SBI's IMD (India Millennium Deposit) REDEMPTION-FAQ
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 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. 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: email@example.com firstname.lastname@example.org
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