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Interest on pre-mature closure of SCSS
In the issue dated October 13, 2008, you had dealt with a question from a senior citizen on interest payable till the date of premature closure of an account under Senior Citizens’ Saving Scheme (SCSS). In this connection, I am enclosing a Notification no. RBI/ 2006-07/211 dated December 18, 2006, of RBI , wherein it had been clarified that interest is payable till the date of closure. I request you to kindly inform the readers about this through your forum.
In an answer to the complaint by a senior citizen that he was allowed interest on completed month basis, it was advised that, the Central Government may be moved for a clarification, since the interpretation placed by the bank did not accord with the practice followed elsewhere. The reader, V. Venkatasubramanian, Chartered Accountant, Madurai, brings to notice the following Circular dated December 18, 2006, issued by way of clarification by the Reserve Bank of India.
S. RAJARATNAM
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