Circulation of amendments in Senior Citizen’s Savings Scheme, 2023, National Savings Time Deposit Scheme, 2019 and Public Provident Fund Scheme, 2019
The SB Order No. 22/2023, dated 29.11.2023, addresses amendments in the Senior Citizen’s Savings Scheme, 2023, National Savings Time Deposit Scheme, 2019, and Public Provident Fund Scheme, 2019. A corrigendum rectifies an error in the age specification for Senior Citizen’s Savings Scheme. The clarification outlines the applicability of rules for premature closure of 5-year Time Deposit (TD) accounts, distinguishing between existing and new account holders.
SB Order No. 22/2023
F. No 113-03/2017-SB(Pt.1)
Government of India
Ministry of Communications
Department of Posts
(Financial Services Division)
Dak Bhawan, New Delhi — 110001
Dated: 29.11.2023
Corrigendum / Clarification
To
All Head of Circles / Regions
Subject: Circulation of amendments in Senior Citizen’s Savings Scheme, 2023, National Savings Time Deposit Scheme, 2019 and Public Provident Fund Scheme, 2019- Reg.
Madam / Sir,
This has the reference to the SB Order No. 22/2023 dated 14.11.2023 issued in connection with the amendments in Senior Citizen’s Savings Scheme, 2023, National Savings Time Deposit Scheme, 2019 and Public Provident Fund Scheme, 2019.
Corrigendum
In the said order, in point (2) of the table in para 4 related to Senior Citizen’s Savings Scheme, ‘fifty-five years’ may be read as ‘fifty years’.
Clarification
This office was in receipt of many references regarding applicability of rules amended in connection with the premature closure of 5-year TD accounts which have already been opened before issue of notification G.S.R.830(E) dated 07.11.2023.
2. Hence, clarifications were sought from Department of Economic Affairs (DEA), Ministry of Finance (MoF) regarding applicability of amended rules. DEA, MoF in OM No. 1/4/2023-NS(Pt.) dated 28.11.2023 clarified that the amendments related to SCSS and PPF will be applicable to both existing account holders and new account holders, whereas, the amendments in National Savings Time Deposit Scheme will be applicable only to new account holders.
3. Accordingly, it is clarified that all the existing SCSS accounts can be extended in accordance with the provisions in the amendment issued vide notification G.S.R.829(E) dated 07.11.2023 and the existing 5-year TD accounts which have been opened before 10.11.2023 can be prematurely closed after six months in accordance with the rules under which they have been opened. However, 5-year TD accounts opened on or after 10.11.2023 can be prematurely closed in accordance with the amendments issued vide notification G.S.R.830(E) dated 07.11.2023.
4. A copy of DEA, MoF’s OM No. 1/4/2023-NS(Pt.) dated 28.11.2023 is attached herewith for reference.
5. It is requested to circulate it to all concerned for information, guidance, and necessary actions.
6. This is issued with the approval of the Competent Authority.
Encl: As Above.
(T CVIYAYAN)
Assistant Director (SB-I)
Source Document PDF