FAQ for refund banker

1. From which date the pilot phase for refund banker has been implemented?
Ans. Pilot phase for refund banker has been implemented from January 24, 2007 .

2. In which cities the pilot phase of refund banker has been implemented?
Ans. The pilot phase of refund banker facility is operational for taxpayers assessed in specific charges in Delhi, Patna, Bangalore, Chennai, Mumbai and Kolkata .

3. Are all the taxpayers in the cities where pilot has been implemented being covered under refund banker scheme?
Ans. Yes. All taxpayers (excluding corporate and exemption charge) of the six cities i.e. Delhi, Patna, Bangalore, Chennai, Mumbai and Kolkata are covered under the scheme.

4. Who will send the refund to me?
Ans. The State Bank of India (SBI) is the refund banker to the Income Tax Department (ITD). The Cash Management Product department of SBI (CMP SBI) processes the refunds under the refund banker scheme. Details of refunds are forwarded to CMP SBI by the ITD. CMP SBI processes the refunds and sends the refund intimation to the taxpayer.

5. How will the refund be sent to me?
Ans. There are two modes of refund; i.e. ECS and paper. If the taxpayer has selected mode of refund as ECS (direct credit in the bank account of the taxpayer) at the time of submission of income return and provided the correct account number along with the MICR code, the refund will be effected through ECS by CMP SBI. A physical advice of refund credited will also be sent to the taxpayer by post. From May 2008 refund is also effected by National Electronic Fund Transfer (NEFT).

For taxpayers who have not opted for ECS, refund will be disbursed by cheque or demand draft. The refund instrument will be dispatched by speed post by CMP SBI at the postal address mentioned in the income return.

6. How can I know the status of my refund?
Ans. : The taxpayer can track the status of its refund from the NSDL-TIN website www.tin-nsdl.com by clicking on “Status of Tax Refunds”.

Refund status can be tracked by entering the PAN and Assessment Year for which refund is to be tracked.

Status of the refund can also be tracked by contacting the help desk of SBI at 080-26599760.

7. If I have shifted my residence whom should I contact for updating my correspondence address for receipt of refund?
Ans. : The tax payer should contact its Assessing Officer and inform about the change in the correspondence address.

8. If my bank account has been closed how will I get refund credit into the account?
Ans. In case of change or updation in the bank account number the taxpayer should provide the correct account number along with the MICR code where credit is to be effected to the Assessing Officer.

9. I have received the physical ECS refund advice but my account has not been credited. Whom do I contact?
Ans. In case credit is not effected in the taxpayer account through ECS but the refund advice has been received by the taxpayer the tax payer should contact the Assessing Officer and provide the correct account number and MICR code where credit is to be effected. The Assessing Officer will inform SBI to send a fresh refund cheque to the taxpayer.

10. If the date of encashing the refund cheque expires, whom should I contact?
Ans. The tax payer should contact their Assessing Officer as well as CMP SBI at the below address:
Cash Management Product (CMP)
State Bank of India
SBIFAST
31, Mahal Industrial Estate
Off Mahakali Caves Road
Andheri (East)
Mumbai - 400 093.
Phone Number: +91-22-2687 4800

11. How do I rectify any mistakes in the name, assessment year, PAN, account number printed on the refund cheque delivered to me?
Ans. In case of any mistakes on the refund cheque delivered to you, the following should be done:
i) Send the original refund cheque to CMP, State Bank of India at SBIFAST 31, Mahal Industrial Estate, Off Mahakali Caves Road, Andheri East, Mumbai - 400 093, Phone Number: +91-22-2687 4800, along with a letter informing the mistakes on the refund cheque.
ii) Send a copy of the letter along with a copy of the refund cheque to your Assessing Officer.
iii) Retain a copy of the letter and refund cheque with you.

12. If somebody else’s refund cheque / advice is delivered to me what should I do?
Ans. You should contact SBI at the following address and return the refund cheque / advice.
Cash Management Product
State Bank of India
SBIFAST
31, Mahal Industrial Estate,
Off Mahakali Caves Road,
Andheri (East)
Mumbai – 400 093
Phone Number: +91-22-2687 4800

13. When will the next phase of refund banker commence and how many cities will be covered in that phase?
Ans. The Income Tax Department will inform the same shortly.

14. Is there any method available to know whether the refund record has been generated for the taxpayer?
Ans. : The taxpayer can track the status of its refund from the NSDL-TIN website www.tin-nsdl.com by clicking on “Status of Tax Refunds”.

Refund status can be tracked by entering the PAN and Assessment Year for which refund is to be tracked.

Status of the refund can also be tracked by contacting the help desk of SBI at 080-26599760.