National Savings Certificates Scheme 2019 - Gazette Notification

National Savings Certificates Scheme 2019

NOTIFICATION

New Delhi, the 12th December, 2019

G.S.R. 919(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, namely:-

1. Short title and commencement.-
(1) This Scheme may be called the National Savings Certificates (VIII Issue) Scheme, 2019.
(2) It shall come into force on the date of its publication in the Official Gazette.

2. Definitions.-
(1) In this Scheme, unless the context otherwise requires,-

• “account” means an account opened under this Scheme;
• “account holder” means an individual in whose name the account is held;
• “Act” means The Government Savings Promotion Act, 1873 (5 of 1873);
• “Form” means forms appended to this Scheme;
• “General Rules” means the Government Savings Promotion General Rules, 2018;
• “year” means a period of twelve months commencing from the date of deposit in the account.

(2) Words and expressions used herein but not defined shall have the meanings respectively assigned to them in the Act and in the General Rules.

3. Type of accounts.-
(1) On an application to the accounts office in Form-1, the following types of accounts can be opened under the Scheme, namely:-

• Single Holder Type Account;
• Joint A - Type Account; and
• Joint B - Type Account.

(2) (a) A Single Holder Type Account may be opened by an adult for himself, or on behalf of a minor or a person of unsound mind of whom he is the guardian; or by a minor who has attained the age of ten years;
(b) Joint A- Type Account may be opened jointly in the names of upto three adults payable to all the holders jointly or to the survivor or survivors;
(c) Joint B-Type Account may be opened jointly in the name of upto three adults payable to any of the account holders or to the survivor or survivors.

4. Deposits.-
(1) A minimum of one thousand rupees and any sum in multiples of one hundred rupees may be deposited in an account.
(2) There shall be no maximum limit for deposit in an account or in accounts held by an account holder.
(3) An individual may open any number of accounts.

5. Payment on Maturity.-
(1) The deposit shall mature on completion of five years from the date of the deposit. Amount of maturity may be repaid to the account holder on an application in Form-2 submitted to the accounts office.
(2) The maturity value of an account opened with one thousand rupees shall be One thousand four hundred sixty two rupees and fifty four paisa and proportionate for deposits made with any other sum as per sub- paragraph (1) of paragraph 4. In calculation of maturity value, any amount in fraction of a rupee shall be rounded off to the nearest rupee and for this purpose, any amount of fifty paisa or more shall be treated as one rupee and any amount less than fifty paisa shall be ignored.
(3) A certificate of annual accrual of interest shall be issued by the accounts office, on demand, to the account holder. The interest as specified in the Table below shall accrue to the holder or holders of the certificate at the end of each year and the interest so accrued at the end of each year upto the end of the fourth year shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount of face value of the certificate.

TABLE

The year for which interest accrues	Amount of interest (rupees) accruing on certificate of 1000 rupees denomination
First Year	79.00
Second Year	85.24
Third Year	91.98
Fourth Year	99.24
Fifth Year	107.08

Note: The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the said Table.

6. Pledging of account.-
(1) An Account may be pledged or transferred as security, on an application made by the depositor in Form-3 supported with acceptance letter from the pledgee.
(2) Transfer of an account under this paragraph may be made to-

• the President of India or the Governor of a State in his official capacity;
• the Reserve Bank of India or a Scheduled Bank or a Cooperative Society, including a Co-operative Bank;
• a public or private corporation or a Government company;
• a local authority; or
• a housing finance company approved by the National Housing Bank and notified by the Central Government:
• Provided that the transfer of an account opened on behalf of a minor or a person of unsound mind shall not be permitted under this rule unless the guardian of the minor or the person of unsound mind, as the case may be, certifies in writing that the minor or the person of unsound mind, as the case may be, is alive and that the transfer is for the benefit of the minor or the person of unsound mind.

(3) When any account is transferred as security under sub-paragraph (1), the authorised officer shall make the following endorsement in the record of the Account, including the Savings Certificate, namely:-
“Transferred as security to …..” .

(4) Except as otherwise provided in this scheme, the transferee of an account under this paragraph shall, until it is transferred back under sub-paragraph (5), be deemed to be the depositor.

