If you want to invest your money and get easy returns, bonds are a very good option. One of them is RBI taxable bonds. This RBI bonds for senior citizens was introduced in India in the year 2003. These bonds issued by the Government of India are eligible to be held by the citizens of the country. You can purchase RBI bonds through SBI and 12 other nationalised banks such as Bank of Baroda, Bank of Maharashtra, Canara Bank, Central Bank of India, Indian Bank, Indian Overseas Bank, Punjab and Sind Bank, Punjab National Bank, UCO Bank, Union Bank of India, 4 private banks- HDFC Bank, ICICI Bank, IDBI Bank, Axis Bank, and Stock Holding Corporation of India Limited. This is what are RBI taxable bonds.
Get home loans at the lowest interest rate through NoBroker Features of RBI bond scheme:The investor should become a resident of India.
Investors can invest in the bond in his/her name or on behalf of his/her minor.
Investors can invest jointly or individually.
Investors from the Hindu Undivided family can also invest.
NRIs cannot invest in the RBI Bond scheme.
The application form for RBI bonds can be obtained in the electronic form adhered to the Bond Ledger account.
The lock-in period is 7 years but it can be broken at any time after paying the penalty fee.
The minimum amount to invest in an RBI bond is Rs. 1000.
RBI Bonds cannot provide as collateral for borrowing loans.
The rate of interest in RBI Bonds is fixed at 7.15%.
The ownership of the bond is non-transferable. But in case of the death of the original bondholder, the bond is directly transferred to the nominee.
It is important for the bondholders to give details of their respective bank accounts to the issuer, RBI after getting the amount received due to maturity.
RBI bonds for senior citizens are a safe and sound process to invest money. I hope you know the meaning and features of RBI Bonds.
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What are RBI taxable bonds?
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2022-10-26T10:03:16+00:00 2022-10-26T10:03:18+00:00Comment
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