In some cases, the bank may send the bonds to the Fed, which will slow things down. Series EE bonds are purchased at half their face value or denomination. I Bonds are purchased at face value or denomination. Series EE Bonds earn market-based rates that change every 6 months. There is no way to predict when a Series EE bond will reach its face value.
Bonds are an accrual-type security.
In English, this means that interest is added to the bond monthly. The interest is paid when the bond is cashed. An I Bond earns interest for as long as 30 years. The interest accrues on the first day of the month, and is compounded semiannually. The earnings rate of an I Bond is determined by a fixed rate of return plus a semiannual inflation rate.