RBI/2014-15/348
IDMD(DGBA).CDD.No.2589/13.01.999/2014-15
December 11, 2014
The Chairman & Managing Director
Head Office (Government Accounts Department)
State Bank of India & Associate Banks
All Nationalised Banks
ICICI Bank Ltd., HDFC Bank Ltd, Axis Bank Ltd., and
Stock Holding Corporation of India Ltd (SHCIL).
Dear Sir/Madam,
Inflation Indexed National Savings Securities-
Cumulative, 2013 - Early repayment/redemption
Please refer to our circular DGBA.CDD.No.3688/13.01.999/2013-2014 dated December 19, 2013 regarding the issuance of Inflation Indexed National Savings Securities-Cumulative (IINSS-C), 2013. In terms of Para 15(ii) of the circular, an investor can seek early repayment/premature redemption,
-
after one year of holding if he/she is a senior citizen (over 65 years of age)
-
after 3 years of holding in all other cases,
subject to deduction of penalty at the rate of 50% of the last coupon payable. The early redemption is allowed only on coupon date.
2. In this regard, please find enclosed the process flow of early repayment/pre-mature redemption before the maturity date of the security on e-kuber Portal. The early repayment/pre-mature redemption report will be available in the ‘My Downloads’ option under the member bank user’s login.
3. The function will be available from December 23, 2014 on e-kuber portal. Kindly revert in case of any clarifications and mark a copy of your email.
Yours faithfully,
(R. K. Singh)
Deputy General Manager
Encl.: As above.
|
