Senior Citizens Savings Scheme, 2004 - Acceptance of Form 15-G from the Nominees

RBI/2008-09/493
Ref. No. DGBA.CDD.H-10566/15.15.001/2008-09

June 5, 2009

The General Manager
Government Accounts / Business Department
State Bank of India / State Bank of Indore/State Bank of Patiala
State Bank of Bikaner & Jaipur /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/IDBI Ltd

Dear Sir,

Senior Citizens Savings Scheme, 2004 - Acceptance of Form 15-G from the Nominees

As you are aware, investors under Senior Citizens Savings Scheme, 2004 (SCSS) are eligible to file Form 15-G and 15-H to claim exemption from TDS on the interest payable on the deposits under the said scheme.

2. Central Board of Direct Taxes have now clarified, vide their Office Memorandum F.No.275/36/2009-IT(B) dated May 14, 2009, that nominee of the investors of SCSS can also produce 15-G form (declaration of non-deduction of tax from the amount of interest payable) at the time of payment after the death of the depositor.

3. The contents of this circular may be brought to the notice of the designated branches of your bank for information and compliance.

4. Please acknowledge receipt.

Yours faithfully,

(Imtiyaz Ahmad)
Assistant General Manager