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Date: 24/08/2006
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

 
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