Senior Citizens’ Savings (Amendment) Scheme, 2020 – Gazette Notification

Department of Economic Affairs) 

NOTIFICATION

New Delhi, the 5th May, 2020

G.S.R. 287(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 to amend the Senior Citizens’ Savings Scheme, 2019, namely:-

1. (1) This Scheme may be called the Senior Citizens’ Savings (Amendment) Scheme, 2020.

(2) They shall be deemed to have come into force on the 1st day of April, 2020.

2. In the Senior Citizens’ Savings Scheme, 2019, in paragraph 5, for sub-paragraph (1), the following sub-paragraphs shall be substituted, namely:-

“(1) The deposit made under this Scheme between 12th December, 2019 to 31st March, 2020 (both days inclusive) shall bear interest at the rate of 8.6 per cent per annum.

(1A) The deposit made under this Scheme on or after the 1st day of April, 2020 shall bear interest at the rate of 7.4 per cent. per annum.”

[F. No. 1/04/2019-NS]

RAJAT KUMAR MISHRA, Jt. Secy.