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Changes in National Savings Schemes- GSPR, Post Office Savings & NSS(MIA)

July 30, 2023 by Eliza Leave a Comment

The Government of India, Ministry of Communications, Department of Posts, Financial Services Division has issued a circular, SB Order No. 16/2023, dated 18.07.2023, addressed to all Head of Circles/Regions. The circular pertains to the circulation of amendments in various savings schemes.

The amendments are in connection with the Government Savings Promotion General Rules (GSPR), Post Office Savings Account Scheme, and National Savings (Monthly Income Account) Scheme. These amendments have been introduced through Gazette notifications dated 03.07.2023 issued by the Department of Economic Affairs, Ministry of Finance.

Circulation of amendments in GSPR, Post Office Savings Account Scheme & NSS(MIA)

SB Order No. 16/2023

F. No 113-03/2017-SB(Pt.1)
Government of India
Ministry of Communications
Department of Posts
(Financial Services Division)

Dak Bhawan, New Delhi – 110001
Dated: 18.07.2023

To

All Head of Circles/ Regions

Subject: Circulation of amendments in Government Savings Promotion General Rules (GSPR), Post Office Savings Account Scheme and National Savings (Monthly Income Account) Scheme – Reg.

Madam/ Sir,

The undersigned is directed to forward the copy of the Gazette notifications dated 03.07.2023 issued by Department of Economic Affairs, Ministry of Finance in connection with the amendments in rules related to National (Small) Savings Schemes.

(i). G.S.R.488(E) – Government Savings Promotion General (Amendment) Rules, 2023

(ii). G.S.R.489(E) -Post Office Savings Account (Amendment) Scheme, 2023

(iii). G.S.R.490(E) – National Savings (Monthly Income Account) (Fourth Amendment) Scheme, 2023

  1. The following amendments have been notified in the above said notifications.

(I). Amendments in Government Savings Promotion General Rules, 2018 (herein after referred as GSPR 2018)

(a). New rules inserted in GSPR 2018

Sl. No.Rule No. after which new provision insertedNew Provision
1Rule 5 (2) clause (b)Provided that, in case of account opened on behalf of a minor, recent passport size photograph of the guardian only shall be submitted;
2Rule 5 (6)(7) Change of name or surname may be allowed by the account office by following the procedure laid down by Reserve Bank of India for change of name or surname in Bank Savings Account
3Rule 14 (8)(9) Non-resident Indians shall be eligible to be nominated as nominee subject to the condition that payment to such nominee/s shall be on non-repatriation basis.
4Rule 15 (6)(7) Surviving nominees will have to submit any of the identity documents prescribed in rule 6 of these rules.
5Schedule-I (“Forms to be used for operation of an account”) serial number 1516. GSPR-16 To be issued by transferor Accounts Office
6after FORM – 15FORM-16 (See Rule 13 of Government Saving. Promotion Rules, 2018) To be issued by transferor account office. Specimen of the form is attached herewith).

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Filed Under: CGE Latest News, DOP -Department of Posts, Recent govt orders

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