Friday, October 28, 2011

INTEREST ON NSC,KVP AND POST OFFICE TIME DEPOSIT AFTER COMPLETION PERIOD


By on 3:11 AM

Interest on NSC(National saving certificate ) ,KVP(kissan Vikas patra) ,Post office Time deposit after maturity period is allowed only up to 2 years .accounts closed after 2 years bears no interest but now amendment has been made in the rules and interest has been allowed up to date of closer of the account /withdrawal of the money without any time limit .Interest is allowed subject to conditions given below.
  • (a) The interest shall be simple and shall be calculated at the rate applicable from time to time to savings accounts of the type of single or joint account,
  • (b) For the purpose of payment of interest, any part of the period which is less than one month shall be ignored,
  • (c) The interest shall be paid to the depositor in lump sum at the time of repayment of amount due.
Notification in this regard has been given below.

NATIONAL SAVINGS CERTIFICATES (VIII ISSUE) AMENDMENT RULES, 2011 - AMENDMENT IN RULE 15A
NOTIFICATION NO.G.S.R. 744(E), DATED 4-10-2011

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, 2011.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the National Saving Certificates (VII Issue) Rules, 1989, in rule 15A, the words "for a maximum period of two years" shall be omitted.

KISAN VIKAS PATRA (AMENDMENT) RULES, 2011 - AMENDMENT IN RULE 13A
NOTIFICATION NO.G.S.R. 743(E), DATED 4-10-2011

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 Kisan Vikas Patra Rules, 1988, namely :—
1. (1) These rules may be called the Kisan Vikas Patra (Amendment) Rules, 2011.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Kisan Vikas Patra Rules, 1988, in rule 13A, the words "for a maximum period of two years" shall be omitted.

POST OFFICE TIME DEPOSIT (AMENDMENT) RULES, 2011 - AMENDMENT IN RULE 9
NOTIFICATION NO.G.S.R. 742(E), DATED 4-10-2011

In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Time Deposit Rules, 1981, namely :—
1. (1) These rules may be called the Post Office Time Deposit (Amendment) Rules, 2011.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Post Office Time Deposit Rules, 1981, in rule 9, the words "for a maximum period of two years" shall be omitted.

About Syed Faizan Ali

Faizan is a 17 year old young guy who is blessed with the art of Blogging,He love to Blog day in and day out,He is a Website Designer and a Certified Graphics Designer.

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