GOI Bonds
ITEM |
8% SAVINGS (TAXABLE) BONDS,2003 |
Who Can Invest? |
Individual, HUF, University & Charitable Trust |
Minimum/Maximum Investment |
Rs.1000/-& in multiples thereof. No upper limit. |
Period of investments |
6 years |
Interest payable |
Non Cumulative, payable Half Yearly – on 1stFebruary & 1st August. In case of Cumulative option, interest payable on maturity. |
Tax Benefit |
Wealth Tax is exempted. Income Tax will be deducted at source while interest is paid. |
Forms of Bonds |
Bond Ledger Account (BAL). |
Date of Issue of Bonds |
Date of receipt of subscription in Cash or date of realization of cheque/draft. |
Bank Mandate |
It is mandatory for the investors to provide Bank account details to facilitate payment of interest/maturity value. |
Nomination Facility |
Available – can nominate one or more person as nominee. NRI can be also nominated. However, remittance of the interest/maturity proceeds will be subject to Foreign Exchange regulations prevailing at the time of remittance. Minor also can be nominated. |
Transferability |
The Bonds are not tradable/transferable. However, the Bonds shall be eligible as collateral for loans, to creat pledge, hypothecation or lien in favour of scheduled bank for loans against the security of the bonds. |
Option of schemes |
Non cumulative/ Cumulative. Change of option is not permitted. |