NOTIFICATION

New Delhi, the 12th December, 2019

G.S.R. 920(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 Kisan Vikas Patra 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 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 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 :-

(a) Single Holder Type Account;
(b) Joint A- Type Account; and
(c) 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 account holders jointly or to the 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) Deposits made in the account shall double on maturity. Maturity period of an account shall be nine years and five months commencing on the date of 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 period of the deposit under this Scheme shall be determined on the rate of interest applicable at the time of opening the account.

6. Premature closure of account.-

(1) The account may be prematurely closed by the account holder by making an application in Form-3 to the accounts office, at any time before maturity under the following circumstances, namely:-

(a) on the death of the account holder in a single account, or any or all the account holders in a joint account;
(b) on forfeiture by a pledgee, being a Gazetted Officer;
(c) when ordered by a court.

(2) On the closure of the account under sub-paragraph (1), principal amount along with simple interest calculated at the rate applicable from time to time to Post Office Savings Account for the complete months for which the account has been held, shall be payable.

(3) Notwithstanding anything contained in sub-paragraph (2), if an account is closed any time after the expiry of two years and six months from the date of opening of the account, the amount, inclusive of interest shall be payable as specified in the table below:-

(Table showing premature closure value of account opened on or after date of notification with 1,000 rupees)

TABLE

7. Pledging of account.-

(1) An account may be pledged or transferred as security, on an application made by the depositor in Form-4 supported with acceptance letter from the pledgee.

(2) Transfer of an account under this Scheme may be made to-

(a) the President of India or the Governor of a State in his official capacity;

(b) the Reserve Bank of India or a Scheduled Bank or a Cooperative Society, including a Co-operative Bank;

(c) a public or private corporation or a Government company;

(d) a local authority; or

(e) 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 Scheme 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 transfer of an account under this paragraph shall, until it is re-transferred back under sub-paragraph (5), be deemed to be the depositor.

(5) An account transferred under this Scheme 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:-

“Re-transferred to……”.

(6) A blind person 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.

8. Transfer of account.– 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 the 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;

(i) on pledging, account shall be transferred in accordance with paragraph 7;

(ii) 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 deposit shall be payable to the nominee if a nomination exists or to the legal heir(s).

(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 6 shall be repaid.

(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 under sub-paragraph (2) or close the account under sub-paragraph (3).

10. Application of General Rules.-

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

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 amount holder, it may be 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 or the rules made there under.

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

The post Kisan Vikas Patra Scheme 2019 – Gazette Notification appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

PPF Scheme 2019

NOTIFICATION

New Delhi, the 12th December, 2019

G.S.R. 915(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 Public Provident Fund 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 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 the financial year.

(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. Limits of number of accounts.-

(1) An individual may open an account by making an application in Form-1.

(2) An individual may also open one account on behalf of each minor or a person of unsound mind of whom he is the guardian:

Provided that only one account shall be opened in the name of a minor or a person of unsound mind by any of the guardian.

(3) Joint account shall not be opened under this Scheme.

4. Limits of subscription.-

(1) A deposit which shall not be less than five hundred rupees and not more than one lakh fifty thousand rupees in multiple of fifty rupees may be made in an account in a year.

(2) Maximum limit of one lakh fifty thousand rupees as specified in sub-paragraph (1) by an individual shall be inclusive of the deposits made in his own account and in the account opened on behalf of the minor.

5. Manner of making deposit.-

(1) The account shall be opened with a minimum initial deposit of five hundred rupees and thereafter deposit of any sum in multiples of fifty rupees shall be made.

(2) The deposit in the account subject to the limits mentioned in paragraph 4 may be made in the account in one lump sum or in instalments.

6. Discontinuation of account.-

(1) Any account in which the account holder, having deposited five hundred rupees in the initial year, fails to deposit the minimum amount in the following years, shall be treated as discontinued.

(2) An account treated as discontinued under sub-paragraph (1), may be revived during its maturity period on payment of a fee of fifty rupees along with arrears of minimum deposit of five hundred rupees for each year of default:

Provided that the balance in a discontinued account not revived by the account holder before its maturity shall continue to earn interest at the rate applicable to the Scheme from time to time.

