Government hikes interest rate on Senior citizen saving scheme to 9.3%.Full notification is as under.
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 Senior Citizens Savings Scheme Rules, 2004, namely:—
1. (1) These rules may be called the Senior Citizen Savings Scheme (Amendment) Rules, 2015.
(2) They shall be deemed to have come into force on the 1st day of April, 2015.
2. In the Senior Citizen Savings Scheme Rules, 2004, in rule 7, in sub-rule (1), after the third provisio, following proviso shall be inserted, namely:—
"Provided also that in the case of a deposit made under these rules on or after the 1st day of April, 2015, it shall bear at the rate of 9.3 per cent per annum from the date of deposit."