Agency commission payable to banks for operating Special Deposit Scheme (SDS)

RBI/2017-18/140
DGBA.GBD.2294/15.01.001/2017-18

March 15, 2018

All Agency Banks handling Special Deposit Scheme

Dear Sir,

Agency commission payable to banks for operating Special Deposit Scheme (SDS)

Please refer to para 2 of our Master Circular RBI/2017-18/2 dated July 1, 2017 on Conduct of Government Business by Agency Banks- Payment of Agency Commission where in it is mentioned that SDS transactions undertaken by agency banks are eligible for agency commission.

2. In this connection, it has been decided that agency commission claims on SDS related transactions (where mirror accounts are maintained in RBI) will be settled at Central Accounts Section (CAS), Nagpur and not in respective Regional Offices of RBI, with immediate effect. Accordingly, all agency banks handling SDS are advised to submit their agency commission claims related to SDS transactions to CAS, Nagpur on quarterly basis.

3. However, agency banks will continue to claim reimbursement of interest paid and withdrawal from SDS accounts from the respective Regional Offices of RBI in which the mirror accounts are maintained.

Yours faithfully

(Partha Choudhuri)
General Manager