(3) The account holder of a discontinued account shall not be eligible to open a new account before closure of such discontinued account after maturity:
Provided that the facility of loan and partial withdrawal shall not be allowed in such an account and the account holder shall be prohibited from opening another account in his name under this Scheme till final closure of such account.

(4) Facility of loan and partial withdrawal shall be allowed to regular accounts only as per the provisions of this Scheme.

(5) The total deposit in a year as specified in paragraph 4, shall be inclusive of deposits made in respect of years of default of the preceding years but excluding the default fee.

7. Interest.-

(1) Interest at 7.9 per cent. per annum shall be eligible for a calendar month on the lowest balance at the credit of an account between the close of the fifth day and the end of the month.

(2) Interest shall be credited to the account at the end of each year.

(3) Interest shall be credited at the end of the year irrespective of the change of the account office due to transfer of the account during the year.

8. Loans.-

(1) At any time after the expiry of one year from the end of the year in which the initial subscription was made but before expiry of five years from the end of the year in which the initial subscription was made, the account holder may, apply in Form-2, to the accounts office for obtaining a loan consisting of a sum of whole rupees not exceeding twenty-five per cent. of the amount that stood to his credit at the end of the second year immediately preceding the year in which the loan is applied for.

(2) In case of an account opened on behalf of a minor or a person of unsound mind, the guardian may apply for the loan for the benefit of the minor or the person of unsound mind by submitting the following certificate to the accounts office, namely:-

“Certified that the amount sought to be withdrawn is required for the use and welfare of Shri/ Smt./ Master/ Kumari ……. who is a minor/ a person of unsound mind/ a person incapable of operating his account due to physical infirmity and is alive on this ……. the day of ……. (month), ……….(year).”

(3) An account holder shall not be entitled to get a fresh loan so long as earlier loan has not been repaid in full together with interest thereon.

(4) An account holder shall be entitled for only one loan in a year.

9. Repayment of loan and interest.-

(1) The principal amount of a loan shall be repaid by the account holder before the expiry of thirty-six months from the first day of the month following the month in which the loan is sanctioned:

Provided that the repayment may be made either in one lump sum or in instalments.

(2) After the principal amount of the loan is fully repaid, the account holder shall pay interest thereon in not more than two monthly instalments at the rate of one per cent. per annum of the principal for the period commencing from the first day of the month following the month in which the loan is drawn upto the last day of the month in which the last instalment of the loan is repaid:

Provided that where the loan is not repaid, or is repaid only in part, within a period of thirty-six months, interest on the amount of loan outstanding shall be charged at six per cent. per annum instead of at one per cent. per annum with effect from the first day of the month following the month in which the loan was obtained, to the last day of the month in which the loan is finally repaid.

32 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II -SEC. 3(i)]

(3) The interest on the amount of loan outstanding under the proviso to sub-paragraph (2) and any portion of interest payable, but not paid, on any loan, the principal amount of which has already been repaid within the period of thirty-six months, may, on becoming due, be debited to the holder’s account.

(4) The interest recoverable shall accrue to the Central Government.

(5) The interest on outstanding loans which are not paid before the expiry of thirty-six months or paid partly shall be debited to the holder’s account at the end of each year.

(6) In case of death of the account holder, the nominee or legal heir shall be liable to pay interest on the loan availed by the account holder but not repaid before his death. Such amount of due interest shall be adjusted at the time of final closure of the account.

10. Withdrawal from account.-

(1) Any time after the expiry of five years from the end of the year in which the account was opened, the account holder may, avail withdrawal by applying in Form-2, from the balance to his credit, an amount not exceeding fifty per cent. of the amount that stood to his credit at the end of the fourth year immediately preceding the year of withdrawal or at the end of the preceding year, whichever is lower:

Provided that the amount of loan outstanding, if any, along with interest shall be paid by the account holder before availing the facility of withdrawal under this paragraph:

Provided further that the facility of withdrawal may be availed only once in a year only from the accounts which have not become discontinued.

(2) In case of an account opened on behalf of a minor, or a person of unsound mind, the guardian may apply for the withdrawal for the benefit of the minor or a person of unsound mind by submitting the following certificate to the accounts office, namely:-

“Certified that the amount sought to be withdrawn is required for the use and welfare of Shri/Smt./Master/ Kumari……………………………. who is a minor/ a person of unsound mind/ a person incapable of operating his account due to physical infirmity and is alive on this……the day of…………..(month), ……….(year).”.

