RBI Bonds Scheme Not Closed, Says Finance Minister Jaitley
The finance ministry today said RBI Bonds Scheme has not been closed but the interest rate on such papers lowered to 7.75 percent.
Yesterday, the government notified that the 8 percent Government of India Savings (Taxable) Bonds, 2003 “shall cease for subscription with effect from the close of business on Tuesday, January 2, 2018”.
"The 8 percent Savings Bonds Scheme, also known as RBI Bonds Scheme, is not being closed. 8 percent Scheme is being replaced by 7.75 percent Savings Bonds Scheme," Economic Affairs Secretary SC Garg said in a tweet.
These taxable bonds are meant for individuals other than non-resident Indians with no maximum limit for investment.
In 2003, the government issued bonds offering 8 percent interest to encourage retail investors to invest.
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