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of <h1>New savings certificate interest and early encashment rules: Rule 15-16 set 5-year maturity and payout slabs from 1 April 2013</h1> Rule 15 is amended to limit the earlier specified interest regime to certificates purchased on or after 1 April 2012 but before 1 April 2013, and to insert a new regime for certificates purchased on or after 1 April 2013 prescribing a five-year maturity from the date of issue, year-wise interest accrual with deemed annual reinvestment up to the end of the fourth year, and a maturity value inclusive of interest of 151.62 per 100 denomination (and proportionately for other denominations). Rule 16 is amended to similarly confine the earlier premature encashment table to purchases between 1 April 2012 and 31 March 2013 and to insert revised premature encashment amounts after three years for purchases on or after 1 April 2013, with specified payout slabs up to five years. The amendments are deemed effective from 1 April 2013.
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