Section 8 in National Housing Bank (Issue And Management Of Bonds) Regulations, 1989
8. Payment of Interest.
(1)Interest on a bond in the form of a promissory note shall be paid by the office of issue or any other office of the National Housing Bank specified in the bond prospectus subject to compliance by the holder of the bond with such formalities as the National Housing Bank may require, and on presentation of the bond.(2)Interest on a bond in the form of stock certificate shall be paid by warrants issued by the National Housing Bank and payable at the local office of the National Housing Bank or the Reserve Bank or the scheduled bank. The presentation of the stock certificate shall not be required at the time of payment of interest but the payee shall acknowledge receipt at the back of the warrant.(3)Interest on a Bond held in the form of an entry in the books of the National Housing Bank shall be paid by the National Housing Bank by issue of warrants crossed account payee or in such other manner as may be agreed to by the National Housing Bank.
