Submission of these detials have to be done before 3PM Today to ensure successful application.
rbi 7.75% taxable bonds.
LAST DAY TO INVEST 28TH MAY 2020 (TODAY)
sTEP 1: tRANSFER FUNDS
BENEFICIARY NAME : STOCK HOLDING CORPORATION OF INDIA LTD A/C GOI
BANK NAME : AXIS BANK LIMITED
BRANCH : FORT, MUMBAI
BANK ACCOUNT NUMBER : 004010200019895
BANK ACCOUNT TYPE : CURRENT ACCOUNT
IFSC CODE : UTIB0000004 (6 TIMES ZERO)
sTEP 2: sUBMIT DETAILS
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Who can Invest?
Resident Individuals (including Joint Holdings) and Hindu Undivided Families (HUF). NRIs are not eligible to invest.
Issue Price At par – i.e. Rs 1,000 for every Rs 1,000 (nominal) face value
Minimum Amount Rs 1,000 (Face value) in multiples thereof
Maximum Amount No maximum limit
Maturity/ Repayment of Principal 7 years (lock-in-period) from the date of issue. Premature encasement shall be allowed to individuals who are 60 years and above subject to minimum lock-in-period.*
Interest Rate Option available
Non-cumulative option: Half-yearly interest payouts (1st Aug & 1st Feb) of Rs 38.75 per Rs 1,000 Face value
Cumulative option: Cumulative value of Rs 1,000 at the end of seven years will be Rs 1,703 (based on half-yearly compounding)
Tax treatment Interest on these bonds will be taxable under the Income-tax Act, 1961
TDS on interest
Non-cumulative option: At the time of making payment to investors
Cumulative option: On the interest portion, at the time of payment of the maturity proceeds
Transferability/Liquidity Not Transferable, Not Tradeable in the secondary market
Eligibility for Collateral Not eligible as collateral for loans from banking institutions, non-banking financial companies or financial institutions
Risk virtually risk free investment option