NEW RATE PPF,NSC, MONTHLY INCOME SCHEME ,RD,POSA NOTIFIED

PUBLIC PROVIDENT FUND (AMENDMENT) SCHEME, 2011 - AMENDMENT IN PARAGRAPHS 3, 11 AND FORM A NOTIFICATION [F.NO. 1/9/2011-NS-II], DATED 25-11...

PUBLIC PROVIDENT FUND (AMENDMENT) SCHEME, 2011 - AMENDMENT IN PARAGRAPHS 3, 11 AND FORM A
NOTIFICATION [F.NO. 1/9/2011-NS-II], DATED 25-11-2011
In exercise of the powers conferred by sub-section (4) of section 3 of the Public Provident Fund Act, 1968 (23 of 1958), the Central Government hereby makes the following further amendment to the Public Provident Fund Scheme, 1968, namely :-

1. (1) This Scheme may be called the Public Provident Fund (Amendment) Scheme, 2011.
(2) It shall come into force on the 1st day of December 2011.
2. In the Public Provident Fund Scheme, 1968, -
 (i) in paragraph 3, in sub-paragraph (1), for the letters and figures "Rs 70,000/-", the letters and figures "Rs 1,00,000" shall be substituted;
(ii) in paragraph 11, in sub-paragraph (2), for the words "one per cent, per annum", the words "two per cent, per annum" shall be substituted;
(iii) in Form-A, in paragraph (iv), for the letters and figures "Rs 70,000/-", the letters and figures "Rs 1,00,000" shall be substituted.
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NATIONAL SAVINGS CERTIFICATES (VIII ISSUE) (SECOND AMENDMENT RULES, 2011 - AMENDMENT IN RULES 15 AND 16

NOTIFICATION [F.NO.1/7/2011-NS-II], DATED 25-11-2011
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) Second Amendment Rules, 2011.
(2) They shall come into force on the 1st day of December 2011.
2. In the National Savings Certificates (VIII Issue) Rules, 1989 (hereinafter referred to as the said rules), in rule 15,—
(a) in sub-rule (6), for the figures, letters and words "1st day of March, 2003", the figures, letters and words "1st day of March, 2003 but before the 1st day of December, 2011," shall be substituted;
(b) after sub-rule (6) and the Table relating thereto, the following shall be inserted, namely:-
"(6A) Where a certificate has been purchased on or after the 1st day of December, 2011 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 Rs 150.90 for denomination of Rs. 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 up to 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.

TABLE

	The year for which interest accrues	Amount of interest (rupees) accruing on certificate of Rs. 100 denomination
	First year	8.58
	Second year	9.31
	Third year	10.11
	Fourth year	10.98
	Fifth year	11.92

Note: The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above".

3. In rule 16 of the said rules, in sub-rule (4),-

(a) in clause (iv), for the figures, words and letters "1st day of March, 2003", the figures, words and letters "1st day of March, 2003 but before the 1st day of December, 2011" shall be substituted;

(b) after clause (iv) and the Table relating thereto, the following shall be inserted, namely:-

"(v) If a certificate is encashed under sub-rule (1) after the expiry of three years from the date of certificate purchased on or after the 1st day of December, 2011, the amount payable, inclusive of interest accrued under rule 15 and after adjustment of discount, shall be as specified in the Table below for a certificate of Rs. 100 denomination and at a proportionate rate for a certificate of any other denomination.

TABLE

	Period from the date of the certificate to the date of its encashment	Amount payable inclusive of interest (Rupees)
	(1)	(2)
	Three years or more, but less than three years and six months	123.14
	Three years and six months or more, but less than four years	127.49
	Four years or more, but less than four years and six months	131.99
	Four years and six months or more, but less than five years	136.65

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KISAN VIKAS PATRAS - DISCONTINUANCE OF SALE W.E.F. 30-11-2011

NOTIFICATION [F.NO. 1/10/2011-NS-II], DATED 25-11-2011

It is notified for general information that the sale of Kisan Vikas Patras shall be discontinued with effect from the close of business on Wednesday, the 30th November, 2011.

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POST OFFICE (MONTHLY INCOME ACCOUNT) SECOND AMENDMENT RULES, 2011 - AMENDMENT IN RULES 8 AND 9

NOTIFICATION [F.NO.1/11/2011-NS-II], DATED 25-11-2011

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 (Monthly Income Account) Rules, 1987, namely:-

1. (1) These rules may be called the Post Office (Monthly Income Account) Second Amendment Rules, 2011. (2) They shall come into force on the 1st day of December 2011.

