[TO BE PUBLISHED IN THE GEZETTE OF INDIA, EXTRAORDINARY, PART 1, SECTION-I]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, of dated K>*October, 2017
F. No. 7/10/2014-NS.- In pursuance of clause (ae) of rule 2 read with sub-rule (3) of rule 4 of
the National Savings Time Deposit Rules, 1981, the Central Government hereby authorisesall public
sector banks and ICICI Bank, Axis Bank and HDFC Bank Ltd. to receive subscriptions under the
National Savings Time Deposit Scheme, 1981 (herein referred to as the said Scheme) with effect
from the date of publication in the Official Gazette.
2. The authorisation under this notification is subject to the following conditions, namely:-
(i) there is dedicated software in the bank for operation and accounting of small savings
schemes with specific functionality for each scheme;
(ii)the bank may manage the deposit of subscription in accordance with the said Scheme,
through on-line operations in all branches that are on Core Banking Solution, subject to
adequate security checks and the branches that are not on Core Banking Solution may
operate deposit of subscription under the said Scheme, manually
(iii)all remittances shall be credited to the Government Account at the Reserve Bank of
India, Central Accounts Section, Nagpur within one day in case of Core Banking
Solution branches and three days in case of non-Core Banking Solution branches;
in case of delay In remittances beyond the period in clause (iii),
(iv)the Bank shall pay a penalty equal to the rate of interest payable to the depositor plus 0.5% in case of delays upto thirty days, and 1% in case of delays beyond thirty days;
(v) the Bank shall, subject to the reasonable justification furnished to the Central
Government, declare in advance the list of branches that shall not accept deposits of
subscription under the said Scheme;
(vi)in case of any pecuniary liability arising from the failure of the Bank to perform in
accordance with the provisions of the said Scheme, the Bank shall be liable to bear the
liability, in addition to being liable to be de-authorised to operate small savings
schemes;
(vii)in case of any amount including penalties, becoming due from any Bank under these
terms and conditions, the Central Government shall realize the amount from the Bank;
(viii) every Bank shall submit periodic reports to the Central Government concerning the
deposits of subscription and withdrawals etc. under the said Scheme.
Explanation.- For the purpose of this notification, the expression "public sector Bank" shall have the
196^(43 or^ge^? assigned to it in the explanation to clause (23D) of section 10 of the income-tax Act,
[F.No. 7/10/2014-NS]
(Pras^at^Goyal)
Joint Secretary to the Government df India
asgsru Goyal
Note ; The Principal rules were published vide G.S.R. 664(E), dated the 17^ December, 1981, and
subsequently amended vide: - G.S.R. 300(E), dated the 1®^ April, 1982, G.S.R. 257(E), dated the 11"^
March, 1983, G.S.R. 502(E), dated the 9^ July, 1984, G.S.R. 418(E), dated the 10'^ May, 1985, G.S.R.
193(E). dated the 12^ February. 1986, G.S.R. 362(E). dated the 1st April, 1987, G.S.R. 1005(E).
dated the 23''^ December. 1987. G.S.R. 353(E). dated the 18"^ March, 1988, G.S.R. 507(E), dated the
23^'' May. 1990, G.S.R. 191(E). dated the 27"" March, 1991, G.S.R. 580(E), dated the 12*''September,
1991. G.S.R. 727(E), dated the 6th December, 199^1, G.S.R. 431(E). dated the 24*^ April. 1992, G.S.R.
586(E). dated the 2"^ September. 1993. G.S.R. 118(E), dated the 8'^ March. 1995, G.S.R. 5(E). dated
the 1'^ January, 1999. G.S.R. 43(E). dated the 15^ January, 2000, G.S.R. 151(E), dated the 1®^ March.
2001, G.S.R. 159(E), dated the 1'^ March. 2002, G.S.R. 174(E), dated the 1'^ March. 2003, G.S.R.
589(E). dated the 25*^ July. 2003, G.S.R. 286(E), dated the 13*^ May. 2005, G.S.R. 479(E), dated the
26*^ June, 2008. G.S.R. 742(E). dated the 4'^ October. 2011, G.S.R. 846(E), dated the 25^^ November.
2011. G.S.R. 323(E), dated the 25^^ April, 2012, G.S.R. 400 { E), dated the 25'^ June, 2013, G.S.R.
222( E). dated the 13"^ March, 2014, G.S.R. 490 (E). dated the 1 July. 2014, G.S.R. 356 (E) dated
the 29*^ March. 2016. G.S.R. 941(E). dated the 30th September. 2016, G.S.R. 51 (E). dated the 18'^
January, 2017 and G.S.R. 385(E). dated the 31'' March, 2017.
