Revised Interest Rate Gazette Notification : National Savings (Monthly Income Account) Scheme, 2020

Revised Interest Rate Gazette Notification : National Savings (Monthly Income Account) Scheme, 2020

MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION

New Delhi, the 5th May, 2020

G.S.R. 286(E).-In exercise of the powers conferred by section 3A of the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby makes the following Scheme to amend the National Savings (Monthly Income Account) Scheme, 2019, namely:-

1. (1) This Scheme may be called the National Savings (Monthly Income Account) (Amendment) Scheme,
2020.
(2) They shall be deemed to have come into force on the 1st day of April, 2020.

2. In the National Savings (Monthly Income Account) Scheme, 2019, in paragraph 5, for sub-paragraph (1), the following sub-paragraphs shall be substituted, namely:-

“(1) The deposit made under this Scheme between 12th December, 2019 to 31st March, 2020 (both days inclusive) shall bear interest at the rate of 7.6 per cent. per annum.
(1A) The deposit made under this Scheme on or after the 1st day of April, 2020 shall bear interest at the rate of 6.6 per cent. per annum.”

[F. No. 1/04/2019-NS]
RAJAT KUMAR MISHRA, Jt. Secy.

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