Are you looking to grow your savings and seek a secure platform that offers both safety and higher returns? RBI’s Floating Rate Savings Bonds might be the ideal choice for you. In this article, we’ll explore the key features of these bonds, their interest rates, and the eligibility criteria for Indian citizens.
Why Choose RBI’s Floating Rate Savings Bonds?
Released by the Indian Government, RBI’s Floating Rate Savings Bonds come with a maturity period of seven years. These non-tradable bonds guarantee a fixed interest rate, making them an attractive investment option.
However, it’s important to note that the interest rate on these bonds is subject to change, which is determined based on the quarterly review of the Small Savings Scheme’s interest rate. Notably, these bonds offer an interest rate that’s 0.35% higher than the National Savings Certificate (NSC).
This means that when the interest rate for the NSC increases, the return on these bonds also rises, and conversely, a decrease in the NSC interest rate results in a lower return on these bonds. The bond’s interest rate changes every six months.
Who Can Invest in RBI’s Floating Rate Savings Bonds?
One of the major advantages of RBI’s Floating Rate Savings Bonds (2020) (Taxable) is that any Indian citizen can invest in them. There is no specific scheme for NRIs; however, investments can range from a minimum of ₹1,000, with no maximum limit.
How to Invest Through RBI Retail Direct?
To begin investing in these bonds through the RBI Retail Direct portal, you need to open a Bond Ledger Account (BLA). The process is electronic, and the invested amount will be deposited into your bond ledger account. You can also add a nominee to the bond. Payment for the bond can be made through various channels, including UPI, net banking, and other online modes.
By choosing RBI’s Floating Rate Savings Bonds, you can ensure your savings remain secure while enjoying the potential for higher returns than traditional fixed deposits.
Unlock Your Financial Potential with RBI’s Floating Rate Savings Bonds
RBI’s Floating Rate Savings Bonds are a promising avenue for those looking to invest their savings securely and earn attractive returns. These bonds offer a flexible interest rate that aligns with the quarterly reviews of the National Savings Scheme’s rates, making them an appealing investment option. Additionally, they are accessible to all Indian citizens, with an easy online investment process through the RBI Retail Direct portal.
Whether you’re a seasoned investor or just getting started, these bonds provide an excellent opportunity to grow your wealth. So, consider investing in RBI’s Floating Rate Savings Bonds and embark on a journey towards a more financially secure future.
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