The Reserve Bank of India (RBI) announced that the Government of India has discontinued 7.75% savings (taxable) bonds, 2018 for subscription.
About:
The 7.75% Savings (Taxable) Bonds, 2018, also known as RBI bonds or government bonds, were issued with effect from January 10, 2018 and were available for subscription to resident citizens/HUF to invest in a taxable bond.
While one bond was of Rs 1,000 each, the bonds had no maximum limit for investment.
The bonds had a 7-year lock-in period from the date of issue, but, it permitted premature encasement to individuals who were 60 years and above.
Interest on these bonds will be taxable under the Income-tax Act, 1961.
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