AMN
Finance Ministry today said RBI Bonds Scheme has not been closed but the interest rate on such papers lowered to 7(point)75 per cent.
Economic Affairs Secretary S C Garg said in a tweet that 8 per cent Savings Bonds Scheme, also known as RBI Bonds Scheme, is not being closed but is being replaced by 7.75 per cent Savings Bonds Scheme.
These taxable bonds are meant for individual other than Non-Resident Indians with no maximum limit for investment.
Yesterday, the government notified that the 8 per cent GoI Savings (Taxable) Bonds, 2003 shall cease for subscription with effect from the close of business on January 2, 2018. In 2003, the government came out with bonds offering 8 per cent interest to encourage retail investors to invest.
The bond was open for subscription from April 21, 2003, and had a fixed tenure of six years.