8% savings bonds scheme not closed, but interest rate lowered

The bond, which the Reserve Bank of India started issuing on behalf of the Union government in 2003, was considered one of the safest savings instruments for retail investors. The government savings bonds, 2003, which gave an assured return of 8 per cent a year, are to be replaced with another scheme offering lower interest rate, the Union government said on Tuesday, a day after coming under attack from Opposition parties for discontinuing the 2003 bonds.   “The 8 per cent Savings ...