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No. 309] NEW DELHI,
I, TUESDAY, JUNE 25, 2013/ASADHA 4, 1935

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

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MINISTRY OF FINANCE

(Department of Economic Affairs)

NOTIFICATION

New Delhi, the 25th June, 2013

G.S.R. 397(E).—In exercise of the powers conferred by section 12 of the Government
Savings Certificates Act, 1959 (46 of 1959), the Central Government hereby makes the following
rules further to amend the National Savings Certificates (VIII Issue) Rules, 1989, namely:-
1. (1) These rules may be called the National Savings Certificates (VIII Issue) Amendment
Rules, 2013.
(2) They shall deemed to have come into force on the 1st day of April, 2013.

2. In the National Savings Certificates (VIII Issue) Rules, 1989 (hereinafter referred to as the
said rules), in rule 15,—

(a) in sub-rule (6B), for the figures, letters and words “1st day of April, 2012”, the figures,
letters and words “1st day of April, 2012 but before the 1st day of April, 2013”, shall be
substituted;

(b) after sub-rule (6B) and the Table relating thereto, the following shall be inserted,
namely:-

“(6C) Where a certificate has been purchased on or after the 1st day of April, 2013 the
maturity period of a certificate of any denomination, shall be five years, commencing from
the date of issue of the certificate. The amount inclusive of interest, payable on encashment
 LatestLaws.com
4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]

of the certificate at any time after the expiry of its maturity period shall be Rs. 151.62 for
denomination of Rs. 100 and at proportionate rate for any other denomination. 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 up to 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 Amount of interest (rupees)

accrues accruing on certificate of Rs. 100
denomination
First Year 8.68
Second Year 9.43
Third Year 10.25
Fourth Year 11.14
Fifth Year 12.11

Note: The amount of interest accruing on a certificate of any other denomination shall be
proportionate to the amount specified in the Table above”.
3. In rule 16 of the said rules, in sub-rule (4),-
(a) in clause (vi), for the figures, words and letters “1st day of April, 2012”, the figures,
letters and words “1st day of April, 2012 but before the 1st day of April, 2013” shall be
substituted;
(b) after clause (vi) and the Table relating thereto, the following shall be inserted,
namely:-
“(vii) If a certificate is encashed under sub-rule (1) after the expiry of three years from the
date of certificate purchased on or after the 1st day of April, 2013, the amount payable,
inclusive of interest accrued under rule 15 and after adjustment of discount, shall be as
specified in the Table below for a certificate of Rs. 100 denomination and at a proportionate
rate for a certificate of any other denomination.
TABLE

Period from the date of the certificate to the date of its Amount payable
encashment inclusive of interest
(Rupees)
(1) (2)
Three years or more, but less than three years and six 124.24
months
Three years and six months or more, but less than four 128.81
years
Four years or more, but less than four years and six months 133.56
Four years and six months or more, but less than five years 138.48 ”.

[F. No. 2/1/2013-NS-II]

RAJAT BHARGAVA, Jt. Secy.
 LatestLaws.com
¹Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 5

EXPLANATORY MEMORANDUM
The Ministry of Finance, Department of Economic Affairs (Budget Division) vide its
O.M.No.6-1/2011-NS.II (Pt.) dated 11th November, 2011 has communicated to all concerned the
various decisions taken by the Government on the recommendations of the Shyamala Gopinath
Committee for comprehensive review of National Small Savings Funds (NSSF). Accordingly, the
rates of interests on various small savings schemes for the financial year 2013-14 revised with
effect from 01.04.2013, have been communicated vide its O.M. No.6-1/2011-NS.II (Pt.) dated 25th
March, 2013. It is certified that the interests of no deposit holder would be prejudicially affected by
the retrospective effect given to the notification.
Note : The Principal rules were published vide G.S.R. 496(E), dated the 1st May, 1989, and
subsequently amended vide: G.S.R. 508(E), dated the 23rd May, 1990, G.S.R. 120(E), dated the 8th
March, 1998, G.S.R. 7(E), dated the 1st January, 1999, G.S.R. 491(E), dated the 6th July, 1999,
G.S.R. 47(E), dated the 15th January, 2000, G.S.R. 156(E), dated the 1st March, 2001, G.S.R.
572(E), dated the 2nd August, 2001, G.S.R. 163(E), dated the 1st March, 2002, G.S.R. 711(E), dated
the 17th October, 2002, G.S.R. 179(E), dated the 1st March, 2003, G.S.R. 590(E), dated the 25th
July, 2003, G.S.R. 591(E), dated the 25th July, 2003, G.S.R. 820(E), dated the 16th October, 2003,
G.S.R. 289(E), dated the 13th May, 2005, G.S.R. 744(E), dated the 4th October, 2011 and G.S.R.
842(E) dated the 25th November, 2011 and G.S.R. 318(E) dated the 25th April, 2013.

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