Refund Banker Scheme

This is a scheme for sending I-T refunds directly to the assessees by the State Bank of India. The scheme was inaugurated by the Finance Minister Sh. P. Chidambaram on 24th January, 2007. This scheme is running on a pilot basis in the cities of Delhi, Mumbai, Chennai, Kolkata, Bangalore and Patna, except for corporate and exemption charges.
How does it work?
The scheme of Refund Banker is loosely based on the concept of Refund Bankers for Initial Public Offerings (IPO) of companies. The Assessing Officer (AO) processes the Income Tax returns on his computer. The AO feeds in the Bank Account Number, MICR Code and Address of the assessee. After this is done and if a refund is due to the assessee, the data is automatically transmitted to the bank. The bank then sends the refund as indicated by the AO through Electronic Clearance Scheme (ECS), if it has been opted by the assesee followed by an advice by post. The refund is sent by cheque, if ECS is not opted, to the assessee’s address as indicated on the Return of Income. The bank dispatches the refund cheques/ECS within 3 working days of receipt of data from Income Tax Department.
Tracking of Refunds:
There are three modes of tracking the refund for those covered by the above scheme. The facility is available only for assessees in the above Scheme.
	1. Through the website www.tin-nsdl.com
	2. By email to refunds@incometaxindia.gov.in
	3. By dialing SBI helpdesk at Bangalore 080-26599760