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7.75% savings bonds scheme
January 6 , 2018
2515 days
1126
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- The Union Finance Ministry has launched 7.75% Savings (Taxable) Bonds, 2018 scheme to help citizens invest in a taxable bond, without any monetary ceiling.
- The Bonds will have maturity of 7 years carrying interest at 7.75% per annum payable half- yearly. The Bonds will be issued in DEMAT form (Bond Ledger Account) only.
- The Bonds are open to investment by individuals (including Joint Holdings) and Hindu Undivided Families. NRIs are not eligible for making investments in these Bonds.
- Interest on the Bonds will be taxable under the Income-tax (IT) Act, 1961 as applicable according to the relevant tax status of the bond holder.
- But the Bonds will be exempted from Wealth-tax under the Wealth Tax Act, 1957.
- They are also not eligible as collateral for loans from banking institutions, non-banking financial companies or financial institutions.
- The Bonds are not transferable and also are not tradeable in secondary market.
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