What changed
The Government of India amended the Senior Citizens Savings Scheme Rules, 2004 via notification G.S.R. 770(E) dated October 19, 2011. The amendment inserts the words 'or Notary Public' after 'Oath Commissioner' in the verification sections of Annexures II and III of Form F. This expands the list of authorized verifiers for affidavits under the scheme.
What it means for you
Banks operating the SCSS, 2004 must now accept affidavits verified by a Notary Public, reducing reliance on Oath Commissioners. This simplifies the documentation process for senior citizen subscribers, potentially speeding up account openings and claims. Banks should update their internal procedures and train staff to recognize Notary Public verifications as valid.
What you must do
- Circulate the Government notification to all branches handling SCSS accounts.
- Update internal checklists and forms to include Notary Public as an acceptable verifier.
- Display the amendment on branch notice boards for subscriber awareness.
- Train frontline staff on the new verification option to avoid rejections.
Who it affects
Banks operating Senior Citizens Savings Scheme (SCSS) accounts, SCSS subscribers submitting affidavits, Branch staff handling SCSS documentation
What does this amendment change for SCSS subscribers?
Subscribers can now get their affidavits verified by a Notary Public instead of only an Oath Commissioner, making it easier to complete documentation.
When did this amendment take effect?
The amendment came into force on October 19, 2011, the date of its publication in the Official Gazette.
Which banks are affected by this circular?
All banks listed in the RBI circular, including public sector banks, IDBI Bank, and ICICI Bank, that operate SCSS accounts must comply.