Bonds 2020 Savings Floating Rate
According to GoI Notification F.No.4(10)-B(W&M)/2020 dated June 26, 2020, the Government of India has decided to launch the Floating Rate Savings Bonds 2020 (Taxable) scheme with effect from July 01, 2020. The aforementioned GOI Notification shall govern the terms and circumstances of the issuance of the Bonds. On the RBI website, a copy of the press release, government notification, and circular pertaining to this scheme are available. The key Bond characteristics are described in more detail below.
Subscription - Cash (up to $20,000 only), checks, draughts, or any other form of electronic payment accepted by the Receiving Office may be used to subscribe to the bonds.
Form of the Bonds - The Bonds will be issued only in the electronic form and held at the credit of the holder in an account called Bond Ledger Account (BLA), opened with the Receiving Office.
Receiving Offices - Any number of branches of State Bank of India, Nationalised Banks and four private sector banks, as specified in the Annexure 3 of the GoI Notification F.No.4(10)-B(W&M)/2020.
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