Banks to accept deposits from senior citizens
By Our Banking Bureau | 09 Oct 2004
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Mumbai: Banks will now start accepting deposits under the Senior Citizens Savings Scheme (SCSS), that was introduced by the government in August, said a notification from the Reserve Bank of India.
Banks which are operating Public Provident Fund Scheme, 1968, will operate this scheme through their branches.
Small Savings agents working under the Standardised Agency System will mobilise deposits under the scheme. A commission of 0.5 per cent will be paid to these agents.
The "at source commission payment system" will also be applicable to these agents, the notification said.
