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        Case ID :

        National Savings Schemes

        December 11, 2015

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        Presently thirteen National Saving Schemes (NSS) viz Post Office Savings Accounts, Time Deposits (1 year, 2 year, 3 year and 5 years), Monthly Income Scheme, Post Office Recurring Deposit Scheme, National Savings Certificate (VIII Issue), National Savings Certificate (IX Issue) [to be discontinued with effect from 20.12.2015], Kisan Vikas Patra Scheme, Public Provident Fund Scheme, Sukanya Samriddhi Account Scheme and Senior Citizens Savings Schemes are under operation. 

        There has been no reduction in the amount being deposited under the NSS. In fact, the gross collection figures have risen during the last three years as under: 

        Rs. in crores

        Year

        Deposits (gross collection)

        2012-13

        234152.69

        2013-14

        250421.04

        2014-15

        304733.82

        2015-16 (upto October 2015)

        211977.52

        The NSS are available for all Indian Nationals in rural areas as well as urban areas. However, these schemes are mainly operated through Post Offices which have large network in rural areas. At present, the Government has no proposal to bring a new small savings policy for senior citizens and weaker sections. 

        This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.

        National Savings Schemes maintain increased collections and remain widely available while no new small-savings policy is proposed for seniors. Thirteen National Savings Schemes, including various Post Office deposit products, National Savings Certificates (with the IX Issue to be discontinued effective 20.12.2015), Kisan Vikas Patra, Public Provident Fund, Sukanya Samriddhi and Senior Citizens Savings Schemes, are available to all Indian nationals in rural and urban areas primarily via the Post Office network; gross collections have risen and the Government has no proposal for a new small savings policy for senior citizens or weaker sections.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                National Savings Schemes maintain increased collections and remain widely available while no new small-savings policy is proposed for seniors.

                                Thirteen National Savings Schemes, including various Post Office deposit products, National Savings Certificates (with the IX Issue to be discontinued effective 20.12.2015), Kisan Vikas Patra, Public Provident Fund, Sukanya Samriddhi and Senior Citizens Savings Schemes, are available to all Indian nationals in rural and urban areas primarily via the Post Office network; gross collections have risen and the Government has no proposal for a new small savings policy for senior citizens or weaker sections.





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                                ActsIncome Tax
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