BANKER TO GOVERNMENTS AND BANKS

Like individuals, businesses and banks, the Governments also need a banker to carry out their financial transactions in an efficient and effective manner. Managing Government banking transactions is a key function assigned to the Reserve Bank. On the other hand, banks need their own mechanism to transfer funds and settle inter-bank transactions such as borrowing from and lending to other banks and customer transactions. As the Banker to banks, the Reserve Bank fulfills this role.

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Date : Dec 22, 2016

Special Deposit Scheme 1975 – Payment of interest for the calendar year 2016

RBI/2016-17/192
DGBA.GAD.No.1478/15.01.001/2016-17

December 22, 2016

The Chairman/Chief Executive Officer
Agency Banks handling Special Deposit Scheme,1975

Dear Sir,

Special Deposit Scheme 1975 –
Payment of interest for the calendar year 2016

Please find enclosed copies of Government of India Gazette Notifications dated April 20, 2015, June 3, 2016, June 30, 2016 and October 3, 2016 regarding interest rates on Special Deposit Scheme 1975. You may please ensure that interest for the calendar year 2016 for the Special Deposit Scheme 1975 is disbursed to the account holders as per rates mentioned therein. The disbursement may be made through electronic mode or by way of account payee cheques on January 2, 2017 itself (January 1, 2017 being Sunday), subject to instructions, as applicable now, contained in our circular CO.DT.No.15.01.001/H-3527/2003-04 dated December 30, 2003.

Yours faithfully,

(V.S.Prajish)
Assistant General Manager
Encl : 4

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