 1st April, 2023 to 30th June, 2023 (both days inclusive)” shall be substituted; (b) after TABLE-2.2, the following TABLE shall be inserted, namely:- “TABLE-2.3 [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 July, 2023 and up to the closure of the account] Number of deposits Amount (Rupees) for Number of Amount (Rupees) for made denomination of 100 rupees deposits made denomination of 100 rupees 1 to 11 Deposits made 36 3982.44 12 1242.86 37 4104.43 13 1350.10 38 4227.08 14 1457.91 39 4350.40 15 1566.31 40 4474.37 16 1675.28 41 4599.02 17 1784.85 42 4724.33 18 1895.00 43 4850.33 19 2005.75 44 4977.00 20 2117.10 45 5104.35 21 2229.04 46 5232.39 22 2341.59 47 5361.12 23 2454.74 48 5490.54 24 2568.51 49 5620.66 25 2682.88 50 5751.48 26 2797.88 51 5883.00 27 2913.49 52 6015.24 28 3029.72 53 6148.18 29 3146.59 54 6281.85 30 3264.08 55 6416.23 31 3382.20 56 6551.34 32 3500.96 57 6687.17 33 3620.36 58 6823.74[भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 7 34 3740.41 59 6961.04 35 3861.10 60 7099.08 Amount repayable inclusive of interest on an account of any other denomination shall be proportionate to the amount specified in the table”. [F. No. 1/04/2016-NS] ASHISH VACHHANI, Addl. Secy. Explanatory Memorandum.-By giving retrospective effect to the National Savings Recurring Deposit (Second 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 12th December, 2019 and subsequently amended vide numbers G.S.R. 285(E), dated the 5th May, 2020, G.S.R. 330(E), dated the 27th April, 2023. 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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