{"data":{"id":"us/31-cfr-342.2","jurisdiction":"us","citation":"31 CFR 342.2","heading":"Description of notes.","body":"(a) General. Savings notes were issued only in registered form and are nontransferable.\n(b) Term. A savings note was dated as of the first day of the month in which payment of the purchase price was received by an issuing agent. A note had an original maturity period of 4 years and 6 months and has been granted two 10-year extensions of maturity and an additional extension of 5 years and 6 months with interest; it will reach final maturity 30 years from its issue date. A note cannot be called by the Secretary of the Treasury prior to maturity and was not redeemable during the first year from issue date. Thereafter, a note may be redeemed at the option and request of the owner.\n(c) Denominations and purchase prices. Savings notes were issued on a discount basis. The denominations and purchase prices were as follows:\nDenomination Purchase price\n$25 $20.25\n50 40.50\n75 60.75\n100 81.00\nInterest is paid as a part of the redemption value. A note increased in value one year after issue date and increases at the beginning of each half-year period thereafter until final maturity, at which time interest ceases to accrue. Interest on a note which is redeemed before maturity ceases to accrue at the end of the interest period next preceding the redemption date, except that if the note is redeemed on a date on which the redemption value increases, interest ceases to accrue on that date.\n(d) Inscription and issue. At the time of issue, the authorized issuing agent:\n(1) Inscribed on the face of each note the name and address of the owner and the name of the beneficiary, if any, or the names of the coowner;\n(2) Entered the issue date in the right-hand portion of the note in the space provided for that purpose; and\n(3) Imprinted thereunder, by use of the agent's validation indicia for the issue of Series E savings bonds, the date the note was actually inscribed. A note is valid only if an authorized issuing agent received payment therefor and duly inscribed, dated, imprinted validation indicia on the note and delivered it.","path":["Title 31—Money and Finance: Treasury","Subtitle B—Regulations Relating to Money and Finance","CHAPTER II—FISCAL SERVICE, DEPARTMENT OF THE TREASURY","SUBCHAPTER A—BUREAU OF THE FISCAL SERVICE","PART 342—OFFERING OF UNITED STATES SAVINGS NOTES"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-31.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:25:25Z","sha256":"dbd6f12059e3c843d510ec5b04714a2384036896ca6979b2ea84749fb1371319","source_id":"us-cfr","stale":true,"prev":"us/31-cfr-342.1","next":"us/31-cfr-342.3"},"notice":"GroundRules: Original legal text. Not legal advice."}