11. Closure of account or continuation of account without deposits after maturity.-

(1) Any time after the expiry of fifteen years from the end of the year in which the account was opened, the account holder may apply in Form-3 to the accounts office for the closure of his account. The accounts office shall allow the withdrawal of the entire balance along with due interest up to the last day of the month preceding the month in which the account is closed.

(2) The account holder may retain his account after maturity without making any further deposits for any period and the balance in the account will continue to earn interest at the rate applicable to the Scheme:

Provided that the account holder may make one withdrawal, in each year, of any amount within the balance.

(3) Once the account is continued without deposits for more than a year, the account holder shall not have the option again to continue the account with deposits.

12. Extension of account with deposits after maturity.-

(1) Subject to the provisions of paragraph 11, the account holder on the expiry of fifteen years from the end of the year in which the account was opened, may extend his account and continue to make deposit under paragraph 4 for a further block period of five years by applying to the accounts office in Form-4.

(2) The option of extension of account under sub-paragraph (1) shall be made by the account holder before expiry of one year from the maturity of the account:

Provided that an account opened on behalf of a minor or a person of unsound mind may be extended at the request of the guardian.

(3) No deposits can be made in the account, if the account holder fails to give his option to continue the account within one year from the date of maturity. Any deposit made in such account shall be treated as irregular and refunded by the accounts office immediately without any interest:

Provided that the balance in the account on the date of maturity shall continue to earn interest upto the end of the month preceeding the month of closure.

(4) Facility of partial withdrawal under paragraph 10 of the Scheme shall be available to the account extended under sub-paragraph (1), subject to the condition that the total withdrawal during the block period of five years shall not exceed sixty per cent. of the balance at credit at the commencement of the block period:

Provided that the withdrawal, subject to the ceiling as specified above may be made either in a single or in yearly instalments.

(5) Provisions of sub-paragraphs (1) to (4) shall also apply on accounts after maturity on expiry of the each extended block period of five years.

(6) If the account is continued with deposits for one or more five block periods, the account holder may leave the account without deposits on completion of any block period and the account shall continue to earn interest till it is closed and the account holder may make one withdrawal every year from the account.

(7) An account holder who has given his option for the extension of the account for a period of five years shall not have the option to withdraw his request at a later stage.

13. Premature closure of account.-

(1) An account holder shall be allowed premature closure of his account or the account of a minor or person of unsound mind of whom is the guardian on an application to the accounts office in Form-5, on any of the following grounds, namely:-

(a) treatment of life threatening disease of the account holder, his spouse or dependent children or parents, on production of supporting documents and medical reports confirming such disease from treating medical authority;

(b) higher education of the account holder, or dependent children on production of documents and fee bills in confirmation of admission in a recognised institute of higher education in India or abroad;

(c) on change in residency status of the account holder on production of copy of Passport and visa or Income- tax return:

Provided that an account under this Scheme shall not be closed before the expiry of five years from the end of the year in which the account was opened:

Provided further that on such premature closure, interest in the account shall be allowed at a rate which shall be lower by one per cent. than the rate at which interest has been credited in the account from time to time since the date of opening of the account, or the date of extension of the account, as the case may be.

14. Closure of account on death of the account holder.-

(1) In the event of the death of the account holder, the account shall be closed and the nominee or the legal heir shall not be allowed to continue the account.

(2) The balance in the account of the deceased account holder shall earn interest till the end of the month preceeding the month in which the eligible balance is paid to the nominee or the legal heir, as the case may be.

15. Protection of credit balance from attachment.–

Amount standing to the credit of any account holder shall not be liable to attachment under any order or decree of any court in respect of any debt or liability incurred by the account holder.

16. Application of General Rules.-

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

17. Power to relax.-

Where the Central Government is satisfied that the operation of any of the provisions 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 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

The post Public Provident Fund Scheme 2019 (PPF Scheme 2019) – Gazette Notification appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

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

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)

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

The post National Savings Certificates Scheme 2019 – Gazette Notification appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

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

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