RBI Announces Rate Of Interest On GOI Floating Rate Bonds 2035 At 6.58%

The rate of interest on the Government of India Floating Rate Bonds, 2035 (GOI FRB 2035) applicable for the period January 25, 2020 to January 24, 2025 shall be 6.58% per annum, noted the Reserve Bank of India (RBI) in a latest update. The GOI FRB 2035 were issued on January 25, 2005 by the Government of India to the Reserve Bank of India on private placement basis against the transfer of subordinated debt of IDFC. The rate of interest of the bonds shall be reset by the Bank every five years at the prevailing 5-year yield on Government of India securities as on the last working day prior to commencement of each period of five years. Accordingly, the coupon of the GOI FRB 2035 has been fixed on the basis of secondary market transactions in Government of India securities as on January 24, 2020.

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