Circulation of amendments in Senior Citizen's Savings Scheme, 2019
SB ORDER 22-2023
New Provision
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.
Amended Provision
Rule 3 (l)clause (ii)and the proviso.
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 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 harness, subject to the fulfilment of other specified conditions.
Explanation:- For the purposes of this provison the Government Employee includes all Central and State Government employees eligible for retirement benefit or death compensation."
Explanation under Rule 4
For the purposes of this subparagraph, "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-cumwithdrawal 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 thg: above mentioned benefits to employee who died in harness.'.
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 or on the date of extended maturity.
Rule 7(1)
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 (l) of paragraph 4
Rule 7(2) Second Provo
Provided further that in case of ajoint 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.
Rule 8(1)
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.
Rule 8(2)
The extension of the account under sub-paragraph (l) 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.
Rule 8(3)
Extension of an account under sub-paragraph (l) shall be available in block period of three years.
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