Interests on various Bank/Corporate Fixed deposits have fallen. In this scenario, GOI 8% Savings (Taxable) Bonds 2003 is gaining prominence again, as these Bonds are being issued by Reserve Bank of India (RBI) provide safety plus returns that are fixed and assured.
| Who can invest | Individual (Sole/Joint basis/Guardian on behalf of minor) HUF University (80G certificate compulsory) Charitable Institution (80G certificate compulsory) |
| Limit of investment | Minimum Rs. 1000/- and in multiples of Rs.1000/-. No maximum limit |
| Date of Issue of bonds | Date of realization of cheque |
| Forms of Bonds | Bond Ledger Account |
| Interest Option | Non-cumulative / Cumulative. Change of option is not permitted once investment is done |
| Payment of Interest | In case of non -cumulative option, interest is payable on half yearly basis (1st Feb/1st Aug). In case of Cumulative option, interest is compounded with half yearly rest and is payable at the time of maturity |
| Tax benefits | Income from the bonds is taxable. Wealth tax is exempted. Tax will be deducted at source while interest is paid |
| Maturity period | After 6 years |
| Nomination | Nomination of one or more persons is allowed |
| KYC Documents Required | Individuals: Self attested copies of PAN, address proof and cancelled cheque leaf |
| HUF: Self attested copies of PAN, address proof of HUF and Kartha and cancelled cheque leaf | |
| Charitable trust/Universities: Registered trust deed/registration certificate, board resolution, list of authorized signatories, PAN and address proof of institution and authorized signatories. Valid 80G Certificate |
| RBI has authorized few public and private sector banks to collect investments under this scheme. HDFC Bank Ltd & ICICI Bank Ltd are among the banks authorized for this purpose and we have tied-up with both these bankers for marketing this product. | |
| The process and lodgement logistics are as given below: | |
| 1) For investment in GOI Bonds through HDFC Bank, the cheque should be drawn in favour of 'HDFC Bank - GOI 8% Savings (Taxable) Bonds 2003'. | |
| 2) For investment in GOI bonds through ICICI Bank, the cheque should be drawn in favour of 'ICICI Bank - GOI 8% Savings (Taxable) Bonds 2003'. |
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