For thousands of home and educational loan customers of State Bank of India (SBI), it is proving to be a task this financial year to access provisional interest certificate.
An important document from a tax-planning perspective, many employers, particularly government departments, insist on the employees submitting the certificate early. Though provisional, the estimated repayment towards the principal outstanding and interest component that it gives help determine monthly tax deductions from their salaries.
Much to the dismay of the SBI customers, it is taking more than usual time to access online the provisional interest certificate online presumably due of a technical glitch or time being taken to upload them. “We are getting lots of mails from customers seeking issue of the provisional certificate,” a manager at a branch said.
The certificates usually are issued April-end onwards, but it is taking more time this fiscal, officials at SBI branches confirmed, adding it is an issue for the bank customers across the country and not limited to those in any particular city or State. What this has meant is a longer wait and the need for the customers to seek extension of time, from their employers, to submit the certificate.
“It is already programmed... may require certain changes, updation may be taking time,” an official dealing with home loans said, while a DGM-level officer said the certificates are likely to be issued once the annual results of SBI are announced, as scheduled on May 18.
Customers in need of a certificate immediately can approach their branch and get a manually generated certificate, the DGM said. However, a manager said following an Income Tax department advisory, the branches have been asked to refrain from issuing manual interest certificate. In Telangana, SBI home loan portfolio is around ₹53,000 crore and it has about 1.85 lakh customers.
