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Govt. Saving Schemes
GOI Bonds
RBI 8% Savings Bonds (Taxable), 2003
It has been decided by the Govt of India to issue 8% savings (Taxable) bonds 2003 w.e.f. from 21.04.2003. 11 authorized branches of our Bank deal in GOI 8% taxable bonds. They offer investor interface. The bond will be issued in cumulative and noncumulative form at the option of the investor.
The bonds may be held by:
a. An individual not being an NRI in his or her individual capacity
b. In individual capacity on joint basis
c. In individual capacity on any one or survivor basis
d. On behalf of a minor as his father/mother/legal guardian
e. Hindu Undivided Family
f. Charitable institution
g. University established or incorporated by a central, state or provincial act.
Monetary Limits
Minimum Rs. 1000/- and in multiples of ` Rs.1000/-. There is no maximum ceiling for investment.
  1. The bonds shall be repayable after expiry of six years from the date of issue. No interest will accrue after the maturity of the bond.
  2. Premature encashment of the bonds are allowed for individual investors in the age group of 60 years and above after minimum lock in period.
  3. The minimum lock in period for investors in the age bracket of 60 to 70 years will be 5 years from the date of issue, for age bracket 70 to 80 years is 4 years from the date of issue and for the investors 80 years and above will be 3 years from the date of issue of the bond.
Rate of Interest
The bond will be issued in cumulative and noncumulative form at the option of the investor. The bonds will bear interest rate of 8% per annum. Interest on cumulative bond is compounded at half yearly rest and becomes payable on maturity of the bond. Interest on noncumulative bond is calculated and paid every half year as on 1st October / 1st April. The amount can be through credit of A/c, pay order/draft or through ECS, as per the option of the investor.
Nominations of one or more persons are available. Minor cannot be nominated. Cancellation of nomination and fresh nomination also allowed. FORM B is used for nomination.
The Bonds are non-transferable.
Tax Treatment
Interest on the bonds will be taxable as per IT act. The bonds will be exempt from wealth tax. Tax is deductable at source at the time of payment of the interest in case of non-cumulative bonds and on payment of maturity proceeds in the case of cumulative bonds.
Advances/Tradability against bonds
The bonds are not tradable in the secondary market. The bonds are also not eligible as collateral for loans.
In case of any difficulty, contact our Customer Care at: 1800-22-22-44

List of Authorized branches under RBI 8% saving (Taxable) Bonds 2003 are:

Sr. No State / UT Branch Address
1  MAHARASHTRA Mumbai Samachar Marg Branch 66/80, Mumbai Samachar Marg, Post Bag No.253 & 518, Fort,,Mumbai, Pincode: 400023
2 MAHARASHTRA Kalbadevi Branch, Mumbai Acharya Mahpragya Vidya Vihar Building,,32, Dadi Seth Agiary Lane, Kalbadevi,Road, Mumbai,
Pincode: 400002
3 MAHARASHTRA Napeansea Road Branch, Mumbai Maneesha, Opposite Petit Hall,,Nepean Sea Road,,Mumbai,
Pincode: 400006
4 MAHARASHTRA L D Ruparal branch, Mumbai 19, L.D. Ruparel Marg,Mumbai,
Pincode: 400006
5 TAMIL NADU Mount Road Branch, Chennai 152, Agurchand Mansion, Mount Road,,Dist. Chennai, Pincode: 600002
6 GUJARAT Alkapuri Branch, Baroda Hotel Savshanti Compound, Opp. Circuit House,R C Dutta Road Alkapuri Vadodara-390007,
7 UTTAR PRADESH Kanpur (Main) Branch 24/53, Birhana Road, Kanpur,,Dist. Kanpur, Pincode: 208001
8 KARNATAKA Bangalore – Gandhinagar Branch 14,Sevakshetra, 1st Main Road,Gandhinagar, Bangalore,
Pincode: 560009
9 KERALA Ernakulam (Main) Branch Union Bank Bhavan, Ground Floor, P.B. No. 3661,,M.G. Road, Ernakulam-Cochin,
Pincode: 682035
10 GOA Margoa Branch Salgaonkar Building, Rua Luis De Miranda,,Margao, Salcete, Dist. South Goa, Pincode: 403601
11 RAJASTHAN Bapu Nagar , Jaipur SB-57,RIDHI TOWER ,OPP. SMS Stadium,Tonk Road, Bapu Nagar,,Dist. Jaipur,
Pincode: 302015
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