Inflation indexed NSCs

RBI has decided to introduce Inflation Indexed National Savings Certificates which opens for subscription from December 23, 2013 and closes on December 31, 2013 or earlier if the issue gets subscribed by that date. The face value of each Bond is Rs.5000/- and will bear interest at 1.5% per annum (fixed rate) + inflation rate calculated with respect to final Consumer Price Index but with a three month lag i.e. September CPI rate will be used for December interest.Other features of the issue are given in the enclosed notification. The Bond will be held in a Bond Ledger Account with the Bank and so there will not be any certificate, but I guess they will issue a pass book showing the entries.


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