(5) An account transferred under this paragraph may, on written authority of the transferee, be re-transferred back with the previous sanction in writing of the authorised officer and when any such retransfer is made, the authorised officer of the accounts office shall make the following endorsement in the record of the account, including Certificate, namely:-
“transferred back to……”.

(6) A blind or a person with physical infirmity making him incapable of operating the account may pledge his deposit through any literate individual whom he authorises for this purpose.

7. Premature closure of account.-
(1) The account shall not be closed before maturity except in the following cases, namely:-

• on the death of the account holder in a single account, or any or all the account holders in a joint account;
• on forfeiture by a pledgee being a Gazetted Officer, when the pledge is in conformity with this Scheme;
• when ordered by a court.

(2) Where an account is prematurely closed under sub-paragraph (1) before the expiry of one year from the date of deposit, only principal amount shall be payable.

(3) If the account is prematurely closed under sub-paragraph (1) after the expiry of one year but before the expiry of three years from the date of deposit, the premature closure shall be allowed and on such premature closure of the account interest on principal amount at the rate applicable to the Post Office Savings Account from time to time for the complete months for which the account has been held, shall be payable.

(4) If an account is prematurely closed under sub-paragraph (1) after the expiry of three years from the date of the opening, the amount payable, inclusive of interest accrued under paragraph 5 for a deposit of one thousand rupees and at a proportionate rate for other amounts of deposits, shall be as specified in the table below:-

TABLE

(Table showing premature closure value of account opened on or after date of notification with 1000 rupees)

Period from the date of the account to the date of its pre-mature closure	Amount payable inclusive of interest (Rupees)
(1)	(2)
Three years or more, but less than three years and six months	1221.61
Three years and six months or more, but less than four years	1263.05
Four years or more, but less than four years and six months	1305.90
Four years and six months or more, but less than five years	1350.20

8.Transfer of account from one individual to another.-
An account may be transferred from one individual to another, subject to the condition that the transferee is eligible to open an account under this Scheme, in the following cases, namely:-

(i) on the death of account holder in case of a single account or on the death of all the account holders in a joint account, the amount shall be transferred to the legal heirs or the nominees as the case may be.
(ii) on the order of the court, the account shall be transferred from the account holder to the court or to any other individual as per the orders of the court;
(iii) on pledging, account shall be transferred in accordance with paragraph 6;
(iv) in the event of the death of any of the account holders in a joint account, the account shall be transferred in the name of the surviving account holder or account holders, as the case may be.

9. Payment on the death of account holder.-
 
(1) In the event of death of the depositor of a single account or of all the depositors in a joint account, the eligible balance in the account shall be payable as specified in paragraphs (2) to (6).

(2) If a nomination is in force at the time of death of the depositor of a single account or all the depositors of a joint account, the nominee may make an application in Form-2 to the accounts office for payment of the eligible balance and the application shall be accompanied by the proof of death of the depositor, and where any other nominee has also died, the proof of death of such nominee.

(3) If there are two or more surviving nominees, the eligible balance shall be paid in the proportion as specified by the depositor while making the nomination, and if no such proportion or share is specified, then in equal proportion to all the surviving nominees.

(4) If any nominee dies, his specified share in the eligible balance shall be distributed among the surviving nominees in the same proportion as their specified shares.

(5) Where the surviving nominee is a minor, the payment shall be made to a person appointed by the depositor to receive such payment and, if no such person has been appointed, to the guardian of the minor.

(6) If a depositor dies and there is no nomination in force at the time of his death, and probate of his will or letters of administration of his estate or a succession certificate as granted in the Indian Succession Act, 1925 (39 of 1925) is not produced within six months from the death of the depositor to the authorised officer of the accounts office where the account stands, then,-

(i) if the eligible amount in the account does not exceed Rs. 5 lakh, the authorised officer of the accounts office or the authority specified by the institution to which the accounts office belongs, may pay the same to any person appearing to him as the rightful claimant and to his satisfaction to be entitled to receive the amount or to administer the estate of the deceased, on an application in Form-2 accompanied by the following documents; namely:-

• death certificate;
• pass book or deposit receipt/statement of account in original;
• Affidavit;
• letter of disclaimer;
• Bond of Indemnity;

(ii) if the eligible amount in the account of the deceased is above Rs. 5 lakh, the amount shall be paid by the accounts office to the claimant on submission of ‘Succession Certificate’ issued by the court along with the following documents; namely:-

• claim form;
• pass book or deposit receipt or statement of account in original;
• death certificate of the account holder.

