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RBI keeps floating rate savings bond interest rate for July-Dec at 8.05%
Update / Judgement Date
30 Jun 2024
Source
Author
Team — WCP Legal Desk
Reading Time
1 min read
RBI
The Reserve Bank of India (RBI) has set the interest rate for its Floating Rate Savings Bonds 2020 (Taxable) at 8.05% for the period from July 1, 2024, to December 31, 2024. The rate is determined by a spread of 35 basis points over the National Savings Certificate (NSC) rate, which is currently 7.70%. \r
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These bonds, which have a seven-year lock-in period, offer semi-annual interest payments on January 1 and July 1, with a minimum subscription of ₹1,000 and no maximum limit. The interest is taxable, and premature withdrawals are generally not allowed except for senior citizens under specific conditions. To invest, apply online through your bank’s website or visit a branch to complete the process.
