No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2005-06/355 · issued 12 Apr 2006 · ~2 min read
Quick answerRBI forwarded Government of India's March 2006 amendment to Senior Citizens Savings Scheme Rules, 2004, regarding transfer of accounts between deposit offices, indicating a transfer fee payable by the depositor. Banks must update designated branches on the amended rules.
What changed
The Government of India amended the Senior Citizens Savings Scheme Rules, 2004, specifically regarding the transfer of accounts from one deposit office to another. A transfer fee payable by the depositor was introduced via Notification No. GSR...(E) dated March 23, 2006.
What it means for you
Banks designated under SCSS must now charge depositors a fee when they request a transfer of their account to another deposit office. This standardizes the process and ensures cost recovery for administrative work involved in transfers.
Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.
What banks were required to do at the time
Advise all designated branches to note the amended SCSS rules on account transfers.
Implement the prescribed transfer fee for depositors moving accounts between deposit offices.
Ensure branches have a copy of the Government Notification No. GSR...(E) dated March 23, 2006.
Acknowledge receipt of this RBI circular to confirm compliance.
Who it affects
State Bank of India and its associate banks, Allahabad Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Dena Bank, Indian Bank, Indian Overseas Bank, Punjab National Bank, Syndicate Bank, UCO Bank, Union Bank of India, United Bank of India, ICICI Bank Ltd., Designated branches handling SCSS accounts, Senior Citizens Savings Scheme depositors
Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).
What is the new transfer fee for SCSS accounts?
The exact fee amount is not specified in this circular; banks must refer to the Government Notification No. GSR...(E) dated March 23, 2006 for the prescribed charges.
When did this amendment take effect?
The amendment was notified on March 23, 2006, and RBI communicated it to banks on April 12, 2006, for immediate implementation.
Which banks are required to implement this change?
All banks listed in the circular, including SBI, its associates, major public sector banks, and ICICI Bank Ltd., must update their designated branches.
📜 This document’s life story (1 recorded event, each backed by RBI’s own words)
📜 Read the original circular — full text as issued by RBI
RBI/2005-06/355
Ref.No.DGBA.CDD.H. 15704/15.15.001 / 2005-06
April 12, 2006
Chaitra 22, 1928 (S)
The General Manager
Government Accounts Department
State Bank of India and its Associate Banks
Allahabad Bank/Bank of Baroda/Bank of India/
Bank of Maharashtra/Canara Bank/Central Bank of India/
Corporation Bank/Dena Bank/Indian Bank/
Indian Overseas Bank/ Punjab National Bank/Syndicate Bank/
UCO Bank/ Union Bank of India/United Bank of India /ICICI Bank Ltd.
Dear Sir,
Amendments to Senior Citizens Savings Scheme Rules, 2004 - Transfer of Accounts from one deposit Office to another - Charges
Please refer to our circular CO.DT.No.15.02.001/H.3917-3939/2004-05 dated October 28, 2004 advising you the amendments to the captioned scheme.
2. Government of India, Department of Economic Affairs, Ministry of Finance, New Delhi have since amended the Senior Citizens Savings Scheme Rules, 2004 with regard to transfer of accounts from one deposit office to another indicating the transfer fee payable by the depositor and accordingly issued Notification No…GSR…..(E) dated March 23, 2006 containing the amendments ( copy enclosed ). You may please advise all the designated branches to take note of the said amendments while implementation of the captioned scheme.
3. Please acknowledge receipt.
Yours faithfully,
Sd/-
(B.B.Sangma)
General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2005-06/355 · issued 12 Apr 2006. The plain-English explanation above is BankPulse’s own independent summary.
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=2824&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.
Help us keep this accurate
Found an inaccuracy or have an improvement? Tell us. Every report is reviewed by our team before any change is made — nothing goes live unverified.
Public beta — plain-English informational summaries. Always verify against the official RBI source (circular number cited on every page) before making compliance, credit, treasury, audit, or operational decisions. · Join our WhatsApp channel ↗
BANKPULSE · FREE DAILY BRIEF
Get RBI updates for your role
Every important RBI update, decoded in plain English — for your career, exams & financial awareness.
We collect only your email, name and role, used solely to send your brief — never sold or shared. Withdraw anytime via the unsubscribe link in any email. Independent platform, not affiliated with the RBI. Information, not legal advice.
REPORT AN ERROR · BETA
Spotted an error? Earn 500 BankPulse Credits
Help us stay accurate. If your correction is verified true and approved by our founder, you earn 500 BankPulse Credits — redeemable when the platform monetises.
Reviewed by a human before any credit is awarded. We never change the site from crowd input without verification.
WANT A NEW FEATURE · BETA
What would make BankPulse more useful for you?
Tell us what to build next — a tool, a data view, a role page, anything. We read every suggestion.
Thank you — your ideas directly shape what we build.