RBI allows premature encashment of 8 per cent Savings (Taxable) Bonds for individual senior citizen investors above 60 years

  • The Reserve Bank of India, RBI, has permitted premature encashment of 8% Savings (Taxable) Bonds for individual investors who are 60 years and above
  • RBI said the facility would be available after a minimum lock-in period of three years from the date of issue.
  • In case of joint holders, any one of the holders should fulfill the conditions of eligibility. It however clarified that partial encashment of amount invested on a single application will not be permitted.
  • The RBI has also directed Urban Co-Operative Banks to stop giving donations to trusts and institutions where the bank’s directors or their relatives hold positions or have interests.
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