(2) Where there are not more than three surviving nominees or legal heirs, they may, at their option, continue the account and receive the amount of deposit along with interest on maturity in the manner provided for in this Scheme, as if they had opened the account themselves.

(3) Where the account is not continued under sub-paragraph (2), it shall be closed and the amount of deposit along with interest as provided in paragraph 7 shall be paid.
(4) On the death of one or two of the account holders in a joint account, the surviving account holder or holders, if any, shall be treated as the owner or owners of the account and such account holder or holders may continue the account or close the account in the manner specified under sub-paragraph (3).

10. Application of General Rules.-
The provisions of the General Rules shall, so far as may be, apply in relation to the matters for which no provision has been made in this Scheme.

11. Power to relax.-
Where the Central Government is satisfied that the operation of any of the provisions of this Scheme causes undue hardship to the account holder, it may by order, for reasons to be recorded in writing, relax the requirements of that provision or provisions in a manner not inconsistent with the provisions of the Act.

[F.No.2/2/2018 NS (Pt.I)]
RAJAT KUMAR MISHRA Jt. Secy

Cabinet approves Atal Bhujal Yojana

Cabinet
Cabinet approves Atal Bhujal Yojana

24 DEC 2019

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the implementation of the Atal Bhujal Yojana (ATAL JAL), a Central Sector Scheme with a total outlay of Rs.6000 crore to be implemented over a period of 5 years (2020-21 to 2024-25).

Also check: World Bank approves Rs. 6,000 crore Atal Bhujal Yojana

The scheme aims to improve ground water management through community participation in identified priority areas in seven States, viz. Gujarat, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan and Uttar Pradesh. Implementation of the scheme is expected to benefit nearly 8350 Gram Panchayats in 78 districts in these States. ATAL JAL will promote panchayat led ground water management and behavioural change with primary focus on demand side management
Out of the total outlay of Rs. 6000 crore, 50% shall be in the form of World Bank loan, and be repaid by the Central Government. The remaining 50% shall be through Central Assistance from regular budgetary support. The entire World Bank's loan component and Central Assistance shall be passed on to the States as Grants.

ATAL JAL has two major components:

A. Institutional Strengthening and Capacity Building Component for strengthening institutional arrangements for sustainable ground water management in the States including improving monitoring networks, capacity building, strengthening of Water User Associations, etc.

B. Incentive Component for incentivising the States for achievements in improved groundwater management practices namely, data dissemination, preparation of water security plans, implementation of management interventions through convergence of ongoing schemes, adopting demand side management practices etc.

ATAL JAL will result in:

• Institutional strengthening for improving ground water monitoring networks and capacity building of stakeholders at different levels which will enhance ground water data storage, exchange, analysis and dissemination.
• Improved and realistic water budgeting based on an improved database and preparation of community-led Water Security Plans at Panchayat level
• Implementation of Water Security Plans through convergence of various ongoing/ new schemes of the Government of India and State Governments to facilitate judicious and effective utilization of funds for sustainable ground water management.
• Efficient use of available ground water resources with emphasis on demand side measures such as micro-irrigation, crop diversification, electricity feeder separation etc.

Impact:

• Source sustainability for Jal Jeevan Mission in the project area with active participation of local communities.
• Will contribute towards the goal of doubling the farmers' income.
• Will promote participatory ground water management.
• Improved water use efficiency on a mass scale and improved cropping pattern;
• Promotion of efficient and equitable use of ground water resources and behavioral change at the community level;