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, of dated K>*October, 2017
F. No. 7/10/2014-NS.- In pursuance of clause (ae) of rule 2 read with sub-rule (3) of rule 4 of
the National Savings Time Deposit Rules, 1981, the Central Government hereby authorisesall public
sector banks and ICICI Bank, Axis Bank and HDFC Bank Ltd. to receive subscriptions under the
National Savings Time Deposit Scheme, 1981 (herein referred to as the said Scheme) with effect
from the date of publication in the Official Gazette.
2. The authorisation under this notification is subject to the following conditions, namely:-
(i) there is dedicated software in the bank for operation and accounting of small savings
schemes with specific functionality for each scheme;
(ii)the bank may manage the deposit of subscription in accordance with the said Scheme,
through on-line operations in all branches that are on Core Banking Solution, subject to
adequate security checks and the branches that are not on Core Banking Solution may
operate deposit of subscription under the said Scheme, manually
(iii)all remittances shall be credited to the Government Account at the Reserve Bank of
India, Central Accounts Section, Nagpur within one day in case of Core Banking
Solution branches and three days in case of non-Core Banking Solution branches;
in case of delay In remittances beyond the period in clause (iii),
(iv)the Bank shall pay a penalty equal to the rate of interest payable to the depositor plus 0.5% in case of delays upto thirty days, and 1% in case of delays beyond thirty days;
(v) the Bank shall, subject to the reasonable justification furnished to the Central
Government, declare in advance the list of branches that shall not accept deposits of
subscription under the said Scheme;
(vi)in case of any pecuniary liability arising from the failure of the Bank to perform in
accordance with the provisions of the said Scheme, the Bank shall be liable to bear the
liability, in addition to being liable to be de-authorised to operate small savings
schemes;
(vii)in case of any amount including penalties, becoming due from any Bank under these
terms and conditions, the Central Government shall realize the amount from the Bank;
(viii) every Bank shall submit periodic reports to the Central Government concerning the
deposits of subscription and withdrawals etc. under the said Scheme.
Explanation.- For the purpose of this notification, the expression "public sector Bank" shall have the
196^(43 or^ge^? assigned to it in the explanation to clause (23D) of section 10 of the income-tax Act,
[F.No. 7/10/2014-NS]
(Pras^at^Goyal)
Joint Secretary to the Government df India
asgsru Goyal
Note ; The Principal rules were published vide G.S.R. 664(E), dated the 17^ December, 1981, and
subsequently amended vide: - G.S.R. 300(E), dated the 1®^ April, 1982, G.S.R. 257(E), dated the 11"^
March, 1983, G.S.R. 502(E), dated the 9^ July, 1984, G.S.R. 418(E), dated the 10'^ May, 1985, G.S.R.
193(E). dated the 12^ February. 1986, G.S.R. 362(E). dated the 1st April, 1987, G.S.R. 1005(E).
dated the 23''^ December. 1987. G.S.R. 353(E). dated the 18"^ March, 1988, G.S.R. 507(E), dated the
23^'' May. 1990, G.S.R. 191(E). dated the 27"" March, 1991, G.S.R. 580(E), dated the 12*''September,
1991. G.S.R. 727(E), dated the 6th December, 199^1, G.S.R. 431(E). dated the 24*^ April. 1992, G.S.R.
586(E). dated the 2"^ September. 1993. G.S.R. 118(E), dated the 8'^ March. 1995, G.S.R. 5(E). dated
the 1'^ January, 1999. G.S.R. 43(E). dated the 15^ January, 2000, G.S.R. 151(E), dated the 1®^ March.
2001, G.S.R. 159(E), dated the 1'^ March. 2002, G.S.R. 174(E), dated the 1'^ March. 2003, G.S.R.
589(E). dated the 25*^ July. 2003, G.S.R. 286(E), dated the 13*^ May. 2005, G.S.R. 479(E), dated the
26*^ June, 2008. G.S.R. 742(E). dated the 4'^ October. 2011, G.S.R. 846(E), dated the 25^^ November.
2011. G.S.R. 323(E), dated the 25^^ April, 2012, G.S.R. 400 { E), dated the 25'^ June, 2013, G.S.R.
222( E). dated the 13"^ March, 2014, G.S.R. 490 (E). dated the 1 July. 2014, G.S.R. 356 (E) dated
the 29*^ March. 2016. G.S.R. 941(E). dated the 30th September. 2016, G.S.R. 51 (E). dated the 18'^
January, 2017 and G.S.R. 385(E). dated the 31'' March, 2017.