Amendments in post office time deposit rules

Central government has made some amendments in the post office time deposit. The amendments is about rate of interest government offering on time deposit in post office. Central government has declined the rate of interest  on time deposit in post office. Government also issued a notification no. 323 dated 25-04-2012. Full notification is as under.


POST OFFICE TIME DEPOSIT (AMENDMENT) RULES, 2012 - AMENDMENT IN RULE 7
NOTIFICATION NO.GSR 323(E), DATED 25-4-2012
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 (Amendment) Rules, 2012.
(2) They shall deemed to have come into force on the 1st day of April, 2012.
2. In the Post Office Time Deposit Rules, 1981,-
(a)  In rule 7,-
 (A)  under the heading Table-R, for the brackets, words, figures and letters "[For deposits made on or after the 1st December, 2011]", the brackets words, figures and letters,"[For deposits made on or after the 1st December, 2011 but before 1st day of April, 2012]" shall be substituted;

 (B)  after Table-R, the following Table shall be inserted, namely:-
"Table-S
[For deposits made on or after the 1st April, 2012]


 
Period
Rate of interest
1 Year
8.2
2 Years
8.3
3 Years
8.4
5 Years
8.5
(C)  in the Notes, in paragraph (2), for the word and letter "Table R", the words and letters "Table R or Table S" shall be substituted.
Tags-post office rate of interest,rate of interest in post office,post office fixed deposit,post office time deposit,interest rate on fd in post office,post office fd rate of interest,post office interest rate india

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