Background:
Ground water contributes to nearly 65% of total irrigated area of the country and nearly 85% of the rural drinking water supply. The limited ground water resources in the country are under threat due to the increasing demands of growing population, urbanization and industrialization. Intensive, and unregulated ground water pumping in many areas has caused rapid and widespread decline in ground water levels as well as reduction in the sustainability of ground water abstraction structures. The problem of reduction in ground water availability is further compounded by deteriorating ground water quality in some parts of the country. The increasing stress on ground water due to over- exploitation, contamination and associated environmental impacts threaten to endanger the food security of the nation, unless necessary preventive / remedial measures are taken on priority.
The Department of Water Resources, River Development & Ganga Rejuvenation, Ministry of Jal Shakti has taken a pioneering initiative for ensuring long term sustainability of ground water resources in the country through the Atal Bhujal Yojana (ATAL JAL) by adopting a mix of 'top down' and 'bottom up' approaches in identified ground water stressed blocks in seven states, representing a range of geomorphic, climatic and hydrogeologic and cultural settings. ATAL JAL has been designed with the principal objective of strengthening the institutional framework for participatory ground water management and bringing about behavioral changes at the community level for sustainable ground water resource management. The scheme envisages undertaking this through various interventions, including awareness programmes, capacity building, convergence of ongoing/ new schemes and improved agricultural practices etc.

PIB

Post Office Savings Account Scheme 2019 - Gazette Notification

Post Office Savings Account Scheme 2019 - Gazette Notification

NOTIFICATION

New Delhi, the 12th December, 2019

G.S.R. 921(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, namely:-

1. Short title and commencement:
(1) This Scheme may be called the Post Office Savings Account Scheme, 2019.
(2) It shall come into force on the date of its publication in the Official Gazette.

2. Definitions:
(1) In this Scheme, unless the context otherwise requires,-
(a) "account" means an account opened under this Scheme;
(b) "account holder" means an individual in whose name the Account is held;
(c) "Act" means the Government Savings Promotion Act, 1873 (5 of 1873);
(d) "Form" means forms appended to this Scheme;
(e) "General Rules" means the Government Savings Promotion General Rules, 2018;
(f) "year" means a period of twelve months commencing on the 1st day of April.
(2) Words and expressions used herein but not defined shall have the meanings assigned to them in the Act and in the General Rules.

Also check: Income Tax benefits from Post Office Saving Schemes

3. Type of Account:
(1) An account may be opened by making an application in Form-1 by the following:-
(a) a single adult;
(b) two adults jointly;
(c) a guardian on behalf of a minor;(d) a guardian on behalf of a person of unsound mind;
(e) a minor who has attained the age of ten years, in his own name:
Provided that only one account can be opened by an individual as a single account:
Provided further that an account under clause (e) can only be opened if an account under clause (c) does not exist in the name of the minor or vice versa.

(2) The share of an individual in the balance in a joint account shall be in equal proportion. On the death of one of the account holder in a joint account, the surviving account holder shall be treated as the sole owner of the account and he may continue the account in accordance with the provisions of this Scheme provided another single account is not held in his name. In case a single account exists in the name of the surviving holder, the account shall have to be closed.

4. Deposits and withdrawals:
(1) The account may be opened with a minimum deposit of five hundred rupees and no subsequent deposit shall be accepted for an amount less than ten rupees.

(2) There shall be no maximum limit of deposit in an account.

(3) Withdrawals from the account for not less than fifty rupees may be made by presenting pass book alongwith Form-2 duly filled in and signed. Withdrawals from the account may also be made subject to the availability of balance above minimum prescribed limit by way of cheque or electronic means.

(4) No withdrawal shall be permitted which has the effect of reducing the balance to less than five hundred rupees.

(5) In case of an account having a balance of less than five hundred rupees immediately before the commencement of this Scheme, the account holder shall deposit the difference amount within a period of one year from the date of commencement of this Scheme, so as to bring the balance in the account to a minimum of five hundred rupees and the accounts office shall be responsible for advising the account holder through appropriate mode to make the required deposits within the specified date.

(6) If the account holder fails to make such deposit within the specified period, an account maintenance fee of one hundred rupees shall be deducted from the account on the last working day of each financial year and after deduction of the account maintenance fee, if the balance in the account becomes nil, the account shall stand automatically closed and the account holder shall be notified accordingly. This provision shall be applicable to all accounts including Silent Account.

(7) All deposits and withdrawals shall be made in whole rupees only.

