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Introduction of Floating Rate Savings Bonds, 2020 (Taxable)

July 3, 2020 GEDWEBZIP

Introduction of Floating Rate Savings Bonds 2020

Introduction of Floating Rate Savings Bonds, 2020 (Taxable)

Ministry of Finance

Introduction of Floating Rate Savings Bonds, 2020 (Taxable)

 26 JUN 2020

The Government has notified the new Floating Rate Savings Bonds, 2020 (Taxable)Scheme in place of 7.75 percent Savings (Taxable) Bonds, 2018 Scheme which ceased for subscription from the close of banking business on May 28, 2020. The broad features of the new Floating Rate Savings Bonds, 2020 (Taxable) scheme are given below:

  Item Details
1. Scheme name Floating Rate Savings Bonds, 2020 (Taxable)
2. Issuance To be issued by Reserve Bank India on behalf
of the Government of India.
3. Eligibility The Bonds may be held by –
(i) a person resident in India,-
(a)in his individual capacity, or
(b)in individual capacity on joint basis, or
(c)in individual capacity on any one or survivor
basis, or
(d)on behalf of a minor as father/mother/legal
guardian

 

(ii)a Hindu Undivided Family.

Explanation: For the purpose of this paragraph,
the “person resident in India” shall have the
same meaning as defined in clause (v) of
Section 2 of the Foreign Exchange Management
Act 1999(42 of 1999)

4. Issue price/ Denomination/
Minimum Subscription
The Bonds will be issued at parat Rs.100/-for a
minimum amount of Rs.1000/- (nominal value)
and in multiples thereof.
5. Date of Issue The Bonds, in the form of Bonds Ledger Account,
will be opened (issued) from the date of tender of
cash (up to Rs.20,000/- only), or date of realization
of cheque/draft/funds.
6. Maximum limit There will be no maximum limit for investment
in the Bonds.
7. Forms/Certificate The Bonds will be issued only in the form of
Bond Ledger Account and may be held at
the credit of the holder in an account called
Bond Ledger Account (BLA). The investors
will be issued a Certificate of Holding for
the same.
8. Payment option Subscription to the Bonds will be in the
form of Cash(uptoRs.20,000 only)/drafts/
cheques or any electronic mode acceptable
to the Receiving Office.Cheques or drafts
should be drawn in favour of the Receiving
Office and payable at the place where the
applications are tendered.
9. Repayment/Tenor The Bonds shall be repayable on the
expiration of 7 (Seven) years from the
date of issue. Premature redemption
shall be allowed for specified categories
of senior citizens.
10. Receiving Offices Applications will be received at the
branches of SBI, Nationalised banks
and specifiedprivate sector banks,
either directly or through their agents.
11. Interest Rate(Floating) The interest on the bonds is payable
semi-annually on 1st Jan and 1st July
every year.The coupon on 1st January
2021 shall be paid at 7.15%. The Interest
rate for next half-year will be reset every
six months, the first reset being on
January 01, 2021. There is no option to
pay interest on cumulative basis.
12. Tax treatment Interest on the Bonds will be taxable
under the Income-tax Act, 1961as amended
from time to time and as applicable according
to the relevant tax status of the Bonds holder.
13. Transferability The Bonds in the form of Bond Ledger
Account shall not be transferableexcept
transfer to a nominee(s)/legal heir in case
of death of the holder of the bonds
14. Nomination A sole holder or all the joint holders of
Bonds, being individual/s, may nominate
in Form C or as near thereto as may be,
one or more persons who shall beentitled
to the Bonds and the payment there on,
in the event of his/their death.
15. Tradability /Advances The Bonds shall not be tradable in the
secondary market and shall not be
eligible as collateral for loans from
banks, financial Institutions and Non-Banking
Financial Company (NBFC) etc.
16. Brokerage/Commission Brokerage at the rate of 0.5% of the amount
mobilized will be paid to the Receiving Offices
and they shall share at least 50% of the
brokerage so received with brokers/sub
brokers registered with them.

Source: PIB

Related posts:

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  2. Coupon Re-set of Postal Life Insurance Government of India Special Floating Rate Security, 2022
  3. Tables of Benefits for the savings fund for the period from 01.07.2020 to 30.09.2020
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  5. PPF interest rate of 7.1% per annum with effect from 1st April 2020
  6. S.B. Order 11/2020 – Correction Slips for Senior Citizens Savings Scheme in POSB(CBS) Manual
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  10. Introduction of common/modified forms to be used in NSS for CBS and non CBS Post Offices: SB Order No. 17/2020
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  13. Regarding reduction of interest rate of Small Savings Schemes
  14. Payment of interest and maturity value of Small Savings Instruments through Savings Account
  15. The Union Government has announced revised rates of interest on Small Savings Schemes for the First Quarter of 2017-18 to bring them somewhat closer to market rates
  16. Timely payment of accumulations under the Savings Fund of CGEGIS
  17. Group Insurance Scheme 1980 -Tables of Benefits for the savings fund from Jan to March
  18. Interest Rates on various Small Savings Schemes for the 1st Quarter of 2016-17
  19. Tables of Benefits for the savings fund for the period from 01.07.2018 to 30.09.2018
  20. Relaxation guidelines in small savings schemes(DOP) : SB Order 25/2020

Filed Under: CGE LATEST NEWS, HOT CGNEWS, HOT NEWS, PIB NEWS July 3, 2020 Leave a Comment

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