Kotak Bank offers RBI - Floating Rate Savings Bond 2020 (Taxable) [RBI - FRSB 2020 (T)].
RBI-FRSB 2020 (T) was introduced by the Government of India on July 1, 2020. The interest rate of the bond is linked to National Savings Certificate (NSC) rate as on 1st Jan and 1st July with a spread of (+) 35 bps over the respective NSC rate.
Features of RBI - FRSB 2020 (T)
8.05% half - yearly interest payable on 1st January and 1st July
Minimum- Rs.1,000 and in multiples thereof | Maximum- No limit
Resident Individual & Hindu Undivided Family
No minimum entry age. In the case of minors, RBI - FRSB 2020 (T) can be purchased by parents/legal guardians
Interest applicable till December 2023
To apply, visit your nearest Kotak Bank branch