G.O.I BONDS

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G.O.I Bonds

In a falling interest rate scenario and perhaps to keep their fiscal numbers under control, the government has recently lowered the interest rate on the GOI Savings (Taxable) Bonds.

The government has replaced the erstwhile 8 percent Savings (Taxable) Bonds 2003 with the 7.75 percent Savings (Taxable) Bonds. The bonds opened for subscription on January 10. While most of the features remain the same, the tenure has been increased by one year.

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The bonds suit conservative investors who are looking for assured and fixed returns with complete safety of their principal amount. However, currently, the interest rate is not high enough compared to instruments that a retiree usually looks at.

Who can invest?

Any one who is a resident Indian in their individual capacity or jointly can invest in the scheme. They can also invest on a one or survivor basis and even on behalf of a minor as a parent or guardian. Hindu Undivided Families (HUFs) can also apply. However, non-resident Indians cannot invest in the scheme.

How much can you invest?

There is no maximum limit for investments. However, these bonds cannot be traded in the secondary markets.

How can you invest in these bonds?

To invest, walk into any of branch of State Bank of India, select nationalised banks, private sector banks(ICICI Bank, HDFC Bank, Axis Bank, IDBI Bank and so on) or the Stock Holding Corporation of India, as specified in Annexure 3 of a finance ministry notification. There are a total of 23 banks or receiving offices.