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New Delhi, Business Desk. The central government has reduced the interest rate on most small savings schemes. After this reduction, the rate of interest on the very popular savings scheme PPF has come down to 7.1 percent from April quarter. At the same time, the interest rate on Senior Citizen Saving Schemes (SCSS) has come down from 8.6 percent to 7.4 percent. At the same time, post offices and banks are paying interest on FD from 5.5 per cent to 7.25 per cent. In such a scenario, the Indian government’s 7.75 percent interest-paying taxable bond scheme looks quite attractive. This bond is also called RBI 7.75% bond.
Special features of this bond
- According to investment and tax expert Balwant Jain, in today’s time PPF, SCSS, FD and other saving schemes are not getting high interest. In such a situation, this bond issued by the Government of India is a good option for investment. Also it is completely safe. He told that any Indian citizen can invest in this scheme.
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- Jain said that the interest rate on these bonds is calculated annually, but every six months the interest gets in your savings account. Apart from this, there is also the option of cumulative interest. Under this, interest is paid at the time of maturity of the bond. There is no maximum investment limit in this scheme. Because of this, people who want guaranteed returns can invest in it.
- According to Jain, you have to take this bond for a period of seven years. However, people in the age group of 60–70 years can perform premature withdrawal after 6 years. Similarly, people in the age group of 70-80 years can withdraw after five years and those above 80 years of age.
- Jain said that any public sector bank or major private bank can apply for these bonds today.
- However, it is important to state that the interest received from investment in this scheme is fully taxable and TDS is also deducted on the payment of interest.
