Multiple Choice Questions on With reference to RBI Saving Bonds consider following statement They have a 7 year lock in period an........... for UPSC Civil Services Examination (General Studies) Preparation

Back to Main Page

Multiple Choice Questions

With reference to RBI Saving Bonds consider following statement They have a 7 year lock in period an...........

Economic Affairs Investment Models
    Download Solution PDF

    With reference to RBI Saving Bonds, consider following statement

    1. They have a 7 year lock-in period and premature encashment is allowed in any case to each age group.
    2. There is no maximum limit for investment.
    3. Interest on these bonds is taxable under the Income-tax Act, 1961.

    Selec the correct statement.

    1&2 only

    Incorrect Answer

    2&3 only

    Correct Answer

    1&3 only

    Incorrect Answer

    All of the above

    Incorrect Answer
    छोटे Courses बड़े Results
    Master Investment Models
    Prepare through Micro-courses
    Try Now
    Explanation:
    • Recently, the Government of India has discontinued 7.75% savings (taxable) bonds, 2018 for a subscription. The 7.75 bonds 2018 were issued with effect from January 10, 2018 and were available for subscription to resident citizens/HUF to invest in a taxable bond. 
    • While one bond was of Rs 1,000 each, the bonds had no maximum limit for investment.
    • The bonds had a 7-year lock-in period from the date of issue, but it permitted premature encasement to individuals who were 60 years and above. Interest on these bonds will be taxable under the Income-tax Act, 1961. Hence only statements 2&3 are correct.

    By: Shubham Tiwari
    ProfileResources

    Let's Discuss

    Master
    Investment Models
    With abhipedia
    Micro Courses
    Try Now
    What our students have to say
    Review on us
    Download Abhipedia Android App

    Access to prime resources

    Downlod from playstore
    download android app download android app for free