Senior citizen savings scheme has got an amendment in rate of interest ! It has been notified vide NOTIFICATION NO.GSR 321(E), DATED 25-4-2012 that all deposits in senior citizen savings scheme 2004 shall be 9.3 %. Read the notification
SENIOR CITIZENS SAVINGS SCHEME (AMENDMENT) RULES, 2012 – AMENDMENT IN RULE 7
NOTIFICATION NO.GSR 321(E), DATED 25-4-2012
In exercise of the powers conferred by section 15 of the Government Savings Banks 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 Citizens Savings Scheme (Amendment) Rules, 2012.
(2) They shall deemed to have come into force on the date of their publication in the Official Gazette.
2. In the Senior Citizens Savings Scheme Rules, 2004, in rule 7, in sub-rule (1), the following proviso shall be inserted, namely:—
“Provided that in the case of a deposit made under these rules on or after the 1st day of April, 2012, it shall bear interest at the rate of 9.3 per cent, per annum from the date of deposit.”