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RBI/ 2006-2007/217
Ref. No. DGBA.CDD. No. H- 10024 / 15.15.001
/ 2006-07
December 22, 2006
The General Manager
Government Accounts Department, Head Office
State Bank of India / State Bank of Indore
/ State Bank of Patiala
State Bank of Bikaner & Jaipur / State
Bank of Saurashtra
State Bank of Travancore / State Bank of
Hyderabad / State Bank of Mysore
Allahabad Bank / Bank of Baroda / Bank of
India / Bank of Maharashtra/
Canara Bank / Central Bank of India / Corporation
Bank / Dena Bank / Indian Bank/
Indian Overseas Bank / Punjab National Bank
/ Syndicate Bank /UCO Bank /
Union Bank of India / United Bank of India
/ Vijaya Bank / ICICI Bank Ltd
Dear Sir,
NRIs and PIOs as Nominees
under Senior Citizens Savings Scheme, 2004- Clarification
Please refer to our Circular RBI/
2005-06/ 431 Ref. No. DGBA.CDD.N0. H- 20692/ 15.15.001/ 2005-06 dated June 28,
2006 forwarding, inter alia, certain clarifications on the issues related to
eligibility of PIO card holders to invest/ to become nominee in the Senior Citizens
Savings Scheme, 2004.
2. We have received a letter No.
F.15/ 8/2005/ NS-II/ Vol-II dated December 14, 2006 from Budget Division, Department
of Economic Affairs, Government of India clarifying that Non-Resident Indians
and persons having dual citizenship (Indian and other) can be nominees under
the scheme, but in case of death of the depositor, they can neither continue
the account, nor the proceeds of the account shall be available to them for
repatriation.
4. The contents of this circular
may be brought to the notice of designated branches of your bank for information
and compliance.
5. Please acknowledge receipt.
Yours faithfully,
(Balu K.)
Deputy General Manager |