Also check:  Mandatory use opening of Savings Account in CBS Post Offices

5. Interest on deposits in an account:
(1) The interest at the rate of four per cent per annum shall be allowed for a calendar month on the lowest balance at the credit of an account between the close of the tenth day and the end of the month, and such interest shall be calculated and credited in the account at the end of each year.

(2) The interest shall be allowed only on sums of whole rupees and shall be rounded off to the nearest rupee and for this purpose any amount of fifty paisa or more shall be treated as one rupee and any amount less than fifty paisa shall be ignored.

(3) No interest shall be allowed on an account for any month in which the balance at credit is below five hundred rupees at any time between the tenth and the last day of the month.

(4) If an account is closed during a year, interest shall be allowed upto the end of the month preceding the month in which the account is closed.

(5) In the event of death of an account holder, the interest in his account shall be paid only in the end of the month preceeding the month in which the account is closed.

6. Confirmation of balance
A pass book or statement of account of the account holder shall be issued by the accounts office. The account holder may confirm balance in his account by presenting his pass book during office hours.

7. Issue of cheque book
A cheque book containing ten leaves may be issued to the account holder on an application, free of charge in a year. Subsequent issue of cheque book shall be charged at two rupees per cheque.

8. Silent Account:
(1) An account in which a deposit or a withdrawal has not taken place for three complete years, shall be treated as a Silent Account and credit of interest in a Silent Account shall not be treated as a transaction.
(2) Transaction in a Silent Account shall be allowed only after revival of account. The account can be revived through an application by the account holder and after completion of the due process by the accounts office.

9. Final withdrawal on closure:
The account may be closed at any time by the account holder by surrendering the pass book, unused or partially used cheque book, if any, etc. to the accounts office, along with the application in Form-2 for closure of the account.

10. Application of General Rules:
The provisions of the General Rules shall, so far as may be, apply in relation to the matters for which no provision has been made in this Scheme.

11. Power to relax:
Where the Central Government is satisfied that the operation of any of the provision of this Scheme causes undue hardship to an account holder, it may, by order for reasons to be recorded in writing, relax the requirements of that provision in a manner not inconsistent with the provisions of the Act.

[F.No.2/2/2018 NS (Pt.I)]
RAJAT KUMAR MISHRA, Jt. Secy.

Engagement of Retired government officials in the Department of Drinking Water and Sanitation as Section Officer

Latest DoPT Orders 2019

Engagement of Retired government officials in the Department of Drinking Water and Sanitation as Section Officer

F.No.21/07/2019-CS-I(P)
Ministry of Personnel, Public Grievances Pension
Department of Personnel & Training
(C.S.I Division)

2nd Floor, 'A' wing,
Lok Nayak Bhawan,
Khan Market,
New Delhi
Dated 23 December, 2019

OFFICE MEMORANDUM

Subject:- Engagement of Retired Government Officials as Section Officer on retainer-ship basis in the Department of Drinking Water and Sanitation

The undersigned is directed to circulate the Office Memorandum No. A-41020/1/2019 - Admin dated 17th December, 2019 (along-with enclosures) received from Ministry of Jal Shakti, proposes to engage retired Government Officials as Section Officer (SO) on retainer-ship basis in the Department of Drinking Water and Sanitation.

2. In case of any further clarification, applicants are requested to contact the concerned Ministries/Departments.

Also check: Engagement of retired central Government officers as consultants at Section Officer & Assistant Section Officer level

(Sanjay Kumar Das Gupta)
Under Secretary to the Government of India 

CIRCULAR

It is proposed to engage retired Government employees to work as Retainers against the vacant posts of Section Officer (SO) in the Department of Drinking Water & Sanitation as per the following criteria:
(a) Must have retired from Central Government Ministries / Departments.
(b) Must have retired as SO or above and well acquainted with functioning of Government Ministries.
(c) Should have good communication and interpersonal skills and excellent knowledge of Computer usage.
(d) Work profile and responsibility would be similar to post in the Central Government.

