Small Saving Schemes – Payment of Agency Commission

All Public Sector Banks, ICICI Bank Ltd., Axis Bank Ltd., and HDFC Bank Ltd., were authorised to receive subscriptions under National Saving Time Deposit Scheme, 1981, National Saving (Monthly Income Account) Scheme, 1987, National Saving Recurring Deposit Scheme, 1981 and National Saving Certificates (VIII Issue) Scheme, 1989 in addition to the existing small saving schemes.

It has been decided to pay agency commission to these banks for handling the work relating to the above four small saving schemes.

All the transactions may be directly reported to the Central Account Section, Reserve Bank of India, Nagpur on a daily basis.

The Agency banks are required to observe the rules and regulations of the respective scheme. Non-observance would attract penal action which shall be borne entirely by the bank.

Based on RBI circular dated 1^st Feb 2018. For any further clarification please refer www.rbi.org.in