What changed
The Government of India extended the issuance closing date for IINSS-C 2013 from December 31, 2013 to March 31, 2014. The government retains the right to close the issue before the new deadline. All other terms and conditions from the December 19, 2013 notification remain unchanged.
What it means for you
Banks and designated agencies (like SHCIL) must continue to accept and process subscriptions for IINSS-C 2013 for an additional three months. This extension gives lenders more time to market and sell these inflation-indexed savings instruments to retail investors. No changes to interest calculation, maturity, or other features are involved.
What you must do
- Update internal systems and branch circulars to reflect the new closing date of March 31, 2014 for IINSS-C 2013.
- Continue accepting subscriptions from investors until the extended deadline or until the government announces an earlier closure.
- Inform all relevant departments (treasury, retail banking, operations) about the unchanged terms and conditions.
- Monitor any further government notifications for potential early closure of the issue.
Who it affects
State Bank of India and associate banks, All nationalised banks, ICICI Bank, HDFC Bank, Axis Bank, Stock Holding Corporation of India Ltd (SHCIL), Retail investors subscribing to IINSS-C 2013
What is the new closing date for IINSS-C 2013?
The closing date has been extended from December 31, 2013 to March 31, 2014. However, the government may close the issue earlier than this date.
Are there any changes to the terms and conditions of IINSS-C 2013?
No, all other terms and conditions from the December 19, 2013 notification remain unchanged. Only the closing date has been extended.