Master Circular on Broker Appointment & Brokerage for Relief/Savings Bonds

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In order to enable Agency Banks to have all the current operative instructions on the above subject at one place, a Master Circular , updated upto 30.06.2010, is enclosed. You may also access the circular on our website www.rbi.org.in Please acknowledge receipt. Yours faithfully, (Indira Nanu) General Manager MASTER CIRCULAR RELIEF / SAVINGS BONDS A) APPOINTMENT / DELISTING OF BROKERS 1) Procedure for enrollment / registration of brokers Agency Banks may follow a simple procedure for enrollment / registration of brokers. The broker seeking enrollment / registration may submit his/her request for registration on his/her business letterhead together with business data. The Agency banks may allot a broker code number, which should be quoted by the broker on all applications tendered at the Receiving offices. (Ref. No CO.DT.13.01.201 / 692 / 2000-01 dated 9.8.2000) 2) Appointment of sub-agents by Agency Banks It has come to our notice that some banks designated/authorized by RBI have engaged the services of other banks as brokers/agents for receiving applications and the latter are using the name of Reserve Bank of India in their publicity material and billboards stating that RBI has appointed them as brokers for Relief/Savings Bonds business. We advise that in cases where Authorised Banks engage the services of other banks/institutions as a broker or agent, the agency banks, who have appointed them, are solely responsible for their activities as an agent/broker. The name of RBI should not be used by such banks. (Ref. CO.DT.13.01.251.5341/2001-02 dt.4-1-2002) 3) Delisting of brokers: Agency banks are advised that names of the dormant brokers, say for a period of 2 years, may be de-listed after giving due notice if no fresh business is forthcoming from such brokers. (Ref.CO.DT.13.01.201/4890/1999-00 dated 6-3-2000) B) PAYMENT & RATES OF BROKERAGE FOR SAVINGS BONDS 1) Rates of brokerage Brokerage at the rate of 1.00 (Rupee One only) per Rs.100/- will be paid to brokers registered / enrolled with Agency Banks on applications tendered for investment in the bonds in the form of BLA at designated branches on behalf of their clients and bearing their stamp. (Ref.CO.DT.13.01.201/432/2000-01 dated 25-7-2000) No brokerage is payable in case the broker is one of the investors/applicants. (Ref.CO.DT./13.01.298/H-2411/03-04 dated 29-10-2003) 2) No TDS on payment of brokerage:- Agency Banks may please note that no tax is required to be deducted at source while making payment of brokerage in respect of the Savings Bonds business canvassed by brokers in terms of Section 194(H) of the Income Tax Act, 1961. (Ref.CO.DT.201/5900/2000-01 dated 28-5-2001 & CO.DT.13.01.298/H-3660/03-04 dt.3-1-04) 3) Brokerage Claims i) Agency Banks are advised to settle the brokerage claims expeditiously, and in any case not later than 30 days from the date of subscription. (Ref.CO.DT.13.01.201/6260/2000-01 dated13-6-2001) ii) Agency Banks are advised to first settle the brokerage claims and thereafter the reimbursement be sought from the Reserve Bank of India. (Ref.CO.DT./13.01.201/4668/2000-01 dt.8-3-2001) iii) As a measure towards the improvement in customer service, Agency Banks may arrange to pay the brokerage to the agents, on a monthly basis by credit to their accounts through ECS after obtaining requisite mandate from them. (Ref.CO.DT.13.01.298/H-4677/2002-03 dated 23-5-2003) iv) Reimbursement of brokerage claims in respect of Savings Bonds have been centralized at CAS Nagpur with effect from 1-7-2002 and it has been decided that 90% of the brokerage due to agencies on the basis of funds remitted/reported to CAS as at the close of business of the month will be paid on the 3rd working day of the succeeding month. The balance of 10% is to be settled on submission of Appendix IV Statement. (Ref.CO.DT.13.01.272/11032/2001-02 dt.25-6-2002 & CO.DT.13.01.272/H-2906 / 2002-03 dated. 26-2-2003) (In case detailed clarifications are required on specific issues, the circulars indicated above may please be referred to.) 2026 All Months January February March April May June July August September October November December 2025 All Months January February March April May June July August September October November December 2024 All Months January February March April May June July August September October November December 2023 All Months January February March April May June July August September October November December 2022 All Months January February March April May June July August September October November December 2021 All Months January February March April May June July August September October November December 2020 All Months January February March April May June July August September October November December 2019 All Months January February March April May June July August September October November December 2018 All Months January February March April May June July August September October November December 2017 All Months January February March April May June July August September October November December Archives 2016 All Months January February March April May June July August September October November December 2015 All Months January February March April May June July August September October November December 2014 All Months January February March April May June July August September October November December 2013 All Months January February March April May June July August September October November December 2012 All Months January February March April May June July August September October November December 2011 All Months January February March April May June July August September October November December 2010 All Months January February March April May June July August September October November December 2009 All Months January February March April May June July August September October November December 2008 All Months January February March April May June July August September October November December 2007 All Months January February March April May June July August September October November December 2006 All Months January February March April May June July August September October November December 2005 All Months January February March April May June July August September October November December 2004 All Months January February March April May June July August September October November December 2003 All Months January February March April May June July August September October November December 2002 All Months January February March April May June July August September October November December 2001 All Months January February March April May June July August September October November December 2000 All Months January February March April May June July August September October November December 1999 All Months January February March April May June July August September October November December 1998 All Months January February March April May June July August September October November December 1997 All Months January February March April May June July August September October November December 1996 All Months January February March April May June July August September October November December 1995 All Months January February March April May June July August September October November December 1994 All Months January February March April May June July August September October November December 1993 All Months January February March April May June July August September October November December 1992 All Months January February March April May June July August September October November December 1991 All Months January February March April May June July August September October November December Top Back to previous page More Links : Bank Holidays Banking Glossary Citizen's Charter Complaints Contact Us COVID-19 Measures E-LMS Events FAQs Financial Education Forms IFSC/MICR Codes Important Websites Opportunities @ RBI RBI Clarifications RBI Kehta Hai RBI’s Vision and Values (1257 kb)--> Right to Information Act Tenders Follow RBI RSS Twitter YouTube Instagram Facebook LinkedIn © Reserve Bank of India. 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Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2010-11/36 · issued 01 Jul 2010. The plain-English explanation above is BankPulse’s own independent summary.

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