Premature encashment of savings bonds allowed for senior investors subject to age based lock in and an interest penalty. Premature encashment of 8% Savings (Taxable) Bonds, 2003 is allowed for individual investors aged sixty and above subject to tiered minimum lock in periods, documentary proof of age, and surrender of entire applications only. Payments occur on scheduled half year interest payment dates or subsequent processing dates; cumulative and non cumulative bonds have prescribed notional or actual payment timings. If interest warrants have been dispatched but not tendered, a portion of the last six months' interest is recoverable as penalty. Requests require a request letter and Form 1A discharge certificate.