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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