What changed
RBI observed that some agency banks, apart from submitting Form 61A to the Public Debt Office, also included the same data in the Annual Information Return (AIR) filed directly with the Director General of Income Tax (Systems). This circular advises banks to ensure no duplication of data filed with the Income Tax Department.
What it means for you
Banks must now strictly segregate their reporting channels: Savings Bond investor data above Rs 5 lakh goes only to the PDO, not to the IT Department. Duplicate filings cause unnecessary confirmation queries from tax authorities, increasing compliance burden. This directive tightens data submission discipline and reduces operational friction.
What you must do
- Ensure Form 61A for Savings Bond investors (Rs 5 lakh+) is furnished to the Public Debt Office of jurisdiction.
- Take care that the same data is not duplicated in the Annual Information Return (AIR) filed directly with the Income Tax Department.
- Review internal processes to prevent duplication.
- Audit recent filings to identify and rectify any past duplication.
Who it affects
Agency banks handling Savings Bonds (State Bank of India, Associate Banks, 17 Nationalised Banks, AXIS Bank, ICICI Bank Ltd, HDFC Bank Ltd, IDBI Bank, Stock Holding Corporation of India Ltd), Public Debt Offices of RBI, Director General of Income Tax (Systems)
What is the threshold for reporting Savings Bond investor data?
Investments of Rs 5 lakh and more in a financial year must be reported in Form 61A.
Why was duplication happening?
Some banks were submitting Form 61A to the PDO and also including the same data in the Annual Information Return (AIR) filed directly with the Income Tax Department, causing duplicate records.
What happens if we continue duplicate filing?
The Income Tax Department may raise unnecessary confirmation queries, increasing compliance burden. RBI expects strict adherence to avoid such duplication.