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HomeCURRENT AFFAIRSBUSINESSBank Interest Rate: Get Ahead with RBI's 8.10% Interest Plan on Deposited...

Bank Interest Rate: Get Ahead with RBI’s 8.10% Interest Plan on Deposited Money,  What You Need to Know

Examine your options for investing, including the Government of India Floating Rate Bond (GOI FRB).

Bank Interest Rate: Despite the abundance of safe investing options, such as small savings plans and term deposits. On the other hand, some choices are not as well-liked as others. The Government of India Floating Rate Bond (GOI FRB) is one such choice. The Central Reserve Bank offers floating rate savings bonds for purchase. Compared to many banks’ fixed deposits, it offers better yields. Tell us about this scheme’s interest rate and other specifics.

Exploring the 8.10 Percent Annual Interest Rate

For the Government of India Floating Rate Bond 2034 (GOI FRB 2034), the Reserve Bank of India (RBI) has announced an annual interest rate of 8.10 percent for the period ending on October 30, 2023, and ending on April 29, 2024. Allow us to explain: assets without a fixed coupon rate are known as variable rate bonds. Rather, their coupon rate is not fixed; it changes every six months.

The Appeal of Floating Rate Bonds

Floating rate bonds are another safe investment choice that Sriram Jayaraman, a licenced investment advisor with the Securities and Exchange Board of India (SEBI), suggests to income seekers. Elderly people may want to consider investing in it. The amount that can be invested in RBI bonds is unlimited. It is important to keep in mind that interest rates are subject to fluctuate once every six months.

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