Nomination Facility for Relief/Savings Bonds
The Reserve Bank of India (RBI) has issued a master circular regarding the nomination facility for Relief/Savings bonds.
The nomination facility is available for the following bonds:
Relief Bonds: These are bonds issued by the Government of India to provide relief to the affected people in times of natural calamities or other emergencies.
Savings Bonds: These are bonds issued by the Government of India to encourage savings among individuals.
The nomination facility allows the bondholder to nominate one or more persons to receive the bond proceeds in the event of their death.
The nomination can be made at the time of purchasing the bond or subsequently by submitting a nomination form to the issuing office.
Exceptions to the nomination facility include:
Minor: A minor cannot be nominated as a nominee.
Non-Resident: A non-resident Indian cannot be nominated as a nominee.
Cancellation of Nomination:
The nomination can be cancelled by the bondholder at any time by submitting a cancellation form to the issuing office.
In the event of cancellation, the bondholder can make a fresh nomination.
Chat with the Master Circular:
Download: Master Circular on Nomination facility for Relief/Savings bonds