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Types |
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You can choose from cumulative and non-cumulative bond options.
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Nature |
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Bonds are issued in the form of Bond Ledger Account in denominations of Rs. 1000/- These bonds are not transferable. A nomination facility is available.
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Tenure |
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The tenure of the bond is 6 years from the date of issue. No interest would accrue after the maturity of the bond.
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No Limit |
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There is no upper limit for investment.
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Interest |
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Bonds will bear interest @ 8.00% p.a. and are payable half-yearly. The interest payment dates are February 1 and August 1 for non-cumulative investments. For investors who have chosen the cumulative option, the value of the investments at the end of 6 years would be Rs. 1601/- (being Principal and Interest) for every Rs. 1000/- invested. Interest on the Bonds is taxable under Income Tax Act 1961.
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Tax |
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The interest income from the bonds is taxable. TDS is deducted at the time of interest payment as per the prevailing IT rules.
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