This notification, G.S.R. 392(E), issued by the Department of Economic Affairs, Ministry of Finance, on June 9, 2014, amends the Senior Citizens Savings Scheme Rules, 2004. The amendment, formally titled the "Senior Citizen Savings Scheme Amendment Rules, 2014," comes into effect on the date of its publication in the Official Gazette. The core change pertains to Rule 8 of the 2004 Scheme, specifically addressing the handling of joint accounts or accounts where the spouse is the sole nominee, allowing the spouse to continue the account under the same terms and conditions after the original account holder's passing. Alternatively, if the spouse chooses not to continue the account, it will be closed upon application using Form F, and the deposit will be refunded along with accrued interest. The notification is issued under the authority of Section 15 of the Government Savings Bank Act, 1873 (5 of 1873). Contact information is available through Jt. Secy. Rajat Bhargava, F. No. 422012/NSII. The original Senior Citizens Savings Scheme Rules, 2004, were published under notification number G.S.R. 490(E), dated August 2, 2004, and have been subsequently amended through various notifications, including G.S.R. 706(E) from October 27, 2004, to G.S.R. 224(E) from March 13, 2014.
Key Entities Referenced
Government Savings Bank Act, 1873: A legal act that grants powers to the Central Government related to savings banks.
Central Government: The governing authority responsible for making and enforcing the rules.
Senior Citizens Savings Scheme Rules, 2004: The set of regulations governing the Senior Citizens Savings Scheme, which this notification amends.
Senior Citizen Savings Scheme Amendment Rules, 2014: The specific amendment rules being introduced in this notification.
Ministry of Finance: The government ministry responsible for financial matters, under which the Department of Economic Affairs operates.
Department of Economic Affairs: The department within the Ministry of Finance that issued the notification.
Rajat Bhargava: The Joint Secretary who signed the notification.
New Delhi: The location where the notification was issued, New Delhi, Delhi.
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25 जून, 2013 को सा.का.िन. 402(अ), और (cid:4)दनांक 13 माच=, 2014 को सा.का.िन. 224(अ) (cid:18)ारा (cid:19)कािशत (cid:29)ई थ?।
2385 GI/2014 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 9th June, 2014
G.S.R. 392(E). -- In exercise of the powers conferred by section 15 of the Government Savings Bank
Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Senior
Citizens Savings Scheme Rules, 2004, namely:—
1. (1) These rules may be called the Senior Citizen Savings Scheme (Amendment) Rules, 2014.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In Senior Citizen Savings Scheme Rules, 2004, after sub-rule 3 of rule 8, following shall be inserted,
namely:—
“Provided that in the case of a joint account, or where the spouse is the sole nominee, the spouse may
continue the account on the same terms and conditions as specified under these rules:
Provided further that in case the spouse does not continue the joint account, the account shall be closed
on an application in Form-F and the deposit refunded alongwith interest as above”.
[F. No. 4/2/2012/NS-II]
RAJAT BHARGAVA, Jt. Secy.
Note: The Senior Citizens Savings Scheme Rules, 2004 were published in the Gazette of India (Extraordinary)
vide notification number G.S.R. 490(E), dated the 2nd August, 2004 and subsequently amended vide G.S.R.
706(E), dated the 27th October, 2004, G.S.R. 176(E), dated the 23rd March, 2006, G.S.R. 390(E), dated the
24th May, 2007, G.S.R. 639(E), dated the 28th July, 2010, G.S.R. 770(E), dated the 19th October, 2011,
G.S.R. 321(E) dated the 25th April, 2012, G.S.R. 402(E), dated the 25th June, 2013 and G.S.R.224(E) dated the
13th March, 2014.
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.