Balance of development loan to be paid by next month: Government

Outstanding balance of 8.39 per cent in the decade old State Development Loan (SDL) 2017 would be paid back to the investors on November 14, 2017, with interest, a Finance Department release said.

Payment of maturity proceeds to the registered holder of Government Security held in the form of Subsidiary General Ledger or Constituent Subsidiary General Ledger account or Stock Certificate shall be made by a pay order incorporating his/her bank account or by credit to the account of the holder in any bank having facility of receipt of funds through electronic means. 

For making payment in respect of the securities, the original subscriber or the subsequent holders should submit to the Bank or Treasury and Sub-Treasury or 

branch of State Bank of India, or its subsidiary banks where they are enfaced/registered for payment of interest with the relevant details of their bank accounts. 

In the absence of bank account/mandate for receipt of funds through electronic means, the holders should tender their securities at the Public Debt Office (PDO), 20 days in advance. 

The securities should be tendered for repayment, duly discharged on the reverse thereof as under: - “Received the Principal due on the Certificate.” In case where the treasury work is done by a branch of the SBI or its associate banks, the securities, if they are in the form of Stock Certificates, should be tendered at the branch of the bank concerned and not at the Treasury or Sub-Treasury. Holders who wish to receive payment at places other than those where the securities have been enfaced for payment should send them duly discharged to the PDO concerned by registered and insured Post. The PDO  will make payment by issuing a draft.