RBI allows more than one nominees for saving bonds

Mumbai, Sep 2 (UNI) The Reserve Bank of India today said, in case of Savings Bonds issued under the captioned schemes, joint holders are entitled to nominate one or more persons as nominees.

In a notification to natianalised banks, the apex bank said in accordance to the Government of India's (GoI) notifications, a sole holder or a sole surviving holder of a bond, being an individual, may nominate one or more persons who shall be entitled to the bond and payment there on in the event of his or her death.

''In this connection, we advise that since the G S Act provides for nomination for Government securities by joint holders of the Savings Bonds and the GoI Notifications relating to Savings Bonds as such do not prohibit joint holders from making nomination, such joint holders are entitled to nominate one or more persons as nominees,'' RBI stated.

The apex bank also advised to issue suitable instructions for the bank's branches operating the scheme.

UNI PP RN SKB2007