PART 332—OFFERING OF UNITED STATES SAVINGS BONDS, SERIES H Authority: 31 U.S.C. 3105 and 5 U.S.C. 301. Source: 57 FR 14281, Apr. 17, 1992, unless otherwise noted. § 332.1 Offering of bonds. The Secretary of the Treasury offered for sale to the people of the United States, Unites States Savings Bonds of Series H, hereinafter generally referred to as “Series H bonds” or “bonds”. This offer was terminated on December 31, 1979. § 332.2 Description of bonds. (a) General. (b) Denominations and prices. (c) Inscription and issue. (1) The name, social security account number and address of the owner, and the name of the beneficiary, if any, or the name, social security account number, and address of the first-named coowner and the name of the other coowner. The inscription of the social security number was required for bonds issued on or after January 29, 1963. (2) The issue date in the upper right-hand portion of the bond; and (3) The imprint of the agent's validation indicia in the lower right-hand portion to show the date the bond was actually inscribed. § 332.3 Governing regulations. Series H bonds are subject to the regulations of the Department of the Treasury, now or hereafter prescribed, governing United States Savings bonds of Series A, B, C, D, E, F, G, H, J and K, contained in 31 CFR part 315, also published as Department of the Treasury Circular No. 530, current revisions, except as otherwise specifically provided herein. § 332.4 Registration. Series H bonds were permitted to be registered as set forth in subpart B of 31 CFR part 315, also published as Department of the Treasury Circular No. 530. § 332.5 Limitation on holdings. The amount of Series H bonds, originally issued during any one calendar year, that could be held by any one person, at any one time, computed in accordance with the governing regulations, was limited as follows: (a) General limitation. (b) Special limitation for gifts to exempt organizations under 26 CFR 1.501(c)(3)-1. (c) Exchange pursuant to 31 CFR part 339. § 332.6 Purchase of bonds. (a) Issuing agents. (b) Application for purchase and remittance. (i) Instructions for registration of the bonds to be issued, which must have been in an authorized form; (ii) The appropriate social security or employer identification number; (iii) The post office address of the owner or first-named coowner; and (iv) The address(es) for delivery of the bonds and for mailing checks in payment of interest, if other than that of the owner or first-named coowner. (2) The application was to be forwarded to a Federal Reserve Bank or Branch, or the Department of the Treasury, accompanied by a remittance to cover the purchase price. Any form of exchange, including personal checks, was acceptable, subject to collection. Checks or other forms of exchange were to be drawn to the order of the Federal Reserve Bank or the United States Treasury. Checks payable by endorsement were not acceptable. Any depositary qualified pursuant to 31 CFR part 203, also published as Department of the Treasury Circular No. 92, current revision, was permitted to make payment by credit for bonds applied for on behalf of its customers, up to any amount for which it was qualified in excess of existing deposits, when so notified by the Federal Reserve Bank of its district. § 332.7 Delivery of bonds. Authorized issuing agents delivered Series H bonds, either over-the-counter in person or by mail, at the risk and expense of the United States, to the address given by the purchaser, but only within the United States, its territories and possessions, and the Commonwealth of Puerto Rico. No mail deliveries elsewhere were made. If purchased by citizens of the United States temporarily residing abroad, the bonds were delivered at such address in the United States as the purchaser directed. § 332.8 Extended terms and yield for outstanding bonds. (a) Extended maturity period General. extended maturity period, second extended maturity period, (2) Two extensions. Issue dates—1st day of Life of bonds Final maturity dates—1st day of yrs. mos. Jun. 1952-Jan. 1957 29 8 Feb. 1982-Sep. 1986. Feb. 1957-Dec. 1979 30 Feb. 1987-Dec. 2009. (b) Investment yields for outstanding bonds—General—interest rates. (1) For Series H bonds that were in original or extended maturity periods prior to November 1, 1982, the investment yield was 8.5 percent per annum, paid semiannually, effective for the period from the first semiannual interest payment date occurring on or after May 1, 1981, through the end of such periods. For bonds that entered extensions, see paragraphs (b)(2) through (b)(4) of this section. (2) For Series H bonds that entered extended maturity periods from November 1, 1982, through October 1, 1986, the investment