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National Small Savings Fund

Post by Admin Feb 28,2019

Apatani Tribes

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Khelo India App

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Black Hole Coin

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Quick Reaction Surface-to-Air Missile

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Exercise Sampriti 2019

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Bandipur National Park

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Constitution Bench of Supreme Court

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GI tag for 'Sirsi Supari’

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VIVID 2019

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National Small Savings Fund

Post by Admin,Feb 28,2019.
News

  • National Small Savings Fund (NSSF) in the Public Account of India was established in 1999.
  • The Fund is administered by the Government of India, Ministry of Finance (Department of Economic Affairs) under National Small Savings Fund (Custody and Investment) Rules, 2001, framed by the President under Article 283(1) of the Constitution.
  • The objective of NSSF is to de-link small savings transactions from the Consolidated Fund of India and ensure their operation in a transparent and self-sustaining manner.
  • Since NSSF operates in the public account, its transactions do not impact the fiscal deficit of the Centre directly.
  • Small savings instruments can be classified under three heads:
    • Postal deposits (comprising savings account, recurring deposits, time deposits of varying maturities and monthly income scheme),
    • Savings certificates like: National Small Savings Certificate(NSC) and Kisan Vikas Patra (KVP)
    • Social security schemes like: Public Provident Fund (PPF) and Senior Citizens‘ Savings Scheme(SCSS)