Click here to Visit the RBI’s new website

Index To RBI Circulars

PDF document (40 kb)
Payment of half-yearly interest / principal of Relief / Savings Bonds to investors at a place of their choice

RBI/2006-07/117
Ref. DGBA.CDD. No.H-3253/13.01.299/2006-07

August 24, 2006
Bhadra 2, 1928 (S)

The Chairman / Managing Director
State Bank of India / Associate Banks /
17 Nationalised Banks /
HDFC Bank Ltd., / ICICI Bank Ltd.,
IDBI Ltd. / UTI Bank Ltd.
Stock Holding Corporation of India Ltd

Dear Sir,

Payment of half-yearly interest / principal of Relief / Savings Bonds to investors at a place of their choice.

As you are aware, Agency Banks normally pay half-yearly interest and redemption value on maturity of the Relief / Savings Bonds by Interest Warrants / Payment Orders payable at the centre where the investment is held. However, with a view to further improving the customer service to outstation investors of the Relief / Savings Bonds, it has now been decided that in cases where the payment of principal / interest on the Relief / Savings bonds is to be made payable at a centre other than the one at which the investment is held, your bank should either issue a Demand Draft, free of cost, or an ‘at par’ cheque payable at all branches of the bank. You may incorporate the necessary changes in the ‘Annexure - 1A’ to the effect that these modes of payments are also available to your customers.

Yours faithfully,

(B. B. Sangma)
General Manager


2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Archives
Top