RBI Bonds Scheme Being Replaced by 7.75% Savings Bonds Scheme

According to the Finance Ministry, RBI Bonds Scheme has not been closed but the interest rate on such papers lowered to 7.75 percent. The 8 percent Savings Bonds Scheme, also known as RBI Bonds Scheme, is not being closed but is being replaced by 7.75 percent Savings Bonds Scheme.

These taxable bonds are meant for individual other than Non-Resident Indians with no maximum limit for investment.
Static/Current Takeaways Important for IBPS Clerk Mains 2017 Exam-
  • Arun Jaitley is the Present Finance Minister of India.
  • R K Shanmukhan Chetty was the first Finance Minister of Independent India.

Source- AIR World Service