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Electronic Code of Federal Regulations

e-CFR data is current as of June 2, 2020

Title 31Subtitle BChapter IISubchapter APart 359 → Subpart C


Title 31: Money and Finance: Treasury
PART 359—OFFERING OF UNITED STATES SAVINGS BONDS, SERIES I


Subpart C—Book-Entry Series I Savings Bonds


Contents
§359.45   How are book-entry Series I savings bonds purchased and held?
§359.46   What are the denominations and prices of book-entry Series I savings bonds?
§359.47   How is payment made for purchases of book-entry Series I savings bonds?
§359.48   How are redemption payments made for my redeemed book-entry Series I savings bonds?
§359.49   What is the issue date of a book-entry Series I savings bond?
§359.50   What amount of book-entry Series I savings bonds may I acquire per year?
§§359.51-359.52   [Reserved]
§359.53   Are taxpayer identification numbers (TINs) required for registration of book-entry Series I savings bonds?
§359.54   When is a book-entry Series I savings bonds validly issued?
§359.55   How are redemption values calculated for book-entry Series I savings bonds?
§359.56   How can I find out what my book-entry Series I savings bonds are worth?
§§359.57-359.64   [Reserved]

§359.45   How are book-entry Series I savings bonds purchased and held?

Book-entry bonds must be purchased and held online through your New Treasury Direct account. We provide instructions for opening an account online at http://www.fiscal.treasury.gov.

§359.46   What are the denominations and prices of book-entry Series I savings bonds?

Book-entry bonds are issued in a minimum amount of $25, with additional increments of one cent. Book-entry bonds are sold at par value.

§359.47   How is payment made for purchases of book-entry Series I savings bonds?

You may only purchase book-entry Series I savings bonds online through your New Treasury Direct account. You may pay for your securities through a debit to your designated account at a United States depository financial institution, or by applying the redemption proceeds of a certificate of indebtedness held in your New Treasury Direct account.

[69 FR 50308, Aug. 16, 2004]

§359.48   How are redemption payments made for my redeemed book-entry Series I savings bonds?

We will make payments electronically by direct deposit, using the ACH method, to your designated account at a United States depository financial institution. You may also direct that a payment be used to purchase a certificate of indebtedness to be held in your New Treasury Direct account.

[69 FR 50308, Aug. 16, 2004]

§359.49   What is the issue date of a book-entry Series I savings bond?

The issue date of a book-entry Series I savings bond is the first day of the month in which the security posts to the current holdings of the account owner.

[69 FR 50308, Aug. 16, 2004]

§359.50   What amount of book-entry Series I savings bonds may I acquire per year?

The principal amount of book-entry Series I savings bonds that you may acquire in any calendar year is provided at §363.52.

[77 FR 213, Jan. 4, 2012]

§§359.51-359.52   [Reserved]

§359.53   Are taxpayer identification numbers (TINs) required for registration of book-entry Series I savings bonds?

The TIN of each person named in the registration is required to purchase a book-entry bond.

§359.54   When is a book-entry Series I savings bonds validly issued?

A book-entry bond is validly issued when it is posted to your New Treasury Direct account.

§359.55   How are redemption values calculated for book-entry Series I savings bonds?

We base current redemption values (CRV) for book-entry Series I savings bonds on the definitive savings bonds CRV. To calculate the book-entry values, we use the CRV for the $100 denomination Series I savings bonds and calculate a CRV prorated to the book-entry par investment amount for the corresponding issue and redemption dates. Calculated book-entry CRV will be rounded to the nearest one cent.4 The formula is as follows (Examples of the calculation are given in appendix A to part 359.):

4Example: Calculated value of $25.044 rounds to $25.04; calculated value of $25.045 rounds to $25.05.

[Book-entry par investment ÷ 100] × [CRV value for $100 bond].

[67 FR 64278, Oct. 17, 2002, as amended at 75 FR 52461, Aug. 26, 2010]

§359.56   How can I find out what my book-entry Series I savings bonds are worth?

(a) Redemption values. You may access redemption values for your book-entry bonds through your New Treasury Direct account.

(b) Redemption penalty. Redemption values shown in your New Treasury Direct account reflect the three-month interest penalty applied to bonds redeemed prior to five years from the date of issue.

§§359.57-359.64   [Reserved]

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