{"id":71,"date":"2015-02-07T00:00:00","date_gmt":"2015-02-06T18:30:00","guid":{"rendered":""},"modified":"2015-12-29T10:42:19","modified_gmt":"2015-12-29T05:12:19","slug":"procedure-of-early-redemption-in-inflation-indexed-national-savings-securities","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/income-tax\/procedure-of-early-redemption-in-inflation-indexed-national-savings-securities\/","title":{"rendered":"Procedure of early redemption in inflation Indexed National Savings Securities"},"content":{"rendered":"
\n

RBI\/2014-15\/456
IDMD(DGBA).CDD.No. 3476\/13.01.999\/2014-15<\/p>\n

February 06, 2015<\/p>\n

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).<\/p>\n

Dear Sir\/Madam,<\/p>\n

Inflation Indexed National Savings Securities- 
Cumulative, 2013 – Early repayment\/redemption<\/p>\n

Please refer to our circular DGBA.CDD.No.2589\/13.01.999\/2014-2015 dated December 11, 2014<\/a> regarding early repayment\/ redemption 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,<\/p>\n

\n

(i) after one year of holding if he\/she is a senior citizen (over 65 years of age)<\/p>\n

(ii) after 3 years of holding in all other cases,<\/p>\n<\/blockquote>\n

subject to deduction of penalty at the rate of 50% of the last coupon payable. The early redemption is allowed only on coupon date.<\/p>\n

2. In this regard, keeping in view the problems being faced by the investors and the Agency banks, it has been decided that repayment\/early redemption of IINSS-C may be kept open till the next coupon date and the premature repayment\/early redemption requests can be entertained by the Agency banks on any day after the coupon date, subject to the penalty of 50% of last coupon. However, no interest would be paid for the period between the coupon date and the date of the repayment.<\/p>\n

Yours faithfully,<\/p>\n

(R. K. Singh)
Deputy General Manager<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

RBI\/2014-15\/456IDMD(DGBA).CDD.No. 3476\/13.01.999\/2014-15 February 06, 2015 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., andStock 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.2589\/13.01.999\/2014-2015 dated December … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4],"tags":[51],"yoast_head":"\nProcedure of early redemption in inflation Indexed National Savings Securities - All About Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/taxclick.org\/type\/income-tax\/procedure-of-early-redemption-in-inflation-indexed-national-savings-securities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Procedure of early redemption in inflation Indexed National Savings Securities - All About Finance\" \/>\n<meta property=\"og:description\" content=\"RBI\/2014-15\/456IDMD(DGBA).CDD.No. 3476\/13.01.999\/2014-15 February 06, 2015 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., andStock Holding Corporation of India Ltd (SHCIL). 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