1. What Is The Date Of Redemption Of IMDS?

29th December, 2005.

2. What Are The Currencies IMDS Were Issued In?

US Dollar, EURO and GB Pounds.

3. Will The Currency Of Issue Of IMDS Be The Same As The Currency Of Redemption?

Yes, except if the IMDs have been gifted to an Indian resident in which case the redemption proceeds will be paid in non-repatriable Indian Rupees.

4. How Will I Get The Redemption Proceeds?

Redemption proceeds will be paid by means of a cheque payable in:

  • Redemption proceeds will be paid by means of a cheques payable in:

  • USA for USD denominated payments,

  • Frankfurt for EURO denominated payments,

  • London for GBP denominated payments,

  • India for Rupee denominated payments.

5. Are There Any Bank Collection Charges For The Cheques?

Levying of collection charges is left to the individual banks. However, if the cheques are deposited with any branch of SBI, no collection charges will be levied by SBI and value date of funds will be made available from the date of the redemption or the date of deposit of the cheque, whichever is later.

6. When Will I Get Redemption Forms?

Redemption Application Form (RAF) will be sent to your address registered with us, by the middle of August 2005.

7. If I Do Not Receive Redemption Application Form (RAF) What Do I Do?

The forms are available on our web site. You can download it from www.sbi.co.in and send it, in original, alongwith duly discharged IMD Certificates in original to the SBI, NRI Branch Mumbai at the given address duly filling up the same.

8. What Is The Last Date For Receipt Of Redemption Application Form (RAF)?

Redemption Application Form (RAF) must reach SBI, NRI Branch, Mumbai latest by 30th October, 2005.

9. What If The Redemption Application Forms (RAF) Are Received Late At SBI?

They will be processed and payment will be made. It may take 6 weeks for processing and dispatch of the cheques from the date of receipt of the delayed lodgment.

10. What Should I Enclose With The Redemption Application (RAF) Form?

Please note that the original IMD certificates are required to be submitted alongwith your RAF duly discharged/signed on reverse of the certificates by the first named holder/transferee.

11. What Is The Last Date To Register The Transfer?

Requests for registration of transfers should be received at NRI Branch, Mumbai latest by 30th September, 2005.

12. If I Purchase IMDS Should I Get These Transferred To My Name?

Yes. If the transfer is not effected, the redemption cheque will be issued favouring the holder whose name is registered in the books of the Registrar.

13. If My Signature Has Changed Will The Redemption Be Released?

If the signature has changed since you signed the application for purchase of IMDs, it would be advisable to have the new signature verified by your banker if it is SBI, or by an official of the Indian Embassy/High Commission/Consulate/Notary Public and enclose the same with Redemption Application Form (RAF) to facilitate verification and payment without delay.

14. I Have Misplaced The Bonds And They Are Lost Irretrievably. What Do I Do?

Immediately contact SBI, NRI Branch, Mumbai with the details of folio numbers for completion of formalities.

15. The IMD Holder Is Deceased And I Am The Legal Heir. What Do I Do?

Immediately contact SBI, NRI Branch, Mumbai with the details of folio numbers for completion of formalities.

16. How Do I Record My New Address?

The sample request form for change of address is available at our web site www.sbi.co.in Please ensure that your Redemption Application Form (RAF) includes the address to which redemption cheque is to be despatched.

17. What Is The Address, Telephone No. & E-Mail Id Of SBI, NRI Branch, Mumbai?

Deputy General Manager, State Bank of India, NRI Branch, 212,
Tulsiani Chambers, Nariman Point, Mumbai, 400 021 India.

Telephone Nos.: +91-22 22883149, 22851658, 22820031, 22825698, 22820954
Fax Nos.: +91-22 22882891, 22048852
E-mail ID: imd.nrimumbai@sbi.co.in,     nrimumbai@sbi.co.in

18. Miscellaneous

If you are an IMD holder, you must also keep in mind the following issues:

A. Bank has not appointed/authorized any other Bank to collect your IMDs.

B. If you have availed any loan facility against the IMDs, kindly ensure that your bankers submits IMD Certificates duly discharged by the Bank to us for redemption. In case, the loan is fully liquidated, please ensure that your Bankers have advised us for cancellation for LIEN in our books.

C. If you hold the certificates as TRANSFEREE/DONEE please check whether:

  • The certificates are endorsed by all previous holders and that no prior endorsement is missing.

  • The transfer/gift of the IMDs are registered/recorded with us (as it is mandatory to submit transfer applications before cut-off date i.e 30th September, 2005).

  • New registered folio number if allotted to you.

  • Your residential status (NRI/Resident) is mentioned correctly in the transfer/gift advice received by you. In case of any discrepancy, please note to intimate to us immediately, by way of a letter duly signed by you alongwith proof of residential status e.g. attested copy of passport.

D. If the subscription for IMDs is originally made under the signature of Power of Attorney (POA), please ensure that attested copy of POA and Letter of Continuation of POA on the prescribed format signed by both the POA holder and Principal are submitted alongwith Redemption Application Form (RAF).

