diff --git a/CHANGELOG.md b/CHANGELOG.md
index 44d6c057e..fee6ccf3e 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -6,6 +6,7 @@ See VERSIONING (https://github.com/openMF/mifosx/blob/master/VERSIONING.md) for
 Releases
 ===============
 
+1. 06 Jun 2013 - 1.2.1.RELEASE
 1. 27 May 2013 - 1.2.0.RELEASE
 1. 24 May 2013 - 1.1.4.RELEASE
 1. 22 May 2013 - 1.1.3.RELEASE
@@ -22,6 +23,25 @@ Releases
 1. 05 April 2013 - 0.11.1.beta
 1. 05 April 2013 - 0.11.0.beta
 
+1.2.1.RELEASE
+=============
+Bug Release
+
+Platform & API
+
+Bug
+ - [MIFOSX-402] - Unable to use 'days' period frequency when entering value for 'lockin' on savings product/account
+ - [MIFOSX-398] - In savings account - " New saving product" is getting activated before Client activation date.
+ - [MIFOSX-399] - If full balance amount is withdrawn from saving account, it is displaying negative balance as withdrawal fee is defined in saving product.
+    
+Reference App
+ - [MIFOSX-358] - Register/Deregister datatables for groups and centers
+ - [MIFOSX-396] - Not able to deposit / Withdraw amount in savings account
+ - [MIFOSX-401] - While Updating the saving product if withdrawal fee is defined as "0" error message is displayed.
+ - [MIFOSX-403] - While defining and updating the saving product if Annual fee is defined as "0" error message is displayed.
+ - [MIFOSX-407] - For some transactions by clicking on Deposit/Withdraw, 2-3 popup pages displayed as blank.
+ - [MIFOSX-410] - While defining saving product if Annual fee and date text field kept blank it is displaying error. But while editing saving product if Annual fee and date text field kept blank it is accepting.
+
 1.2.0.RELEASE
 =============
 Feature Release
diff --git a/README.md b/README.md
index cc89370c0..45499b9bc 100644
--- a/README.md
+++ b/README.md
@@ -26,7 +26,7 @@ The mifos-platform (project named 'Mifos X') has reached <b>public release versi
 
 That means there is a published and stable API. This API is documented in the api-docs under <b>Full API Matrix</b>.
 
-Latest stable release: <a target="_blank" href="https://github.com/openMF/mifosx/tree/mifosplatform-1.2.0" title="mifosplatform-1.2.0">mifosplatform-1.2.0</a>
+Latest stable release: <a target="_blank" href="https://github.com/openMF/mifosx/tree/mifosplatform-1.2.1" title="mifosplatform-1.2.1">mifosplatform-1.2.1</a>
 
 License
 =============