centralbankofindia.co.in 8% Relief Bond Scheme : Central Bank of India

Organization :Central Bank of India
Facility : 8% Relief Bond Scheme

8% Relief Bond Scheme : https://www.centralbankofindia.co.in/English/Relief_Bond_Scheme1.aspx
Home Page : https://www.centralbankofindia.co.in/english/home.aspx

8% Relief Bond Scheme

(Interest Rates revised with effect from 1st March, 2002)
The Government of India, Ministry of Finance has notified the issue of 8% Relief Bonds under D’MAT scheme from 1st March, 2002

Related : Central Bank of India Check Account Balance Online : www.statusin.in/5732.html

The main features of the scheme are as follows:
1. Who can invest:
The bonds may be held by:
an individual
** in his or her name or on behalf of a minor, or
** jointly with one or more individuals
a Hindu Undivided Family
a Non-Resident Indian (without the right of repatriation of principal)
G.P. Notes can also be issued on anyone or survivor basis
Bonds can be held by a minor with one or more major individual/s (including a minor)

2. How much can one invest:
** The maximum limit for investment in the bonds will be Rs.2,00,000/- per investors in a 12 month period commencing from 1st March, 2002.
** Application must be in multiples of Rs.1000/- subject to a minimum of Rs.1000/-.

3. Issue Price:
** The bonds will be sold at par i.e. At Rs.100 per cent.
** The issue price will be Rs.1000/- for every Rs.1000/- (Nominal).

4. When can one buy:
Bonds under the scheme are available for subscription from 1st March, 2002 until further notice.

5. Date of issue, period of holding and repayment :
** The date of issue of the bonds in the form of Promissory Note/Bond Ledger Account will be the date of receipt of subscription in cash or the date of tender of draft or the date of realisation of the cheque as the case may be.
** The period of holding of bonds is five years from the date of issue.
** The bonds shall be repayable on the expiration of 5 years from the date of their issue. Premature encashment of the Bonds is not allowed.
** The Bonds will earn interest upto the date of redumption, if not redeemed on due date.
** Proceeds can be reinvested. The matured bonds in the form of Promissory Note/existing Stock Certificate will be tendered for reinvestment at Public Debt Offices of Reserve Bank of India only.

6. Form of Bonds :
The bonds will be issued in the form of Bond Ledger Account or a Government Promissory Note and both these forms can be held either under Option-A or Option-B. (A Bond Ledger Account is a dematerialised form of holding the bonds at entry (i.e. bank branch itself)

The Bonds in the form of Bond Ledger Account will be issued at the receiving office (Reserve Bank offices and branches of authorised Public Sector Banks) for which a certificate of Holding will be issued to the holder. The Bonds in the form of Promissory Notes will be issued only at offices of Reserve Bank of India.

7. Payment of Interest :
Option-A – Interest payable half-yearly :
Promissory Notes :
Under this option an investor will get interest at the rate of 8% per annum payable at half yearly intervals from the date of issue of bond in terms of sub-paragraph (I) of paragraph (5) above. The interest will be paid from the date of issue of bonds upto 30th June/31st December as the case may be and thereafter half yearly on 30th June and 31st December by means of post dated interest warrants sent to the investor in advance alongwith the Promissory Note. The interest warrants would be valid for three months from the date of issue.

Bond Ledger Account :
In case of Bond Ledger Account, by credit to the Bank account of the holder or by interest warrants or cheques.

Option-B – Cumulative interest payable on maturity :
Under this option interest at the rate of 8% per annum would be compounded with half yearly rests and will be payable to the investor on maturity alongwith the principal. Under this option the maturity value of the bonds shall be Rs.1480.25/- (Being principal and cumulative interest) for every Rs.1000/- (nominal) provided that further interest at the rate of 8% per annum shall be payable to such of the investors who do not encash their bonds on the expiry of 5 years from the date of their issue, at half yearly intervals or compounded with half yearly rests, as the case may be. Such interest would be payable from the date of maturity till the time the bonds are redeemed.

8. Tax Concessions:
Income Tax : Interest on the bonds will be exempt from income tax under the Income Tax Act, 1961.
Wealth Tax : The bonds will be exempt from Wealth Tax under the Wealth Tax Act.

9. Where the bonds cannot be issued immediately on receipt of the subscription due to non-availability or otherwise of the Bond forms, the receiving office will issue a provisional receipt in favour of the subscriber for the value of the subscription tendered by him. The receipt is to be discharged by all the holders at the time of collection of bond.

10. Transferability :
** The bonds in the form of Bond Ledger Account will be transferable by execution of a transfer deed in the prescribed form.
** However, transfer shall not be deemed as complete until the name of transferee is registered as holder of the Bond in the Office of Issue.
** A new Bond Ledger Account will be opened in the name of the transferee for the remaining period by closing the BL Account of the transferer.
** The Bond in the form of Promissory Note will be transferable by endorsement and delivery.

List of designated branches

to handle 8% Relief Bonds Scheme 1999 :
S.R. | Branch Name :
1 Mumbai Main Office, Mahatma Gandhi Road, Mumbai – 400023
2 Andheri, Mumbai, Shiv Chhaya Co-op. Hsg.Soc. Ltd., M. V. Road, Andheri (East), Mumbai 400069.
3 Bandra, Mumbai Plot No.NA-368, Sai Ashish Apartment, Swami Vivekanand Road, Bandra, Mumbai 400 050.
4 Grant Road, Mumbai Novelty Chambers, Grant Road, Mumbai 400007.
5 Worli, Mumbai Shri Chandrababa Mandir Trust Building, Dr. Annie Besant Road, Worli Naka, Mumbai 400018.
6 Lal Darwaja Ahmedabad (Gujarat) Lal Darwaja, AHMEDABAD 380 001
7 Ibrahimpura Bhopal (Madhya Pradesh) P. B. No.7, Ibrahimpura, Dist. BHOPAL 462 001
8 Gwalior (M. P.), P. B. No.10, Jayendra Ganj, Lashkar, Gwalior 474 001.
9 Jabalpur (Madhya Pradesh) P. B. No.11, 506, Sarafabazar, Malviya Chowk, JABALPUR 482 001.
10 Ratlam (Madhya Pradesh) 74, Bajaj Khana, Ratlam 457 001 Dist. RATLAM
11 Shahdara (Delhi) 14-28, Jayana Building, Railway Road, Shahdara, DELHI 110 032.
12 Calcutta (West Bengal) P. B. No.40, Central Bank Building, 33, Netaji Subhas Road, CALCUTTA 700 001.
13 Mumbai Cumbala Hill, Nepeansea Road, Mumbai (Maharashtra) 25, Laxmibai Jagmohandas Marg, Nepeansea Road, MUMBAI 400 036.
14 Ghatkopar Mumbai (Maharashtra) Gandhi Chhaya, Opp. Sarvodaya Hospital, L.B.S.Marg, Ghatkopar, MUMBAI 400 086.
15 Haroli (Himachal Pradesh) Village & P. O. Haroli 177 220 Dist. UNA
16 Parliament Street , Delhi 25/4, Parliament Street, Post Shakarpur, DELHI 110 092.
17 Mapuca, Goa House No.E378, P. O. Mapuca, Ilhas 403 403 Dist. NORTH GOA
18 Madras (Tamilnadu), P. B. No.190, Madras Stock Exchange Bldg.11, 2nd Line Beach, MADRAS 600 001.