Interest rate fixation: Senior Citizens Savings Scheme deposits made from the effective date earn the prescribed annual interest. Amendment to the Senior Citizens Savings Scheme Rules inserts a proviso to rule 7(1) declaring that deposits made on or after 1 April 2013 shall bear the interest rate specified in the proviso, and that the amendment is deemed to have been in force from 1 April 2013; the change is made under the rulemaking power conferred by section 15 of the Government Savings Banks Act, 1873, with certification that the retrospective effect does not prejudice depositors.
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Provisions expressly mentioned in the judgment/order text.
Interest rate fixation: Senior Citizens Savings Scheme deposits made from the effective date earn the prescribed annual interest.
Amendment to the Senior Citizens Savings Scheme Rules inserts a proviso to rule 7(1) declaring that deposits made on or after 1 April 2013 shall bear the interest rate specified in the proviso, and that the amendment is deemed to have been in force from 1 April 2013; the change is made under the rulemaking power conferred by section 15 of the Government Savings Banks Act, 1873, with certification that the retrospective effect does not prejudice depositors.
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