E. It is important to note that the redemption of your investment will be made by us strictly on the basis of your specimen signature recorded with us on the application submitted by you at the time of subscription/transfer of IMDs. Your signature on our record is the only source of your identification. Therefore, to protect your interest, it is imperative for you to sign/discharge the Redemption Application Form (RAF) and the certificates as per the specimen signature recorded with us. Any deviation in the specimen signature may cause delay in redemption of IMDs for which Bank will not be liable to pay damages/interest due to delayed redemption.

F. For the USA denominated IMDs, State Bank of India reserves the right to make the payment through any of its foreign offices.

G. Opening an account with SBI before redemption will facilitate immediate credit of the redemption proceeds or conversion into any other products offered by the bank.

H. Before sending in your Redemption Application Form (RAF) please ensure that it is complete in all respects. Common irregularities observed by us are:

  • Redemption Application Form (RAF) and Certificates not signed.

  • In case of gift/transfer previous bondholder's endorsement missing.

  • Continuation Letter of POA not enclosed/submitted.

  • Certificates under lien, but submitted by the bondholder.

  • Specimen signature differs.

  • Copy of POA not on record.

  • Minor IMD holder attaining age of majority/signature not attested by the natural guardian who had signed on behalf of the minor at the time of subscription.

  • In case of OAC/CO holding list of authorized signatories not submitted.

  • In case of HUF holding change in constitution of the HUF not advised

  • Discharge of the lending bank missing.

  • For Fiduciary holdings any change in the ownership (due to merger/acquisition) not intimated with supporting documents.

  • Transfer/Gift not recorded.

Further, we would like to clarify on various matters relating to IMD Redemption:

  • A. The prescribed Redemption Application Form (RAF) will be sent to your last recorded address in the month of July 2005.

  • B. In the event of death of the first holder, please ensure that an attested copy of Death Certificate is sent to us and necessary formalities for transmission of IMDs in the name of legal heirs/joint holders are completed.

  • C. Please ensure that you are in possession of the original IMD certificates, well before due date. In case they are not traceable please let us know in advance and we will advise you further steps to get duplicates thereof.

  • D. Please note that the original IMD certificates are required to be submitted alongwith the RAF duly discharges/signed on reverse of the certificates by the first named holder/transferee.

  • E. If you have availed any loan facility against the IMDs, kindly ensure that your Banker submits IMD certificates duly discharged to us for redemption. In case the loan is fully liquidated, please ensure that your Bankers have requested us for cancellation of LIEN in our books.


1. The INDIA MILLENNIUM DEPOSITS (IMDs) are Bank instruments in form of Promissory Note, transferable by endorsement, delivery and registration with State Bank of India, NRI Branch, Mumbai. Please ensure that the bonds are duly endorsed by the transferor in the column provided, before delivery.

2. A separate declaration on the lines of the specimen given on the reverse of the certificate alongwith a service fee of USD 15/- or Rs.560/- per certificate by way of Bank Draft favouring SBI, NRI Branch, Mumbai is required to be submitted to SBI, NRI Branch, Mumbai for registration of the transfer. No personal cheques will be entertained.

3. A single transfer declaration form with a draft for requisite fee should be submitted irrespective of number of certificate(s) to be transferred, if folio number and the transferee is one and the same.

4. Original IMDs need not be sent to us for registering transfer/gift.

5. Residential status of transferee/donee i.e. resident/Non-Resident etc. should be clearly mentioned.

6. In case of 2nd transfer new Register Folio number should be invariably mentioned. (New R. F. No. is advised by us to first transferee/donee at the time of registration of transfer/gift.)

7. The deposits issued are on Former or Survivor basis. However, Deposits can be transferred to one person only. Subsequently, name of second holder can be added as per procedure mentioned on the reverse of the Deposit Certificate.

8. IMDs can not be transferred by way of gift by NRI if he is minor.

9. Transfer/Gift forms should be filled in capital letters, preferably neatly typed.

10. All cancellations, alterations and corrections require transferor's/donor's authentication under his full signature

11. Transfer is permitted to Resident Indian/Charitable Trust in India recognized under Income Tax Act by way of GIFT only. The certificates can not be further transferred by Residents. As such Resident Donees cannot transfer/gift the certificates to anybody else.

12. If IMDs are transferred in the name of a Bank acting in fiduciary capacity on behalf of NRIs, certificate in the prescribed form on the Bank's Letterhead confirming status, eligibility, etc. should be submitted alongwith declaration.

13. In case of HUF, Karta should sign on behalf of HUF and relevant HUF papers should be submitted.

14. IMDs cannot be transferred to an Overseas Corporate Body.

15. In case of Charitable Trust, following papers to be submitted alongwith transfer application:

  • Certificate copy of Trust Deed.

  • Resolution passed by the Trust for acceptance of gift of IMDs and authorizing Trustee(s) to sign on behalf of Trust.

  • List of names of Trustees with their signatures duly attested/notarised.

16. If the IMDs held by a Bank in fiduciary capacity on behalf of NRIs are transferred, signature on transfer application by an official should be as per signature on the Bank's records. Alternatively, signature of the official on the transfer application should be notarized (Photocopy of notarized copy is not acceptable).