RBI/2006-2007/360
DGBA.CDD.
H-15824/15.15.001/2006-07 April
30, 2007 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 / ICICI Bank Ltd / Vijaya Bank Dear
Sir, Senior
Citizens Savings Scheme, 2004 -
Clarification
in respect of rate of interest in death cases. Please
refer to rule 8 (3) of Senior Citizens Savings Scheme, 2004 (SCSS) framed by Government
of India, Ministry of Finance, vide Notification G.S.R. 490 (E) dated August 2,
2004, in respect of closure of SCSS account in case of death of a depositor before
maturity. 2.
In this connection, Government of India, Ministry of Finance has, further, clarified
that in cases where the depositor has expired before the maturity of the deposits
and the nominee / legal heir approach the banker for closure of the deposit account,
the nominee / legal heir in such cases is entitled to the benefit of Saving Bank
rate of interest for the period commencing the date of death of the depositor
to the date of closure of the account under SCSS, 2004. 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, (Imtiyaz
Ahmad)
Assistant General Manager |