Reserve Bank of India launched the Inflation Indexed National Savings Securities- Cumulative (IINSS-C). The bond scheme aims to protect your savings from inflation and allow you to earn more interest on them.
The issue is open for subscription from December 23, 2013 to December 31, 2013. Applicants can invest a minimum of Rs 5,000, and maximum of Rs 5 lakh annually. The tenure of the bonds have been fixed at 10 years.
The bond will offer returns at base rate of 1.5 per cent, in addition to inflation rate based on CPI, compounded half-yearly.
Individuals, HUFs and Charitable Institutions and Universities are eligible to invest in the scheme.
Senior citizens can opt to redeem after one year and others after three years, following certain conditions mentioned in the issue. Investors can nominate one or persons including NRIs. The security can also be pledged as collateral for taking loans.
Applicants should contact bank branches of SBI & Associates, Nationalised Banks, HDFC Bank, ICICI Bank, Axis Bank and SHCIL.
Click here for further details. Click here to read our opinion of the IINSS.
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