Operational Guidelines for Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016
The Reserve Bank of India has issued operational guidelines for the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016.
Key Provisions:
The scheme is applicable to all authorized banks, which are required to follow the guidelines for its successful implementation.
Application: The application process involves Know Your Customer (KYC) requirements, which must be fulfilled by the banks.
Deposit Details: Banks are required to furnish deposit details to the Government of India.
Mode of Holding and Nomination: The mode of holding and nomination for the deposit scheme are specified.
Effective Date of Deposit: The effective date of deposit is clearly defined.
Interest Payment: The guidelines outline the process for interest payment.
Processing: The deposits will be processed through RBI’s e-kuber system.
Servicing and Follow-up: Banks are responsible for servicing and following up on the deposits.
Commission/Agency Bank Charges: Authorized banks are entitled to commission/agency bank charges.
Contact Details: The contact details for any queries or clarifications are provided.
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Download: Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 – Operational Guidelines