When was National Small Savings Fund (NSSF) set up?
National Small Savings Fund (NSSF) was set up on 1st April, 1999. The objective of NSSF was to account all the monetary transactions under small savings schemes of the Central Government under one umbrella. NSSF was set up in the Public Account of India w.e.f. 1st April, 1999. The net accretions under the small savings schemes are invested in the special securities of various States/ Union Territories (with legislature)/Central Governments. States not only can borrow from this account but have the obligation to borrow. The minimum obligation of States to borrow from the National Small Savings Fund (NSSF) has been brought down from 100 per cent to 80 per cent of net collections w.e.f. 1st April, 2007. NSSF is a part of the Public Account of India. The State Governments can borrow money from the National Small Savings Fund.