2. In the Post Office (Monthly Income Account) Rules, 1987,—

(a) in rule 8, in sub-rule (1), after clause (h) the following clause shall be inserted, namely: -

"(i) 8.2 per cent, per annum in respect of deposits made on or after the first day of December, 2011.";

(b) in rule 9, in sub-rule (1], the following proviso shall be inserted, namely:-

"Provided also that in respect of deposits made, at the time of opening of account on or after the first day of December, 2011, shall be paid by the post office at which the account stands to depositor on or after expiry of five years from the date of the opening of the account.:

Provided also that no bonus shall be paid on the deposits made in the accounts opened on or after the 1st day of December, 2011."

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POST OFFICE TIME DEPOSIT (SECOND AMENDMENT) RULES, 2011 - AMENDMENT IN RULES 7 AND 8

NOTIFICATION [F.NO.1/11/2011-NS-II], DATED 25-11-2011

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 (Second Amendment) Rules, 2011.

(2) They shall come into force on the 1st day of December 2011.

2. In the Post Office Time Deposit Rules, 1981:-

(a) In rule 7,-

(A) under the heading Table-Q, for the brackets, words, figures and letters "[For deposits made on or after 1st March, 2003]", the brackets words, figures and letters, "[For deposits made on or after 1st March, 2003 but before 30th November, 2011]" shall be substituted;

(B) after Table-Q, the following Table shall be inserted, namely:-

"Table-R

[For deposits made on or after 1st December, 2011]

	Period of deposit	Rate of Interest per cent. per annum
	1 year	7.7
	2 years	7.8
	3 years	8.0
	5 years	8.3

(C) in the Notes, in paragraph (2), for the word and letter "Table Q", the words and letters "Table Q or Table R" shall be substituted;

(b) in rule 8, for clause (aa) and clause (b) the following shall be substituted, namely:-

(aa) where a deposit in 1-year, 2-year, 3-year or 5-year account is withdrawn prematurely after 6 months but before the expiry of one year from the date of deposit, simple interest at the rate applicable from time to time to post office savings account shall be payable;

(b) where a deposit in a 2-year, 3-year and 5-year account is withdrawn prematurely after the expiry of one year from the date of deposit, interest on such deposit shall be payable to the depositor for the completed years and months falling in the period commencing on the date of deposit and ending with the date of withdrawal and such interest shall be calculated at the rate, which shall be one per cent, less than the rate specified for a deposit of 1 year 2 year or 3 years, as the case may be, in the relevant Table under rule 7.

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POST OFFICE SAVINGS ACCOUNT RULES - INTEREST WITH EFFECT FROM 1-12-2011 NOTIFIED

NOTIFICATION [F.NO. 1/10/2011-NS-II], DATED 25-11-2011

In pursuance of rule 6 of the Post Office Savings Account Rules, 1981, the Central Government hereby notifies that, with effect from the 1st day of December, 2011, interest on the balance at credit of an account shall be allowed at the rate of four per cent, per annum.

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IT : NATIONAL SMALL SAVINGS FUND (CUSTODY AND INVESTMENT) AMENDMENT RULES, 2011 - AMENDMENT IN RULE 9

NOTIFICATION [F.NO.1/12/2011-NS-II], DATED 25-11-2011

In exercise of the powers conferred by clause (1) of article 283 of the Constitution, the President hereby makes the following further amendments in the National Small Savings Fund (Custody and Investment) Rules, 2001, namely:-

1. (1) These rules may be called the National Small Savings Fund (Custody and Investment) Amendment Rules, 2011.

(2) They shall come into force on the 1st day of December 2011.

2. In the National Small Savings Fund (Custody and Investment) Rules, 2001, in rule 9,-

(a) In sub-rule (1),-

(i) after the words "State Government Securities", the words "or in any other instrument" shall be inserted;

(ii) proviso shall be omitted;

(b) For sub-rule (10), the following shall be substituted, namely:-

"(10) The amount received on maturity of the investments shall be invested in the Central Government and State Government securities. Such securities shall be issued in accordance with the provision contained in sub-rule (3). Suitable accounting entries as mentioned in sub-rule (5) and sub-rule (6) shall be made by the Chief Controller of Accounts, Ministry of Finance".