Special Deposit Scheme 1975
The Reserve Bank of India (RBI) has issued a circular regarding the payment of interest for the calendar year 2012 under the Special Deposit Scheme 1975.
The interest for the calendar year 2012 will be paid on January 01, 2013, itself.
This scheme was introduced in 1975 to encourage savings and investments among citizens.
The RBI has instructed all banks to make the necessary arrangements to credit the interest amount to the respective accounts of the depositors on the mentioned date.
This circular is applicable to all commercial banks, including rural banks and cooperative banks.
The RBI has emphasized the importance of complying with the instructions to ensure timely payment of interest to the depositors.
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Download: Special Deposit Scheme 1975 – Payment of interest for the calendar year 2012