RBI announced the Rate of Interest on Floating

Jun 30, 2023 | by TeamLease RegTech Legal Research Team

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Industry Specific Compliance The Reserve Bank of India (RBI) on June 30, 2023, announced the Rate of Interest on Floating Rate Savings Bond, 2020 (Taxable) – FRSB 2020 (T) for the Period July 01, 2023 – December 31, 2023.

The rate of interest on NSC has been set to 7.7% for the Second quarter of FY 2023-24, in terms of GoI notification F. No. 1/4/2019 – NS dated June 30, 2023. Accordingly, the FRSB 2020 (T) coupon rate for July 01, 2023, to December 31, 2023, and payable on January 01, 2024, has been reset at 8.05% (7.7%+0.35%= 8.05%).

[Press Release: 2023-2024/515]

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