What changed
RBI revised agency commission rates for government business handled by agency banks, effective July 1, 2012, as per master circular dated July 1, 2013. For PPF and SCSS, RBI now pays commission directly from July 1, 2012, and Government of India discontinued its separate remuneration. New claim formats and certificates are required as per Annex-B.
What it means for you
Banks handling government transactions get standardized commission rates, with e-mode receipts incentivized at lower cost. The shift to single-channel payment for PPF/SCSS simplifies remuneration but requires banks to adjust claim processes. Compliance with new formats is mandatory for timely payments.
What you must do
- Update internal systems to apply revised commission rates from July 1, 2012.
- Submit agency commission claims using the new formats and certificates from Annex-B.
- Ensure branch officials and CAs sign the required certificates, including no pension arrears declaration.
- For PPF/SCSS, claim commission only from RBI, not from Government of India.
Who it affects
All agency banks handling Central/State government transactions, Branches processing pension payments, Banks managing PPF and SCSS schemes
What are the revised agency commission rates for government transactions?
Effective July 1, 2012: ₹50 per physical receipt, ₹12 per e-receipt, ₹65 per pension payment, and 5.5 paise per ₹100 turnover for payments other than pension.
How does this affect PPF and SCSS commission payments?
RBI pays agency commission for PPF and SCSS w.e.f. July 1, 2012 at ₹50 per physical receipt, ₹12 per e-receipt, and 5.5 paise per ₹100 turnover for payments, and Government of India discontinued its separate remuneration.