GOI 8% Savings (Taxable) Bonds 2003

  

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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