Also check: Engagement of Retired Government Officers as Consultant on contract basis in the Directorate General of Health Services as Under Secretary level

The engagement of retainers shall be subject to the following conditions:

(i) Persons must be below 64 years of age as on the last date of application.
(ii) Engagement shall initially be for a period of six months or until regular incumbents are available, whichever is earlier.
(iii) Extension of engagement, if any, shall be at the sole discretion of competent authority.
(iv) Working hours shall be from 9.00 a.m. to 5.30 p.m. during working days including half an hour lunch break in between. However, in exigencies of work, he/she may be required to sit late and may be called on Saturdays/Sundays and other Gazetted Holidays.
(v) Individual will be required to mark his attendance in Biometric Attendance System (BAS).
(vi) Shall be entitled to 4 days leave in six calendar months. The un-availed leave cannot be carried forward or encashed. (vii) Individual will give one month notice for leaving the services of the Ministry.
(viii) Engagement may be terminated at any time by the Government without assigning any reason \without any notice.
(ix) Ministry of Drinking Water and Sanitation shall not be responsible for any loss, accident, damage or injury suffered by the individual arising out of execution of his/her official duty.
(x) The selected officers will be paid a consolidated fee (TDS as applicable). He/She shall not be entitled for any allowances such as Dearness Allowance, residential, telephone, transport, etc.
(xi) He/She will not be allowed any foreign travel at Government Expenses.
(xii) Individual engaged shall not directly or indirectly communicate or reveal to any person or persons any matter collected for the purpose of his/her assignment or during the course of his/her assignment, without the express written consent of the office.
(xiii) Individual engaged shall not represent or give opinion or advice in any matter which is adverse to the interest of this Office. He/She is not permitted to take up any other assignment during his period of engagement.
(xiv) Preference would be given to those retired in the last one year.

Source: DoPT

Submission of IPR for the year 2019 by the Officers of Central Secretariat Services

Submission of IPR for the year 2019 by the Officers of Central Secretariat Services

Latest DoPT Orders 2019

F. No. 26/01/2018-CS.I (PR/CMS)
Government of India
Ministry of Personnel, Public Grievances and Pensions,
Department of Personnel & Training

2nd Floor, Lok Nayak Bhawan,
Khan Market, New Delhi
Dated December 20th , 2019.

OFFICE MEMORANDUM

Subject:- Submission of Immovable Property Return (IPR) for the year 2019 (as on 31.12.2019) by the Officers of Central Secretariat Services (CSS) reg.

In terms of Rule 18 of CCS (Conduct) Rules, 1964, the Immovable Property Return is required to be furnished by the CSS Officers in the grade of Under Secretary and above, latest by 31 .01.2020. IPR should be submitted by all the CSS Officers through Web Based Cadre Management System which is hosted at cscms.nic.in. A copy of the print out (IPR submitted online) duly signed, should also be submitted to CS.I (PR/CMS) Section, which is the custodian of Immovable Property Return (IPR) of these Officers. Assistant Section Officers and Section Officers of CSS will also submit the print out (IPR) duly signed, to their respective Admin/ Vigilance Division.

Ministries/ Departments are therefore, requested that the contents of this O.M. may be widely circulated to the notice of all CSS Officers/Officials working under their respective control. They should also ensure that the IPR for the year 2019 (as on 31.12.2019) is submitted within the stipulated time by all the CSS Officers. The officers are also informed that non-submission of IPR within the stipulated date, would invite the denial of vigilance clearance for empanelment, deputation and applying to sensitive posts and assignment to training programme (except mandatory training) as the IPR status needs to be checked for the said purpose(s).

Also check: Submission of Immovable Property Return (IPR) for the year 2018
It is, therefore, requested that all the CSS Officers may be directed to file their Immovable Property Return (IPR) for the year 2019 (as on 31.12.2019) well in time, latest by 31.01.2020, through Web Based Cadre Management System only. IPRs received beyond the stipulated date, shall not be regarded as conforming to the extant guidelines. It is also stated that the date of filing of IPR will start from 01st January, 2020 and the "Immovable Property Returns" window shall be opened/provided at cscms.nic.in. automatically from that date only.

In case of any doubt/ difficulty about filing the IPR, Shri Vijay Pal, Section Officer (PR/CMS)/ Shri Krishnandan Kumar, Assistant Section Officer (PR/CMS) may be contacted at Telephone No. 24629414.

