Amendment to government savings law clarifies interest conditions, deposit modes and fees to ensure scheme sustainability.

Amendments to section 15 reconfigure regulatory powers: they omit clause (a), replace the clause on interest to permit conditions on interest or discount for deposits generally or particular classes, substitute the service-fee clause to permit specification of fees for services, and replace the clause on miscellaneous powers with specific powers to prescribe deposit limits and procedures, modes of deposit (physical, electronic or other IT means), an interest-rate benchmark for scheme sustainability, exclusions when computing court fees for section 8, grievance redressal and other prescribed matters.

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