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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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