Authorization of Branches of SBI to Receive Public Provident Fund Scheme/Senior Citizens Savings Scheme

Notification Issued on 18-11-2011

In pursuance of clause (b) of paragraph 2 of the Public Provident Fund Scheme, 1968 published under the Government of India, Ministry of Finance, Department of Economic Affair’s Notification Number G.S.R. 1136, dated the 15-6-1968 and of sub-clause (ii) of clause (e) of rule 2 of Senior Citizens Savings Scheme Rules, 2004 published under the Government of India, Ministry of Finance, Department of Economic Affair’s Notification Number G.S.R. 490 (E), dated the 2-8-2004, the Central Government hereby authorises the following 50 branches of Bank of India to receive, with immediate effect, subscriptions under the Public Provident Fund Scheme, 1968 and Senior Citizens Savings Scheme Rules, 2004:—

2. The above authorisation is subject to the following conditions, namely:—

  (i)  All remittance shall be credited to Government Account at RBI, CAS, Nagpur within three days, including holidays;

(ii)  In case of delays beyond the above mentioned period, the penalty payable by Bank of India on such delayed remittances shall be the applicable rate of interest payable to the depositor plus 0.5% in case of delays upto thirty days and plus 1 % in case of delays beyond thirty days;

(iii)  Observance of rules and regulations of the PPF Scheme as amended from time to time. Non-observance of rules and regulations would attract penal action including de-authorisation of the branch or bank. Pecuniary liabilities, if any, arising from such non-observance shall be borne entirely by the bank.

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