Nomination in favour of NRI by Investors in Savings Bonds

At present, non-resident Indians (NRIs) are not eligible to invest in 6.5 per cent Savings Bond, 2003 (Non-Taxable) or 8 per cent Savings Bond (Taxable) nor can NRIs be nominees. Requests have been received by the Bank for extension of the facility of nomination of an NRI by the holders/investors in these bonds. The mater has been examined and it has been decided that sole holder of the bond may nominate an NRI as his nominee in respect of interest/redemption value of the investment in the bonds and the nomination will be registered in the books of the Bank/agencies. The normal regulations in regard to the foreign remittances as applicable to NRIs from time to time will continue to govern these cases also.

 

P. V. Sadanandan
Manager