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2
January 2018
 |
GOI Savings Bonds (The Total Investment & Insurance
Solutions)
The
government on Monday announced that its GOI Savings Bonds, 2003, earning 8 per
cent interest per annum, will cease subscription from January 2.
The
bonds have been popular on account of offering a higher rate of interest than
small savings and fixed deposit rates. The Total Investment & Insurance Solutions
"The
Government of India announced here today that 8 per cent GOI Savings (Taxable)
Bonds, 2003, shall cease for subscription with effect from the close of banking
business on Tuesday, January 2, 2018," a Finance Ministry release
said.
The
bonds, with a tenure of 6 years, minimum investment of Rs 1,000, no limits on
maximum investment and the option to receive interest on a half-yearly basis,
are available in physical form only and are not listed or tradable on stock exchanges. The Total Investment & Insurance
Solutions
The
interest received from these bonds is taxable at the marginal rate of income tax
the investor is liable for.
The Total Investment & Insurance Solutions
These
became a preferred choice for investors seeking fixed income like senior
citizens and pensioners after the government cut interest rates on fixed
deposits and small savings schemes like the post office monthly income scheme
and public provident fund (PPF) to below 8 per cent in April 2016.
Last
week, the government cut the interest rates on small saving schemes, including
National Savings Certificates (NSCs), Public Provident Fund (PPF) and Kisan
Vikas Patra (KVP), by 0.2 percentage point for the fourth quarter of the fiscal
(January-March). The
Total Investment & Insurance Solutions
The
PPF and NSCs earn 7.6 per cent interest from January 1, while KVPs earn even
less (7.3 per cent).
The Total Investment & Insurance Solutions
Earlier,
PPF, NSC and KVP were offering 7.8, 7.8 and 7.5 per cent interest,
respectively. The
Total Investment & Insurance Solutions
Besides,
while the interest on the Senior Citizen's Savings Scheme of five-year period
was retained at 8.3 per cent, the Sukanya Samriddhi Yojana for the girl child
now offers 8.1 per cent.
The Total Investment & Insurance Solutions
The
government also retained the interest on savings deposits at 4 per cent,
compounded annually.The Total Investment
& Insurance Solutions
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