Master Circular on Nomination facilities for Relief / Savings Bond Holders - आरबीआय - Reserve Bank of India
Master Circular on Nomination facilities for Relief / Savings Bond Holders
RBI/2004/ 170
DGBA/CDD/13-01-299/ H-6103 /2003-04
April 21, 2004
The Regional Director
Reserve Bank of India
Public Debt Office
Ahmedabad/Bangalore/Bhubaneswar/Chennai/Guwahati/Hyderabad/Jaipur/Kanpur/Kolkatta/Mumbai,Byculla,/Mumbai,Fort/Nagpur/New Delhi/Patna/Thiruvananthapuram
The General Manager
State Bank of India and Associate banks and 17 Nationalised banks
The Managing Director
ICICI/IDBI/HDFC/UTI Bank Ltd.
Stock Holding Corporation of India Ltd.
Dear Sir,
Master Circular on Nomination facility in Relief / Savings Bonds
The Department of Government and Bank Accounts, Central Office, RBI has been issuing instructions relating to nomination facility for Relief / Savings bonds holders from time to time. In order to enable the Offices/Agency Banks to have all the currently operative instructions on the above subject at one place, a Master Circular on nomination facility in Relief / Savings Bonds has been prepared, which is enclosed.
Please acknowledge receipt.
Yours faithfully,
(B. B. Sangma)
General Manager
Master Circular
Relief Bond / Saving Bond Schemes Nomination facility
- A sole holder or a sole surviving holder of a Bond in the form of Stock Certificate/ Bond Ledger Account (BLA) may nominate one or more persons who shall be entitled to the Bond and payment thereon in the event of his/her death.
- When two or more persons are nominated, in the event of the death of a nominee, the title to the bonds vests in the surviving nominee/s.
- A nomination made by a holder of a Bond Ledger Account may be varied by a fresh nomination or may be cancelled by giving notice in writing to the Reserve Bank of India/designated branch of authorised public/private sector bank.
- If the nominee is a minor, the holder of a Bond Ledger Account may appoint any person to receive the Bond/amount due in the event of his/her death during the minority of the nominee.
- The BLA Account holders are allowed to make separate nomination for each deposit comprised in the Bond Ledger Account even if the deposit in BLA relates to earlier period.
- Offices/Agency Banks may issue ‘Acknowledgement of Nomination’.
- Sole holder can nominate a Non-resident Indian as his/her nominee in respect of interest/redemption value of the investment in the bonds. The normal regulations in regard to foreign remittances as applicable to Non-Resident Indians from time to time will continue to govern these cases
Exceptions – No nomination is permissible in the following cases :-
- When the Certificate/BLA is held by an adult on behalf of a minor;
- When the holder has no beneficial interest in the Certificate but holds it in an official or fiduciary capacity and
- When the Certifiate is held by two persons jointly and both holders are alive.
Cancellation of Nomination: A nomination in respect of Saving Bond will stand cancelled in the following circumstances :
- If the holder applies to the Office for substitution or cancellation and the substitution or cancellation is duly registered by the office.
- If the holder transfers the Certificate
In case, detailed clarifications are required on specific issues, the circulars/indicated above may please be referred to.