In a recent development, the Government of India, under the Ministry of Communications, Department of Posts, has issued an addendum to SB Order No. 23/2023, dated 29.12.2023, regarding the revision of interest rates for Small Savings Schemes, effective from 01.01.2024.
Download SB Order 23/2023 Addendum in PDF
The addendum, dated 16.02.2024, serves as a notification to all Heads of Circles/Regions, directing them to take necessary actions in light of the revised interest rates. It highlights the issuance of gazette notifications by the Department of Economic Affairs, Ministry of Finance, pertaining to the fourth quarter of the fiscal year 2023-24. Enclosed within the addendum are copies of two significant notifications dated 12.02.2024:
- G.S.R. 108(E) National Savings Time Deposit (Amendment) Scheme, 2024
- G.S.R. 109(E) Sukanya Samriddhi Account (Amendment) Scheme, 2024
These notifications signify adjustments in interest rates for specific Small Savings Schemes, reflecting the government's ongoing efforts to align these rates with prevailing economic conditions and policy objectives.
The addendum is issued with the approval of the Competent Authority, as indicated by Assistant Director (SB-II), Devender Kumar Sharma.
This announcement underscores the government's commitment to ensuring the competitiveness and attractiveness of Small Savings Schemes, thereby fostering financial inclusion and encouraging savings among the populace.
It's essential for stakeholders and beneficiaries of these schemes to take note of the revised interest rates and any associated amendments to stay informed and make informed financial decisions.
With this latest update, individuals and investors are encouraged to explore the revised terms of these schemes and leverage them as viable avenues for wealth accumulation and financial stability.
The addendum serves as a crucial communication tool in disseminating information and facilitating compliance with the revised regulations governing Small Savings Schemes in India.
