News From Press New investment option! Modi govt to launch Floating Rate Savings Bonds 2020 from July 1. Check details

New investment option! Modi govt to launch Floating Rate Savings Bonds 2020 from July 1. Check details

The interest on the seven-year bond will be paid semi-annually on January 1 and July 1 every year. The interest on January 1, 2021 will be paid at 7.15 per cent. The rate for next half-year will be reset every six months, the first reset being on January 1, 2021.

Financial Express Jun 29, 2020

The government has decided to launch Floating Rate Savings Bonds 2020 (Taxable) from July 1, giving an opportunity to invest in secured government instruments. The new scheme has been brought in place of 7.75 per cent Savings (Taxable) Bonds, 2018, which was withdrawn from the close of banking business on May 28, 2020, the finance ministry said in a statement.

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