Saturday, November 23, 2024

6. Team's daily Bytes - Gist of SB Order 5/2024 about NSS 87 and its regularisation

 SB ORDER 05 /2024 dtd 21.08.2024     By Com A.Kesavan, Asst General Secretary

1b) 2 NSS87 accounts opened after 02.04.1990.
a) First account will get the interest @ NSS87 upto 30.09.2024.
b) Second account will get SBROI  upto 30.09.2024.
c) These interest will be paid if the deposits are well within the applicable limit.
d) If the deposits of a particular year exceeds the allowed maximum then excess without interest will be refunded.
e) Important Point : From 01.10.2024 NSS accounts will not earn any interest.

1c) In case of more than 2 NSS87 accounts.

The first 2 accounts regularized as per the guidelines mentioned in 1 ( a ) and 1 (b) depending on the date of opening of the accounts.

The 3rd and more accounts will be closed without any interest I repeat without any interest will be closed and refunded to the depositor.

We should remember here an important point that both NSS87 and NSS92 will not earn any interest after 01.10.2024.


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