How to Invest in RBI Bonds through BOB, PNB, UBI & Canara Bank? | Application Form

RBI Bonds 2021

The Government of India has announced the launch of RBI Bonds, also know as Floating Rate Savings Bonds, 2020 (Taxable) with an interest rate of 7.15%. The RBI bonds are available for subscription July 1, 2020 onwards.
The interest rate on these bonds will be reset every six months, the first reset being on January 01, 2021.
In this article, we are going to discuss “How to Invest in RBI Bonds” through the various government banks.
Before, we go deeper, Let’s look at the common features about the bonds.

Read How to Invest in Indian Bonds? What are Bonds? Types of Bonds? 2021

  • High interest rate with highest level of safety. Regular income at half early interval.
  • 7.15% p.a. rate of interest (Coupon). However, only Half Yearly interest payment option, on Jan 1st & July 1st every year. No Cumulative Option.
  • Eligibility
    • An Individua
      (1) In his or her individual capacity or
      (2) In individual capacity on joint basis or
      (3) In individual capacity on anyone or survivor basis or
      (4) On behalf of a minor as father/mother/legal guardian.
    • A Hindu Undivided Family
  • There will be no maximum limit for investment in the Bonds.
  • Interest on the RBI Bonds will be taxable under the IT Act, 1961 as applicable according to the relevant tax status of the Bonds holder(s).
  • 7 years tenure of the bond from the date of issue.
  • Minimum Rs.1000/- and in multiples thereof.
  • Nomination facility available.
  • The interest on the bonds will be payable at half yearly intervals up to 30th June and 31st December.
  • The bonds are non transferable.
  • The bonds are not tradable in the secondary market and also not eligible as collateral for availing loans.
  • Unauthorized branches can mobilize applications and can send to nearby authorized branches.

Read RBI Bonds 2021- Features | Benefits | Downside 

Required Document

Individuals

  • Duly filled in application form (Complete application forms with all pages in full,duly filled in from the investors)
  • Self attested PAN card copy of the investor
  • Self attested Address copy of the investor
  • Cancelled cheque leaf of the bank.
  • No correction / alteration allowed in the application.

HUF

  • Duly filled in application form (Complete application forms with all pages in full,duly filled in by the Karta with stamp and signature)
  • Self attested PAN card copy of the HUF
  • Self attested Address copy of the HUF
  • List of coparceners in the Hindu Undivided Family along with their signatures attested by Karta

Minors

  • Duly filled in application form (Complete application forms with all pages in full,duly filled in from the Guardian)
  • Self attested PAN card copy of the minor / Guardian
  • Self attested Address copy of the minor / Guardian
  • Birth Certificate of the minor attested by the Guardian
  • In case of POA, Original POA to be verified by the bank and certified as “Original Seen and Verified”.

Read RBI Bonds 2021 Calculator | Download Excel Calculator


How to Invest in RBI Bonds through BOB?

Time needed: 5 minutes.

Follow the steps given below for How to Invest in RBI Bonds through BOB?

  1. Visit branch

    Visit a BOB branch that offers a service for making RBI Bonds investments.
    It does not matter if your account is with some other branch. Although, that only selected branches offer this service. Therefore, it will best to look the authorized branches

    in advance.

  2. Application Form

    Fill the application form. After that, you will have to provide your BOB account number (Cancelled Cheque) along with KYC Documents (Id & Address proof as per Bank Guidelines).
    Application to be done in physical mode only. However, bonds will be issued in Electronic form, held in the BLA i.e. Bond Ledger Account. BLA will be opened by the Receiving Office in the name of holder(s).
    How to Invest in RBI Bonds through BOB?

  3. Contribution for investment

    The bonds can be bought through the Cheques or Cash or Demand Draft

  4. Bond Ledger Account

    This bonds have been issued since April 1st 2003 and will be issued till further notice from the RBI through a notification.
    The bonds will be held in the credit of the holder in the BLA.
    New Ledger series with the prefix (TB) will be opened in the name of the issuer of the bonds.
    In case an entity already has a BLA, all new issues of the bonds will be seen as a new investment under the BLA.

  5. Acknowledgement slip.

    Submit the form to the branch and collect the acknowledgement slip. However, RBI bonds will be issued in Electronic form,
    Acknowledgement slip

  6. Interest on Bond

    Interest on Bond will paid through TRANSFER/DD / NEFT etc. However, This is payable half-yearly on 1st January and 1st July every year.


Read Sovereign Gold Bond SBI | How to Buy SGB Online? 

How to Invest in RBI Bonds through Punjab National Bank

  1. Customer for the Bonds may be obtained from PNB Branch stating clearly the amount and the full name and address of the customer. However, customers can download from here also.
  2. The customer should be accompanied by the mandatory payment in the form of cash or drafts or cheques as indicated in point number 3 below.
  3. Subscription to the Bonds will be in the form of Cash/Drafts/Cheques.
    Cheques or drafts should be drawn in favour of the Receiving Office, specified in point number 4 below and payable at the place where the applications are tendered.
  4. Applications for the Bonds in the form of BLA i.e. Bond Ledger Account will be received at the nearest authorised branch.
  5. Subscriber(s) who have obtained exemption from tax under the relevant provisions of the IT Act, 1961, shall make a declaration to that effect in the application and submit a true copy of the certificate obtained from IT Authorities.

Read Capital Gain Bonds | Interest Rate | NHAI | REC | PFCL | IRFC | How to Buy Online? |

Union Bank of India

The customer should follow the same above steps for investment in RBI bonds through UBI bank.


Canara Bank

The customer should follow the same above steps for investment in RBI bonds through Canara bank.


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Complaint

You may address your complaint to:

THE CHIEF GENERAL MANAGER
INTERNAL DEBT MANAGEMENT DEPARTMENT
RESERVE BANK OF INDIA, 23rd Floor
CENTRAL OFFICE, Shahid Bhagat Singh Marg,
MUMBAI-400 001
MAHARASHTRA
E- mail ID – cgmidmd@rbi.org.in

Also Read Sovereign Gold Bond Calculator : Return Calculation 2021

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