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RBI – Floating Rate Savings Bond, 2020 (Taxable) are issued in electronic form and is credited to the investor’s Bond Ledger Account (BLA) on the date of receipt of funds. A Certificate of Holding is issued to the customer as a proof of subscription.
RBI – Floating Rate Savings Bond, 2020 (Taxable) is issued at par or 100%, i.e. the bond amount will be exactly the amount paid. The bonds are issued at a minimum of Rs.1,000 and multiples thereof.
RBI – Floating Rate Savings Bond, 2020 (Taxable) shall be repayable on the expiration of 7 years from the issue date. Interest will not be paid after the maturity of the same.
Interest on the RBI – Floating Rate Savings Bond, 2020 (Taxable) will be taxable under the Income Tax Act, 1961, as applicable according to the relevant tax status of the holders.
Yes. It is for the applicants who have obtained exemption from Income Tax under the relevant provisions of the Income Tax Act, 1961. They shall declare to that effect in the application (in Form A) and submit a true copy of the certificate obtained from Income Tax Authorities. The customer can also provide form 15 G/H
Yes. An individual who holds the RBI – Floating Rate Savings Bond, 2020 (Taxable) may nominate another person or persons in the event of their death who shall be entitled to the ownership and any payment due on the bond.
No. The RBI – Floating Rate Savings Bond, 2020 (Taxable) held to the credit of Bonds Ledger Account of an investor shall not be transferable.
No. These bonds are not eligible as collateral to avail loans from banks, Non-Banking Financial Companies (NBFCs) and Financial Institutions.
Interest to the holders opting for these bonds will be paid from the date of issue up to 30th June/ 31st December as the case may be, and thereafter half-yearly on 1st July and 1st January for the period ending 30th June and 31st December respectively.
Interest on Bonds held to the credit of the Bonds Ledger Account of an investor will be paid electronically by credit to the bank account of the holder as per the option selected by the investor/holder.
Premature encashment in respect of the RBI – Floating Rate Savings Bond, 2020 (Taxable) shall be allowed for individual investors in the age group of 60 years and above, subject to submission of a document relating to the date of birth of the investor in support of age to the satisfaction of the issuing bank.
Yes. In case of joint holders or more than two holders, the above lock-in period will be applicable even if any holders fulfil the above eligibility conditions.
50% of interest due and payable for the last six months of the holding period will be recovered in such cases.
Kotak Bank offers RBI - Floating Rate Savings Bond 2020 (Taxable) [RBI - FRSB 2020 (T)].
RBI-FRSB 2020 (T) was introduced by the Government of India on July 1, 2020. The interest rate of the bond is linked to National Savings Certificate (NSC) rate as on 1st Jan and 1st July with a spread of (+) 35 bps over the respective NSC rate.
Features of RBI - FRSB 2020 (T)
8.05% half - yearly interest payable on 1st January and 1st July
Minimum- Rs.1,000 and in multiples thereof | Maximum- No limit
Seven years
Resident Individual & Hindu Undivided Family
No minimum entry age. In the case of minors, RBI - FRSB 2020 (T) can be purchased by parents/legal guardians
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