RBI allows premature encashment of 8% Savings (Taxable) Bonds
Mumbai: The Reserve Bank of India has permitted premature encashment of 8 per cent Savings (Taxable) Bonds for individual investors who are 60 years and above. This facility is after a minimum lock-in period of three years from the date of issue,RBI said in a statement. An investor,desiring to avail of the facility of premature encashment,will have to submit documentary evidence in support of his/her date of birth to satisfaction of the agency bank,it said. In case of joint holders or more than two holders of a Savings (Taxable) Bonds,2003,any one of the holders should fulfil the above conditions of eligibility,it said in a communication to heads of all public sector banks. However,partial encashment of amount invested on a single application is not permitted.
Indian Bank revises interest rates for FCNR (B) deposits
Chennai: Indian Bank has revised its interest rates on foreign currency non-resident (Banking) term deposits with immediate effect. Accordingly,for FCNR (B) deposits,in US Dollar,the revised interest rate for one year and above but less than two years remains unchanged,at 2.67 per cent. For deposits of two years and above but less than three years,it has been increased to 2.57 per cent from the existing 2.48 per cent,Indian Bank said in a statement. Interest rates have been revised to 4.95 per cent,for deposits of three years and above,but less than four years from the existing 4.78 per cent,it said. For deposits of four years and above but less than five years,interest rates have been hiked to 5.38 per cent from the existing 5.17 per cent. pti