(Sanjay Kumar Das Gupta)
Under Secretary to the Government of India

Source: DoPT

Senior Citizens Saving Scheme 2019 - Gazette Notification

Senior Citizens Saving Scheme 2019 -  Gazette Notification

The account shall be opened with a minimum deposit of one thousand rupees

NOTIFICATION

New Delhi, the 12th December, 2019

G.S.R. 916(E).- In exercise of the powers conferred by section 3A and section 15 of the Government Savings Promotion Act,1873 (5 of 1873), the Central Government hereby makes the following Scheme, namely:-

1. Short title and commencement:
(1) This Scheme may be called the Senior Citizens’ Savings Scheme, 2019.
(2) It shall come into force on date of its publication in the Official Gazette.

2. Definitions:
(1) In this Scheme, unless the context otherwise requires,-
(a) "account" means an account opened under this Scheme;
(b) "account holder" means an individual in whose name the account is held;
(c) "Act" means The Government Savings Promotion Act, 1873 (5 of 1873);
(d) "Form" means forms appended to this Scheme;
(e) "General Rules" means the Government Savings Promotion General Rules, 2018;
(f) "year means a period of twelve months commencing from the date of deposit in the account.
(2) Words and expressions used herein but not defined shall have the meanings assigned to them in the Act and the General Rules.

Also check: Rates if Small Saving Schemes

3. Opening of account :

(1) An individual fulfilling the following conditions may open an account by making an application in Form-1 to the accounts office, namely:-

(i) who has attained the age of sixty years on the date of opening of the account; or
(ii) who has attained the age of fifty-five years or more but less than sixty years, and who has retired on superannuation or otherwise on the date of opening of an account under this Scheme, subject to the condition that the account is opened by such individual within one month of the date of receipt of the retirement benefits and proof of date of disbursal of such retirement benefit(s) along with a certificate from the employer indicating the details of retirement on superannuation or otherwise, retirement benefits, employment held and period of such employment with the employer, is attached with the application form:

Provided that the retired personnel of Defence Services (excluding Civilian Defence employees) shall be eligible to open an account under this Scheme on attaining the age of fifty years subject to the ful filment of other specified conditions.

(2) The successor or legal heir of a deceased serving personnel shall not be eligible to deposit the terminal benefits of such deceased personnel under this Scheme.
(3) An account holder may operate more than one account under this Scheme subject to the condition that the deposits in all the accounts taken together shall not exceed the maximum limit as specified under paragraph 4.
(4) An individual may open an account in individual capacity, or jointly with spouse.
(5) In case of a joint account, the age of the first account holder shall be considered to determine the eligibility to open the account and there shall be no age-limit for the second applicant.
(6) The whole amount of deposit in a joint account shall be attributable to the first account holder only.
(7) Both the spouses can open single account and joint accounts with each other with the maximum deposit of upto fifteen lakhs rupees in each account provided both are individually eligible to open the account.

4. Deposit:
(1) The account shall be opened with a minimum deposit of one thousand rupees or any sum in multiples of one thousand rupees not exceeding fifteen lakh rupees:

Provided that the deposits in the account specified under clause (ii) of sub-paragraph (1) of paragraph 3, shall be restricted to the retirement benefits received, or fifteen lakh rupees, whichever is lower.

Explanation - For the purposes of this sub-paragraph, “retirement benefits” means any payment due to the account holder on account of retirement on superannuation or otherwise and includes Provident Fund dues, retirement or superannuation gratuity, commuted value of pension, cash equivalent of leave, savings element of Group Savings Linked Insurance Scheme payable by the employer on retirement, retirement-cum- withdrawal benefit under the Employees’ Family Pension Scheme and ex-gratia payments under a voluntary or a special voluntary retirement scheme.

(2) There shall be only one deposit in the account.

(3) Where a deposit in excess to the ceiling specified under sub-paragraph (1) has been made, the accounts office shall, refund the excess deposit to the account holder immediately.

5. Interest on deposit :

(1) The deposit made under this Scheme shall bear interest at the rate of 8.6 per cent. per annum.

(2) Interest shall be payable from the date of deposit to 31st March/30th June/30th September/31stDecember on first working day of April/July/October/January, as the case may be, in the first instance and thereafter interest shall be payable on first working day of April/July/October/January as the case may be.

