The Reserve Bank of India (RBI) on May 04, 2023, issued a notification regarding the rate of interest on the Government of India Floating Rate Bond 2024.
The rate of interest on the Government of India Floating Rate Bond 2024 (FRB 2024) applicable for the half year May 07, 2023, to November 06, 2023, shall be 6.97 per cent per annum. It may be recalled that the rate of interest on the FRB 2024 shall be reset at the average rate (rounded off up to two decimal places) of the implicit yields, at the cut-off prices of the last three auctions of the Government of India 182-days Treasury Bills, held up to the period preceding the coupon reset date, which is May 07, 2023. The implicit yields will be computed by reckoning 365 days in a year.
[Notification No. 2023-2024/182]
