Dec 25, 2012

Payment of interest for special deposit scheme in 2012

Special Deposit Scheme (SDS) was launched by the Central government on July 1, 1975. The purpose of the scheme was to provide better returns to non-government provident funds, superannuation and gratuity funds, surplus funds of the Life Insurance Corporation (LIC) and Employees' State Insurance Corporation, etc. Initially, the scheme was supposed to be only for 10 years. However, subsequently it was extended for another 10 years in 1985, three years in 1995 and for a further five years in 1998.

pecial Deposit Scheme 1975 –
Payment of interest for the calendar year 2012
Please refer to our letter DGBA.CDD.H-3986/15.01.001/2011-12 dated December 22, 2011, on the captioned subject.

2. In this connection, we advise that interest for the calendar year 2012 may be promptly disbursed to the SDS account holders, @ of 8.6% per annum from 1st January 2012 to 31st March 2012 and @ 8.8% per annum from 1st April 2012 to 31st December 2012, through electronic mode such as ECS/NECS/ NEFT/RTGS or by way of account payee cheques on January 01, 2012 itself, subject to instructions, as applicable now, contained in paragraphs 3 and 4 of our circular CO.DT.No.15.01.001/H-3527/2003-04 dated December 30, 2003.

3. Please issue suitable instructions to all your Deposit Offices and acknowledge receipt.
Yours faithfully,
(Surendra Prasad)
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