(3) If so authorised by the account holder, interest payable on the due dates as specified in sub-paragraph (2), shall be credited to the account holder’s savings account.

(4) If the interest payable every quarter is not claimed by an account holder, such interest shall not earn additional interest.

(5) Any amount of interest in fraction of a rupee shall be rounded off to the nearest rupee and for this purpose, any amount of fifty paisa or more shall be treated as one rupee and any amount less than fifty paisa shall be ignored.

(6) The excess amount referred to in sub-paragraph (3) of paragraph 4, shall carry interest at the rate applicable from time to time to the Post Office Savings Account and such interest shall be payable from the date of deposit of excess amount to the date of refund.

(7) In case of an account extended after maturity under sub-paragraph (1) of paragraph 8, the deposit in such account shall earn interest at the rate applicable to the Scheme on the date of maturity.

(8) Interest at the rate applicable to the Post Office Savings Account shall be payable on deposits in the account which are not extended as per provision of paragraph 8 or closed on maturity or extended maturity.

(9) The interest for any period less than a quarter (as specified under the Scheme) shall be calculated as per the following formula:-
Number of days in the period x Interest for the quarter Total number of days in the quarter

(10) If the interest is not claimed on the due date, it can be claimed on any date after the due date.

6. Premature closure of account:

(1) The account holder may withdraw the deposit and close the account at any time on an application in Form-2 subject to the following conditions, namely:-

(i) In case, the account is closed before one year after the date of opening of account, interest paid on the deposit in the account shall be recovered from the deposit and the balance shall be paid to the account holder.
(ii) In case the account is closed after the expiry of one year but before the expiry of two years from the date of its opening, an amount equal to one and a half per cent. of the deposit shall be deducted and the balance shall be paid to the account holder.
(iii) In case the account is closed on or after the expiry of two years from the date of its opening, an amount equal to one per cent. of the deposit shall be deducted and the balance shall be paid to the account holder.

(2) The account holder availing the facility of extension of account under sub-paragraph(1) of paragraph 8, may withdraw the deposit and close the account at any time after the expiry of one year from the date of extension of the account without any deduction.

(3) In case of premature closure, interest on the deposit shall be payable upto the date preceding the date of premature closure after deduction of penalty as specified in sub-paragraph(1).

(4) Multiple withdrawals from an account shall not be permitted.

7. Closure of account:

(1) The deposit made at the time of opening of the account shall be paid on or after the expiry of five years or after the expiry of eight years where account was extended under paragraph 8 from the date of the opening of the account, on an application in Form-3.

(2) In case of death of the account holder before maturity or extended maturity, the account shall be closed and deposit refunded on an application in Form-3 along with interest as applicable to this Scheme till the date of the death of the account holder, to the nominee or the legal heirs, as the case may be:

Provided that interest on the deposits in the account shall earn interest at the rate applicable on Post Office Savings Account from the date of death of the account holder till the date of final closure of the account:
Provided further that in 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 this Scheme, if the spouse meets eligibility conditions under the Scheme on the date of death of the account holder.

(3) Where both the spouses have opened separate account or accounts under this Scheme and either of the spouses dies during the currency of such account or accounts, then such account or accounts standing in the name of the deceased account holder shall not be continued in accordance with the first proviso of sub- paragraph (2) and shall be closed.

8. Extension after maturity:
(1) The account holder may extend the account for a further period of three years by making an application in Form-4 within a period of one year from the date of maturity.
(2) The extension of the account under sub-paragraph (1) shall be deemed to have been made from the date of maturity irrespective of the date of application.
(3) Extension of an account under sub-paragraph (1) shall be available only once.
(4) The account holder may close the account any time after one year from the date of extension of account without any deduction under sub-paragraph (1) of paragraph 6.

9. Application of General Rules:
The provisions of General Rules shall, so far as may be, apply in relation to matters for which no provisions have been made in this Scheme.

10. Power to relax:
Where the Central Government is satisfied that the operation of any of the provisions in this Scheme causes undue hardship to the account holder, it may, by order, for reasons to be recorded in writing, relax the requirements of that provision in a manner not inconsistent with the provisions of the Act.

[F. No. 2/2/2018-NS (Pt. I)]
RAJAT KUMAR MISHRA, Jt. Secy