Revision of interest rates for Small Savings Schemes w.e.f. 01.01.2023 – Department of Posts Order Dated 30 January 2023
SB Order No. 26 / 2022
Govt. of India
Ministry of Communications
Department of Posts
Dak Bhawan, New Delhi – 110001
Corrigendum / Addendum
All Heads of Circles / Regions
Subject: Revision of interest rates for Small Savings Schemes w.e.f. 01.01.2023.
Madam / Sir,
Kindly refer the SB Order No. 26/2022 dated 30.12.2022 issued in connection with the subject cited above. In para 1 of the said order, “third quarter’ may be read as “fourth quarter’.
2. In connection with the revision of interest w.e.f. 01.01.2023, the undersigned is directed to forward copies of gazette notifications issued by Department of Economic Affairs, Ministry of Finance in connection with the revision of interest rates for fourth quarter of FY 2022-23 for further necessary actions. Copies of the following notifications dated 20.01.2023 are enclosed.
(i). G.S.R. 52(E) Kisan Vikas Patra (Amendment) Scheme, 2023
(ii). G.S.R. 53(E) National Savings Time Deposit (Amendment) Scheme, 2023
(iii). G.S.R. 54(E) National Savings Certificates (VIII Issue) (Amendment) Scheme, 2023
(iv). G.S.R. 55(E) National Savings (Monthly Income Account) (Amendment) Scheme, 2023
(v). G.S.R. 56(E) Senior Citizens’ Savings (Amendment) Scheme, 2023
3. This is issued with the approval of Competent Authority.
Encl: As above.
(T C VIJAYAN)
Asst. Diréctor (SB-I)
MINISTRY OF FINANCE
(Department of Economic Affairs)
New Delhi, the 20th January, 2023
G.S.R. 52(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 further to amend the Kisan Vikas Patra Scheme, 2019, namely :-
1. Short title and commencement.—(1) This Scheme may be called the Kisan Vikas Patra (Amendment) Scheme, 2023.
(2) It shall be deemed to have come into force on the 1st day of January, 2023.
2. In the Kisan Vikas Patra Scheme, 2019 (hereinafter referred to as the said Scheme), in paragraph 5, –
(a) in sub-paragraph (1B), for the words and figures, “on or after the 1st day of October, 2022”, the words, figures and brackets “between 1st October, 2022 and 31st December, 2022 (both days inclusive)” shall
(b) after sub-paragraph (1C), the following sub-paragraph shall be inserted, namely:-
“(ID) The maturity period of an account opened on or after the 1st day of January, 2023 shall be ten years and the deposits made in the account shall double on maturity.”.
3. In the said Scheme, in paragraph 6, in sub-paragraph (3),-
(a) in TABLE-3, for the words and figures, “on or after the 1st day of October”, the words, figures and brackets “between 1st October, 2022 and 31st December, 2022 (both days inclusive)” shall be
(b) after TABLE-3, the following TABLE shall be inserted, namely:-
[Table showing premature closure value of account opened on or after 1st day of January, 2023 with 1000 rupees]
|Period from the date of the certificate to the date of its encashment||Amount payable inclusive of interest (Rupees)|
|Two and half years but less than three years||1162|
|Three years but less than three and half years||1198|
|Three and half years but less than four years||1234|
|Four years but less than four and half years||1272|
|Four and half years but less than five years||1311|
|Five years but less than five and half years||1351|
|Five and half years but less than six years||1392|
|Six years but less than six and half years||1435|
|Six and half years but less than seven years||1478|
|Seven years but less than seven and half years||1524|
|Seven and half years but less than eight years||1570|
|Eight years but less than eight and half years||1618|
|Eight and half years but less than nine years||1667|
|Nine years but less than nine and half years||1718|
|Nine and half years but before Maturity of Certificate||1771|
|On maturity of certificate||2000|
[F. No. 1/04/2016-NS] ASHISH VACHHANI, Addl. Secy.
Explanatory Memorandum. – The Kisan Vikas Patra (Amendment) Scheme, 2023 takes effect from the date as specified in the notification. However, no one shall be adversely affected as a result of retrospective effect being given to this amendment Scheme.
Note : The principal Scheme was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 920(E), dated the 12th December, 2019 and subsequently amended vide number G.S.R 283(E), dated the 5th May, 2020 and G.S.R. 837(E), dated the 22nd November, 2022.