Senior Citizens' Welfare Fund created for transfer of long-unclaimed savings balances to promote senior welfare and accrue interest. Establishes the Senior Citizens' Welfare Fund to receive credit balances from prescribed savings schemes and Public Provident Fund accounts that remain ... Summary
Senior Citizens' Welfare Fund created for transfer of long-unclaimed savings balances to promote senior welfare and accrue interest.
Establishes the Senior Citizens' Welfare Fund to receive credit balances from prescribed savings schemes and Public Provident Fund accounts that remain unclaimed and are declared inoperative for seven years; Fund monies are to be used for promoting senior citizens' welfare and other prescribed purposes, and the Central Government will notify the eligible interest rate on funds.
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