As per notification No. GSR 323(E), dated 25.04.2012 the Central Government has amended the Post Office Time Deposit. The new amendment increase the Time Deposit Interest Rates. The Central government has declined the rate of interest on time deposit in post office. The below notification clarify new interest rates.
POST OFFICE TIME DEPOSIT (AMENDMENT) RULES, 2012 - AMENDMENT IN RULE 7
NOTIFICATION NO.GSR 323(E), DATED 25-4-2012
NOTIFICATION NO.GSR 323(E), DATED 25-4-2012
In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Time Deposit Rules, 1981, namely:-
1. (1) These rules may be called the Post Office Time Deposit (Amendment) Rules, 2012.
(2) They shall deemed to have come into force on the 1st day of April, 2012.
2. In the Post Office Time Deposit Rules, 1981,-
(a) In rule 7,-
(A) under the heading Table-R, for the brackets, words, figures and letters "[For deposits made on or after the 1st December, 2011]", the brackets words, figures and letters,"[For deposits made on or after the 1st December, 2011 but before 1st day of April, 2012]" shall be substituted;
(B) after Table-R, the following Table shall be inserted, namely:-
"Table-S
[For deposits made on or after the 1st April, 2012]
1. (1) These rules may be called the Post Office Time Deposit (Amendment) Rules, 2012.
(2) They shall deemed to have come into force on the 1st day of April, 2012.
2. In the Post Office Time Deposit Rules, 1981,-
(a) In rule 7,-
(A) under the heading Table-R, for the brackets, words, figures and letters "[For deposits made on or after the 1st December, 2011]", the brackets words, figures and letters,"[For deposits made on or after the 1st December, 2011 but before 1st day of April, 2012]" shall be substituted;
(B) after Table-R, the following Table shall be inserted, namely:-
"Table-S
[For deposits made on or after the 1st April, 2012]
| Period | Rate of interest |
| 1 Year | 8.2 |
| 2 Years | 8.3 |
| 3 Years | 8.4 |
| 5 Years | 8.5 |
(C) in the Notes, in paragraph (2), for the word and letter "Table R", the words and letters "Table R or Table S" shall be substituted.
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