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Govt. amends National Savings Certificates Rules, 1989

NOTIFICATION

New Delhi, the 30th June, 2017

G.S.R. 863(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:-

4. (1) These rules may be called the National Savings Certificates (VIII Issue) (Amendment Rules), 2017.
(2) They shall deemed to have come into force on the 1st day of July, 2017.
5. In the National Savings Certificates (VIII Issue) Rules, 1989 (hereinafter referred to as the said rules), in rule
15,-
(a) in sub-rule (6G), for the figures, letters and words “1st day of April, 2017”, the words, figures and
letters “ 1st day of April, 2017 but before the 1st day of July, 2017,” shall be substituted;

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

“(6H) Where a certificate has been purchased on or after the 1st day of July, 2017 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 of the certificate at any time after the expiry of its maturity period shall be `145.58 for denomination of `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 upto 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. 1989, namely:-

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