In the United States, a formerly-
issued savings bond, exempt from state and local taxes, with an
interest rate fixed for 10 years. These bonds
paid par upon
maturity, which was 20 years after issue. They were non-transferable and must either have been held or
redeemed. Very often, the interest rate dropped to 1.5% after 10 years, which rarely kept pace with
inflation. Series HH bonds were discontinued in 2004. See also: Series H bond.