Home Business 7.75% savings bonds to be available from Jan 10

7.75% savings bonds to be available from Jan 10

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The government has notified a new 7.75 per cent taxable bond scheme for retail investors.

These bonds with seven-year maturity will open for subscription from the 10th of this month.

Economic Affairs Secretary Subhash Chandra Garg in a tweet said, the saving bonds scheme will replace the previous 8 per cent Scheme.

The interest will be payable half-yearly and the cumulative value of 1,000 rupees at maturity will be 1,703 rupees.

These bonds issued at par are meant for individual other than Non-Resident Indians and are not tradeable in the secondary market and are also not eligible as collateral for loans from banking institutions, non-banking financial companies or financial institutions.

In 2003, the government came out with bonds offering 8 per cent interest to encourage retail investors to invest.

These non-transferable bonds will be exempt from wealth-tax under the Wealth Tax Act.

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