National Savings (Monthly Income Account) (Amendment) Scheme, 2022

[22nd November 2022]

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 further to amend the National Savings (Monthly Income Account) Scheme, 2019, namely:-

Scheme - 1. Short title and commencement.

(1)     This Scheme may be called the National Savings (Monthly Income Account) (Amendment) Scheme, 2022.

(2)     It shall be deemed to have come into force on the 1st day of October, 2022.

Scheme - 2.

In the National Savings (Monthly Income Account) Scheme, 2019, in paragraph 5,-

(a)      in sub-paragraph (1A), for the words and figures, "on or after the 1st day of April, 2020", the following words, figures and brackets "between 1st April, 2020 to 30th September, 2022 (both days inclusive)" shall be substituted;

(b)      after sub-paragraph (1A), the following sub-paragraph shall be inserted, namely:-

"(1B) The deposit made under this Scheme on or after the 1st day of October, 2022 shall bear interest at the rate of 6.7 per cent. per annum.".