No cap on tax-free saving bonds

After a minimum lock-in-period from the date of issue, an investor can surrender the bond any time after the 6th half year but redemption payment will be made on the following interest payment due date. The bonds are not transferable except by way of gifts to relatives as defined in section 6 of the Companies Act.

The bonds are also not tradable in the secondary market and not eligible as collateral for loans from banking institutions, non-banking financial companies or institutions.