NOTIFICATION NO. GSR 224(E) [F.NO.2/7/2012/NS-II], DATED 13-3-2014

SENIOR CITIZEN SAVINGS SCHEME (AMENDMENT) RULES, 2014

NOTIFICATION NO. GSR 224(E) [F.NO.2/7/2012/NS-II]DATED 13-3-2014

In exercise of the powers conferred by section 15 of the Government Savings Bank Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Senior Citizens Savings Scheme Rules, 2004, namely:—

1. (1) These rules may be called the Senior Citizen Savings Scheme (Amendment) Rules, 2014.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In Senior Citizen Savings Scheme Rules, 2004—

(a) in rule 5, in sub-rule (i), for clause (a), the following clause shall be substituted, namely—
(i) “(a) In cash, if the amount of deposit is up to rupees one lakh;
(ii) after clause (b), the following clause shall be inserted namely:—
“(c) by any electronic mode if the account is opened in a deposit office working on Core Banking Solution platform.”
(b) In rule 7 for sub-rule (2), the following sub-rule shall be substituted, namely :—
(i) “7. (2) Interest shall be payable from the date of deposit to 31st March/30th, June/30th, September/31st December on 1st working day of April/July/October/January as the case may be, in the first instance and thereafter, interest shall be payable on 1st working day of April/July/ October/January.
(ii) in sub-rule (4), the following proviso shall be inserted namely:—
Provided that where deposit office is working on Core Banking platform, interest payable on due, dates as specified in rule (2), shall be credited by the deposit office in the savings account of the depositor standing at any such deposit office or any branch of a bank.”

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