Section 16 — Repayment

(i) The Bonds shall be repayable on the expiration of 7 years from the date of issue.
(ii) Premature encashment in respect of the Bonds shall be allowed for individual investors in the age group of 60 years and above, subject to submission ofdocument relating to date of birth of the investor in support of age to the satisfaction of the issuing bank, after minimum lock in period from the date of issueas indicated below:
(a) Lock in period for investors in the age bracket of 60 to 70 years shall be 6 years from the date of issue.
(b) Lock in period for investors in the age bracket of 70 to 80 years shall be 5 years from the date of issue.
(c) Lock in period for investors in the age of 80 years and above shall be 4 years from the date of issue.
(iii) In case of joint holders or more than two holders of the Bond, the above lock in period will be applicable even if any one of the holders fulfills the aboveconditions of eligibility.
(iv) After aforesaid minimum lock in period from the date of issue an eligible investor can surrender the bonds at any time after the 12th, 10th and 8th halfyear corresponding to the respective lock in period but redemption payment will be made on the following interest payment due date. Thus, the effective dateof premature encashment for eligible investors will be 1st August and 1st February every year. However, 50% of interest due and payable for the last sixmonths of the holding period will be recovered in such cases, both in respect of Cumulative and Non-cumulative bonds.