(I). Amendments in Senior Citizens’ Savings Scheme, 2019.

(a). New rules inserted in Senior Citizens’  Savings Scheme, 2019.

Sl. No.

Rule No. after which new provision inserted

New Provision

1.

Rule 6 ( 1), clause (iii)

(iv) In case the account is closed before expiry of one year from the date of extension as mentioned in sub-paragraph (2), an amount equal to one per cent of the deposit shall be deducted and the balance shall be paid to the account holder.

(b). Rules amended in Senior Citizens ‘ Savings Scheme, 2019.

Sl. No.

Rule No.

Existing Provision

Amended Provision

1.

Rule 3 (1) clause (ii) and the proviso

who has attained the age of fifty ­five years or more but less than and sixty years, and who has retired on superannuation or otherwise on  the  date  of  opening  of  an account under this Scheme, subject to the condition that the account 1s opened by such individual within one month of the date of receipt of the retirement benefits and proof of date of disbursal of such retirement benefit( s) along with a certificate from the employer indicating the details of retirement on superannuation or otherwise, retirement benefits, employment held and period of such employment with the employer, is attached with the application form:

Provided that the retired personnel of Defence Services (excluding Civilian Defence employees) shall be eligible to open an account under this Scheme on attaining the age of fifty years subject to the fulfilment of other specified conditions.

who has attained the age of fifty­ five years or more but less than sixty years, and who has retired on  superannuation  or  otherwise on  the  date  of  opening  of  an account under this Scheme, subject to the condition that the account is opened by such individual within  three  months from the  date of receipt of the retirement  benefits and proof of date of disbursal of such retirement benefits along with a certificate from the employer indicating the details of retirement on superannuation or otherwise, retirement benefits or admissible   financial   assistance to an eligible government employee  who died in harness, employment  held  and period  of such employment with the employer, is attached with the application form:

Provided that the  retired personnel of Defence Services (excluding Civilian Defence employees) shall be eligible to open an account under this Scheme on attaining the age of fifty years subject to the fulfillment of other specified conditions.

Provided further that the spouse of the government employee shall be allowed to open an account under this Scheme, if the government employee who has attained the age of fifty years and has died in harness, subject to the fulfillment of other specified conditions.

Explanation:- For the purposes of this proviso, the Government Employee includes all Central and State Government employees eligible for retirement benefit or death compensation.”

2.

Explanation under Rule 4

For the purposes of this sub-paragraph, “retirement benefits” means any payment due to the account holder on account of retirement on superannuation or otherwise and includes Provident Fund dues,’ retirement or superannuation gratuity, commuted value of pension, cash equivalent of leave, savings element of Group Savings Linked Insurance Scheme payable by the employer on retirement, retirement-cum-withdrawal benefit under the Employees’ Family Pension Scheme and ex-gratia payments under a voluntary or a special voluntary retirement scheme.

For the purposes of this sub-paragraph, “retirement benefits” means any payment due to the account holder on account of retirement on superannuation or otherwise and includes Provident Fund dues, retirement or Superannuation or death gratuity, commuted value of pension, cash equivalent of leave, savings element of Group Savings Linked Insurance Scheme payable by the employer on retirement, retirement-cum-withdrawal benefit under the Employees’ Family Pension Scheme and ex-gratia payments under a voluntary or a special voluntary retirement scheme and in case, if the employee died in harness, the “retirement benefits” shall also mean the above mentioned benefits to employee who died in harness.’

3.

Rule 5 (7)

In case of an account extended after maturity under sub-paragraph (1) of paragraph 8, the deposit in such account shall earn interest at the rate applicable to the Scheme on the date of maturity.

In case of an account extended after maturity under sub-paragraph (1) of paragraph 8, the deposit in such account shall earn interest at the rate applicable to the Scheme on the date of maturity or on the date of extended maturity.

4.

Rule 7 (1)

The deposit made at the time of opening of the account shall be paid on or after the expiry of five ears or after the expiry of eight years where account was extended under paragraph 8 from the date of the opening of the account, on an application in Form-3.

The deposit made at the time of opening of account shall be paid on or after the expiry of five years or after the expiry of each block period of three years Where account was extended under paragraph 8 from the date of opening of account, on an application made in Form-3:

Provided that after closure of the existing account or accounts, new account or accounts may be opened again as required by the depositor subject to the maximum deposit limit as mentioned in sub-paragraph (1) of paragraph 4.

5.

Rule 7 (2) Second Provisio

Provided further that in 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 this Scheme, if the spouse meets eligibility conditions under the Scheme on the date of death of the account holder.

Provided further that in case of a joint account, or where the spouse is the sole nominee, the spouse may continue the account by applying to the accounts office, on the same terms and conditions as specified under this Scheme, if the spouse meets eligibility conditions under the Scheme on the date of death of the account holder.

6.

Rule 8 (1)

The account holder may extend the account for a further period of three years by making an application in Form-4 within a period of one year from the date of maturity.

The account holder may extend the account for a further block period of three years by making an application in Form-4 within a period of one year from the date of maturity or from the date of end of each block period of three years.

7.

Rule 8 (2)

The extension of the account under sub-paragraph (1) shall be deemed to have been made from the date of maturity irrespective of the date of application.

The extension of the account under sub-paragraph (1) shall be deemed to have been made from the date of maturity or from the date of end of each block period of three years, irrespective of the date of application.

8.

Rule 8 (3)

Extension of an account under sub-paragraph (1) shall be available only once.

Extension of an account under sub-paragraph (1) shall be available in block period of three years.