RBI/2014-15/130
DGBA.CDD. No. 293/15.02.001/2014-15
July 17, 2014
The
Chairman and Managing Director/Managing Director
Government Accounts Department/Head Office
State Bank of India/State Bank of Patiala/
State Bank of Bikaner & Jaipur/State Bank of Travancore/
State Bank of Hyderabad/State Bank of Mysore/ Andhra Bank/
Allahabad Bank/Bank of Baroda/Bank of India/Bank of Maharashtra/
Canara Bank/Central Bank of India/Corporation Bank/Dena Bank/
Indian Bank/Indian Overseas Bank/Oriental Bank of Commerce/
Punjab National Bank/Punjab & Sind Bank/Syndicate Bank/UCO Bank/
Union Bank of India/United Bank of India/Vijaya Bank/IDBI Bank/ICICI Bank
Ltd.
Dear
Sir/Madam,
Public Provident Fund Scheme, 1968 and
Senior Citizen Savings Scheme, 2004 - Amendments in Rules
We
forward herewith a copy each of three Notifications issued by the Government
of India as per the detailed given below, contents of which are
self-explicit.
Sr. No.
|
Notification No. & date
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Title
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1.
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Senior
Citizen Savings Scheme (Amendment) Rules, 2014
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2.
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Senior
Citizen Savings Scheme (Amendment) Rules, 2014
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3.
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Public
Provident Fund Scheme (Amendment) Rules, 2014
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The
contents of these circulars may be brought to the notice of the branches of
your bank operating the Public Provident Fund Scheme (PPF), 1968 and Senior
Citizen Savings Scheme (SCSS), 2004. These should also be displayed on the
notice boards of your branches for information of the PPF, 1968 and the SCSS,
2004 subscribers.
Yours
faithfully,
(R. K.
Singh)
Deputy General Manager
Encls: As
above
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 9th June 2014
G.S.R.392(E)
– In exercise of the power conferred by section 15 of the Government Savings
Bank 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 Citizens Savings Scheme (Amendment)
Rules, 2014.
(2)
They shall come into force on the date of their publication in the Official
Gazette.
2. In
Senior Citizen Savings Scheme Rules, 2004, after sub-rule 3 of rule 8,
following shall be inserted, namely :-
“Provided
that in the case of a joint account, or where the spouse is the sole nominee,
the spouse may continue the account on the same terms and conditions as
specified under these rules.
Provided
further that in case the spouse does not continue the joint account, the
account shall be closed on an application in Form-F and the deposit refunded
alongwith interest as above”.
(F.No.4/2/2012/NS-II)
RAJAT BHARGHAVA,Jt.Secy.
Note : The
Senior Citizens Savings Scheme Rules, 2004 were published in the Gazette of
India (Extraordinary) vide notification number G.S.R.490 (E), dated the 2nd
August 2004 and subsequently amended vide G.S.R.706 (E), dated the 27th
October 2004, G.S.R.176 (E), dated the 23rd March, 2006, G.S.R.390(E), dated
the 24th May, 2007, G.S.R.639(E), dated the 28th July, 2010, G.S.R.770(E),
dated the 19th October, 2011, G.S.R.321(E) dated the 25th April, 2012,
G.S.R.402(E), dated the 25th June 2013 and G.S.R.224(E) dated the 13th
March,2014.
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, 13th March 2014
G.S.R.224(E)
– In exercise of the power conferred by section 15 of the Government Savings
Bank 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 Citizens Savings Scheme (Amendment)
Rules, 2014.
(2)
They shall come into force on the date of their publication in the Official
Gazette.
2. In
Senior Citizen Savings Scheme Rules, 2004 –
(a) in rule 5, in sub-rule (i), for
clause (a), the following clause shall be substituted, namely”-
(i) “ (a) In cash, if the amount of deposit is up to rupees one lakh;
(ii) after clause (b), the following clause shall be inserted namely :-
“(c) by any electronic mode if the account is opened in a deposit
office working on Core Banking Solution platform.”
