June 20, 2005
The Chairman and Managing Director,
State Bank of India and its Associates Nationalised Banks
ICICI Bank Ltd., HDFC Bank Ltd., UTI Bank
Ltd.
IDBI Bank Ltd., & SHCIL
Dear Sir,
Annual Closing of Accounts of Reserve
Bank of India – Change in Holiday from June 30 to July 1 – Payment of Interest
and Maturity proceeds on Relief / Savings Bonds
As you are aware, for the purpose
of Annual Closing of accounts, the Reserve Bank of India will remain closed
for public transactions on July 1, 2005. In this connection, some Agency banks
have sought clarifications regarding payment of interest / maturity proceeds
in respect of Relief / Savings Bonds due on July 1, 2005.
2. It is hereby clarified that
there will not be any change with regard to payment of interest / maturity proceeds
on July 1, 2005 in respect of the captioned bonds, although Reserve Bank will
remain closed for public transactions. We, therefore, advise you to issue necessary
instructions to the dealing branches of your bank to make arrangements to credit
the investors’ accounts, including those who opted for ECS on July 1,
2005 itself for the interest payments / repayments due on that date
and ensure that no complaints are received from customers in this regard.
Yours faithfully,
Sd/-