Official Circulars

Official Circulars : 1

Issuing Compoany’s Name and Address

Ref.No.DGBACDD No. H 7667/15.15.001/2006-07 November 10 - 2006

The General Manager

Government Accounts Department - Head Office

Stat Bank Of India / State Bank Of Indoor/State Bank Of Patella /State Bank Of Beaker & Jaipur/State Bank Of Saurashtra/State Bank Of Travancore/Stare Bank Of Hyderabd/State Bank Of My Sore/ Allahabad Bank/Bank Of Baroda/Bank Of India/Bank Of Maharashtra/Canara Bank/ Central Bank/ Indian Overseas Bank/ Punjab National Bank/Syndicate Bank/Uco Bank Union Bank Of India/United Bank Of India/Icic Bank Ltd/ Vijay Bank

Dear Sir,

SUB : TDS on interest payable under senior citizens savings scheme - 2004

Non-acceptance of from no 15 Hand 15G by banks

Please refer to our circular RBI / 2005-06/431 Ref no. DGBA CDD No H-20692

1. 15.15.001/2005-06 dated June 28, 2006 forwarding retain clarifications on the issues related to TDS on senior citizens savings scheme, 2004.

2. we have received a letter from government of India, ministry of fincance, new Delhi indicating that they are still receiving a number of complaints/grievances regarding non-acceptance of form no 15G or 15H by the agency banks and that tax is being deducted from the interest amounts despite the depositor filing or submitting these forms.

3. we, therefore reiterate that agency banks should not make any deduction o tax at source where depositor is filing form 15H or form 15G or a certificate under section 197(1)of income tax act 1961, as the case may be, as prescribed in government of India office memorandum no 2/8/2005. NS-II dated June 23, 2006, a copy of which has already been sent to you.

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,

(B B Sangma)
General Manager

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