'Safest' 8% bond not being closed; govt only replaced it with 7.75% scheme

After drawing flak for closing the most sought-after investment instrument, particularly among senior citizens, Economic Affairs Secretary Subhash Chandra Garg clarifies only the rate has been tweaked

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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% Savings Bonds Scheme, also known as RBI Bonds Scheme, is not being closed. The 8% Scheme is being replaced by 7.75% Savings Bonds Scheme,” Economic Affairs Secretary Subhash Chandra Garg said in a tweet. The government had announced discontinuing the subscription of 8% GoI ...