Source: Reserve Bank of India · RBI/2004-05/259 · issued 30 Oct 2004 · ~1 min read
Quick answerRBI forwarded a copy of an Office Memorandum (F.No.2-8/2004-NS-II dated October 29, 2004) providing clarifications on the Senior Citizens Savings Scheme, 2004. Banks must immediately advise designated branches to implement these clarifications.
The rule, in the simplest words
Banks must forward the Office Memorandum to designated branches handling SCSS accounts.
Branch staff must be briefed on the clarifications to avoid processing errors.
Banks must acknowledge receipt of this circular to RBI as instructed.
How it plays out — a real example
A branch manager in a public sector bank, Mr. Kumar, receives the circular and immediately briefs his staff on the clarifications. He then forwards the Office Memorandum to the designated branches and acknowledges receipt of the circular to RBI, ensuring that SCSS accounts are administered correctly and avoiding any potential customer grievances.
What changed
RBI issued a circular forwarding an Office Memorandum dated October 29, 2004, providing clarifications on the Senior Citizens Savings Scheme, 2004. This follows an earlier circular from October 28, 2004, on the same subject.
What it means for you
Banks handling SCSS accounts need to update their branches with the latest clarifications to ensure correct scheme administration. Non-compliance could lead to operational discrepancies or customer grievances.
What you must do
Forward the attached Office Memorandum to all designated branches handling SCSS accounts.
Ensure branch staff are briefed on the clarifications to avoid processing errors.
Acknowledge receipt of this circular to RBI as instructed.
Who it affects
State Bank of India and associate banks, 15 public sector banks designated for SCSS, Branch managers handling SCSS accounts
RBI’s words: “We, therefore, reiterate that you may strictly adhere to the instructions issued vide our above circular”
📜 Read the original circular — full text as issued by RBI
RBI/2004-05/259
CO.DT.No. 15.15.001/H. 3999-4021 /2004-05
October 30, 2004
Kartika 9, 1926 (S)
The Chairman & Managing Director
State Bank of India / Associate Banks &
15 Public Sector Banks
Dear Sir,
Senior Citizens Savings Scheme, 2004 (SCSS) - Clarifications
In continuation of our circular letter CO.DT.No.15.15.001/H-3917-3939/2004-05
dated October 28, 2004 , we now forward herewith a copy of Office Memorandum
F.No.2-8/2004-NS-II dated October 29, 2004 on the captioned subject, the contents
of which are self- explicit. Accordingly, you may please advise immediately
your designated branches in the matter.
2. Please acknowledge receipt.
Yours faithfully,
Sd/-
((P.Loganathan)
Asstt. General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2004-05/259 · issued 30 Oct 2004. The plain-English explanation above is BankPulse’s own independent summary.
Forward the attached Office Memorandum to all designated branches handling SCSS accounts.
Ensure branch staff are briefed on the clarifications to avoid processing errors.
📜 Compliance
Acknowledge receipt of this circular to RBI as instructed.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template
Example: if you are a Branch Manager at a bank this circular applies to (State Bank of India and associate banks, 15 public sector banks designated for SCSS, Branch managers handling SCSS accounts), your first concrete step on “SCSS 2004 Clarifications for Banks” is: “Forward the attached Office Memorandum to all designated branches handling SCSS accounts.” (RBI issued this 30 Oct 2004).
Circular: RBI/2004-05/259 -- SCSS 2004 Clarifications for Banks
Issued: 30 Oct 2004
Action required: Forward the attached Office Memorandum to all designated branches handling SCSS accounts.
Action required: Ensure branch staff are briefed on the clarifications to avoid processing errors.
Action required: Acknowledge receipt of this circular to RBI as instructed.
Owner: ____________ Target date: ____________
Board/committee approval needed? Y / N
Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.
💬 Banker Discussion
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
BankPulse Compliance Evidence Pack — generated 05 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=2121&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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