yield was 7.5 percent per annum, paid semiannually, for such periods, including bonds that entered into an extended maturity period, as shown below: Issue dates—1st day of— Extension Entered—1st day of Nov. 1962-Oct. 1966 2nd (final) Nov. 1982-Oct. 1986. Nov. 1972-Oct. 1976 1st Nov. 1982-Oct. 1986. (3) For Series H bonds that entered extended maturity periods from November 1, 1986, through February 1, 1993, the investment yield was 6 percent per annum, paid semiannually, for such periods, including bonds that entered into an extended maturity period, as shown below: Issue dates—1st day of— Extension Entered—1st day of Nov. 1966-Feb. 1973 2nd (final) Nov. 1986-Feb. 1993. Nov. 1976-Dec. 1979 1st Nov. 1986-Dec. 1989. (4) For Series H bonds that entered or enter extended maturity periods on or after March 1, 1993, the guaranteed minimum investment yield is 4 percent per annum, paid semiannually, or the investment yield in effect at the beginning of such periods, including bonds that enter into an extended maturity period, as shown below: Issue dates—1st day of— Extension Entered—1st day of Mar. 1973-Dec. 1979 2nd (final) Mar. 1993-Dec. 1999. (c) Tables of interest payments and investment yields. [57 FR 14281, Apr. 17, 1992, as amended at 58 FR 60937, Nov. 18, 1993] § 332.9 Taxation. The income derived from Series H bonds is subject to all taxes imposed under the Internal Revenue Code of 1986, as amended. The bonds are subject to estate, inheritance, gift, or other excise taxes, whether Federal or State, but are exempt from all other taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. § 332.10 Payment or redemption. A Series H bond became eligible for redemption at par at any time after six months from its issue date. To be redeemed, the bond must be presented and surrendered, with a duly executed request for payment, to a Federal Reserve Bank or Branch referred to in § 332.12, or the Bureau of the Fiscal Service, Parkersburg, WV 26106-1328. In any case where bonds are surrendered for redemption in the month prior to an interest payment date, redemption will not be deferred but will be made in regular course, unless the presenter specifically requests that the transaction be delayed until that date. A request to defer redemption made more than one month preceding the interest payment date will not be accepted. [57 FR 14281, Apr. 17, 1992, as amended at 59 FR 10539, Mar. 4, 1994] § 332.11 Reservation as to issue of bonds. The Secretary of the Treasury reserved the right to reject any application for Series H bonds, in whole or part, and to refuse to issue or permit to be issued hereunder any such bonds in any case or any class or classes of cases, if such action was deemed to be in the public interest. Any action in any such respect was final. § 332.12 Fiscal agents. (a) Federal Reserve Banks and Branches referred to below, as fiscal agents of the United States, are authorized to perform such services as may be requested of them by the Secretary of the Treasury, or his or her delegate, in connection with the reissue, redemption and payment of Series H bonds. (b)(1) The following Federal Reserve Offices have been designated to provide savings bond services: Servicing office Reserve districts served Geographic area served Federal Reserve Bank, Buffalo Branch, P.O. Box 961, Buffalo, NY 14240 New York, Boston CT, MA, ME, NH, NJ (northern half), NY (City & State), RI, VT, Puerto Rico and Virgin Islands. Federal Reserve Bank, Pittsburgh Branch, P.O. Box 867, Pittsburgh, PA 15230 Cleveland, Philadelphia DE, KY, (eastern half), NJ (southern half), OH, PA, WV (northern panhandle). Federal Reserve Bank of Richmond, P.O. Box 27622, Richmond, VA 23261 Richmond, Atlanta AL, DC, FL, LA (southern half), MD, MS (southern half), NC, SC, TN (eastern half), VA, WV (except northern panhandle). Federal Reserve Bank of Minneapolis, 250 Marquette Avenue, Minneapolis, MN 55480 Minneapolis, Chicago IA, IL (northern half), IN (northern half), MN, MT, ND, SD, WI. Federal Reserve Bank of Kansas City, 925 Grand Avenue, Kansas City, MO 64198 Dallas, San Francisco, Kansas City, St. Louis AK, AR, AZ, CA, CO, HI, ID, IL (southern half), IN (southern half), KS, KY (western half), LA (northern half), MO, MS (northern half), NE, NM, NV, OK, OR, TN (western half), TX, WA, WY, UT and GU. (2) Until March 1, 1996, other Federal Reserve Offices may continue to provide some savings bond services, but such services will be phased out over the period prior to that date. [59 FR 10539, Mar. 4, 1994] § 332.13 Reservation as to terms of offering. The Secretary of the Treasury may at any time, or from time to time, supplement or amend the terms of this offering of bonds, or of any amendments or supplements thereto.