(b) In rule 7 for sub-rule (2), the following sub-rule shall be
substituted namely :-
(i) 7
(2) “Interest shall be payable from the date of deposit to 31st March/30th
June/30th September/31stDecember on 1st working day of
April/July/October/January as the case may be, in the first instance and
thereafter, interest shall be payable on 1st working day of
April/July/October/January.
(ii) In
sub-rule (4), the following proviso shall be inserted namely :-
“Provided
that where deposit office is working on Core Banking platform, interest
payable on due dates as specified in rule (2), shall be credited by the
deposit office in the savings account of the depositor standing at any such
deposit office or any branch of a bank.”
(F.No.2/7/2012/NS-II)
RAJAT BHARGHAVA,Jt.Secy.
Note : The
Senior Citizens Savings Scheme Rules, 2004 were published in the Gazette of
India (Extraordinary) vide notification number G.S.R.490 (E), dated the 2nd
August 2004 and subsequently amended vide G.S.R.706 (E), dated the 27th
October, 2004, G.S.R.176 (E), dated the 23rd March, 2006, G.S.R.390(E), dated
the 24th May, 2007, G.S.R.639(E), dated the 28th July, 2010, G.S.R.770(E),
dated the 19th October, 2011, G.S.R.321(E) dated the 25th April, 2012 and
G.S.R.402(E), dated the 25th June 2013.
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 13th March 2014
G.S.R.225(E)
– In exercise of the powers conferred by section 3 of the Public Provident
Fund Act, 1968 (23 of 1968) , the Central Government hereby makes the
following rules further to amend the Public Provident Fund Scheme 1968,
namely :-
1. (1)
These rules may be called the Public Provided Fund Scheme (Amendment) Rules,
2014.
(2)
They shall come into force on the date of their publication in the Official
Gazette,
2. In
Public Provident Fund Scheme in paragraph 4, for sub-paragraph (1),(2),(3)
and (4) the following shall be substituted, namely :-
“4. (1)
Every individual desirous of subscribing to Fund under the Scheme for the
first time either on his own or on behalf of a minor of whom he is the
guardian shall apply to the Accounts Office in Form A form, together with the
amount of initial subscription which shall be minimum of Rs.100/-.
(2) On
receipt of an application under sub-paragraph (1), the Accounts Office shall
open an account in the name of the subscriber and issue a passbook to him,
wherein all amount of deposits, withdrawals, loans and repayment thereof
together with interest due shall be entered over the signature of the
Accounts Officer with the date stamp.
Provided
that in case of Post Offices working on Core Banking solution platform, a
statement of account shall be issued in place of passbook at the discretion
of account holder.
(3) The
subscriber shall deposit his subscription with the Accounts Office with
challan in Form B, or as near thereto as possible and the counterfoil of the
challan shall be returned to the depositor by the Accounts Office, duly
evidenced by receipt. And in case of deposits made by cheque or draft or pay
order, the Accounts Office may issue a paper token to the depositor pending
realization of the proceeds.
(4)
Every subscription shall be made in cash or crossed cheque or draft or pay
order in favour of the Accounts Office at the place at which that office is
situated.
“Provided
that where the Account Office is working on Core Banking platform, every
subscription shall be made either by cash, cheque, draft, pay orders or any
electronic mode in any Account Office working on Core Banking Solution
platform.”
(F.No./2/7/2012-NS-II)
RAJAT BHARGHAVA,Jt.Secy.
Note : The
Principal notification was published in the Gazette of India vide number
S.O.48(E), dated the 15th January 2000 and subsequently amended vide
S.O.192(E), dated the 1st March 2001, S.O.271(E), dated the 1st March, 2002,
S.O.250(E), dated the 1st March 2003, S.O. 2681(E), dated the 25th November
2011, S.O. 904(E), dated the 25th April 2012. And G.S.R.401(E), dated the
25th June 2013.
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