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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 investIndividual (Sole/Joint basis/Guardian on behalf of minor)
HUF
University (80G certificate compulsory)
Charitable Institution (80G certificate compulsory)
Limit of investmentMinimum Rs. 1000/- and in multiples of Rs.1000/-. No maximum limit
Date of Issue of bondsDate of realization of cheque
Forms of BondsBond Ledger Account
Interest OptionNon-cumulative / Cumulative. Change of option is not permitted once investment is done
Payment of InterestIn 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 benefitsIncome from the bonds is taxable. Wealth tax is exempted. Tax will be deducted at source while interest is paid
Maturity periodAfter 6 years
NominationNomination of one or more persons is allowed
KYC Documents RequiredIndividuals: 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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