MoF notifies amendments to National Savings Time Deposit Scheme and Kisan Vikas Patra Scheme

The Ministry of Finance has recently notified the amendments made to the National Savings Time Deposit Scheme and Kisan Vikas Patra Scheme via issuing Notification.

The Notification Stated, “52(E).—In exercise of the powers conferred by section 3A of the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby makes the following scheme further to amend the Kisan Vikas Patra Scheme, 2019.”

This Scheme may be called the Kisan Vikas Patra (Amendment) Scheme, 2023. It shall be deemed to have come into force on the 1st day of January, 2023.

In the Kisan Vikas Patra Scheme, 2019 (hereinafter referred to as the said Scheme), in paragraph 5, –

(a) in sub-paragraph (1B), for the words and figures, “on or after the 1st day of October, 2022”, the words, figures and brackets “between 1st October, 2022 and 31st December, 2022 (both days inclusive)” shall be substituted;

(b) after sub-paragraph (1C), the following sub-paragraph shall be inserted, namely:-

“(1D) The maturity period of an account opened on or after the 1st day of January, 2023 shall be ten years and the deposits made in the account shall double on maturity.”.

In the said Scheme, in paragraph 6, in sub-paragraph (3),-

(a) in TABLE-3, for the words and figures, “on or after the 1st day of October”, the words, figures and brackets “between 1st October, 2022 and 31st December, 2022 (both days inclusive)” shall be substituted;

[Table showing premature closure value of account opened on or after 1st day of January, 2023 with 1000 rupees]

Explanatory Memorandum – The Kisan Vikas Patra (Amendment) Scheme, 2023 takes effect from the date as specified in the notification. However, no one shall be adversely affected as a result of retrospective effect being given to this amendment Scheme.

For Official Notification Download PDF Given Below: