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Last Updated on 26/04/2017
8 Percent Savings Taxable Bond Scheme

Salient Features
 
The Bonds may be held by
1. An individual, not being a non-resident India
a. in his or her individual capacity or
b. in individual capacity on joint basis or 
c.in individual capacity on any one or survivor basis or 
d. on behalf of minor as father/mother/legal guardian 

Non Resident Indians are NOT eligible to subscribe.
2. HUF 
3. Charitable institutions and Universities.
 
Tenure
 
6 years.
 
Interest rate
 
8 % p.a. payable half yearly on 1st February and August.
 
Option for premature redemption
 
Not available.
 
Receiving offices
 
62 Branches of Indian Overseas Bank given in the enclosed list are authorized to maintain the above bond Accounts.
 
Tax concession
 
Taxable but tax is deductible at source effective from 01-06-2007 if the amount of interest exceeds Rs10000/-
 
Form of Holding
 
Bond Ledger Account (BLA) only with the Agencies.
 
Limit of investment
 
No ceiling on investment.
 
Issue price
 
At par.
 
Option
 
Cumulative and Non-cumulative
 
Advances
 

8% Savings Taxable bond 2003 shall be eligible as collateral for loans from scheduled banks and the loan holders of the said bonds shall be entitled to create pledge or hypothecation or lien in favour of scheduled banks;No third party loan permitted.

 
Nomination facility
 
Available to sole individual holder. 
NRIs can also be nominated.
 
Payment of interest
 
i. Half yearly through Bankers Cheque / DD / ECS-Non cumulative
ii. In case of cumulative option, interest is paid along with principal at the time of redemption.
 
Brokerage
 
Available at Re.1/-per Rs.100 for BLA with agency banks
 
Transferability
 
Non-transferable except to nominee in case of death of the holder.
 
Post Maturity interest
 
Not payable.
 
Tradeability
 
Not tradeable.
 
Branches Designated 8% Savings Taxable Bonds 2003. are as under: 
RELIEF BOND LIST OF BRANCHES
S.No.
Branches
Region
State
1
Mount Road
Chennai ( I )
Tamil Nadu
2
Esplanade
Chennai ( I )
Tamil Nadu
3
Anna Nagar
Chennai ( II )
Tamil Nadu
4
Besant Nagar
Chennai ( II )
Tamil Nadu
5
Indira Nagar
Chennai ( I )
Tamil Nadu
6
Cathedral
Chennai ( I )
Tamil Nadu
7
Sowcarpet
Chennai ( I )
Tamil Nadu
8
Teynampet
Chennai ( II )
Tamil Nadu
9
Annanagar Tower
Chennai ( II )
Tamil Nadu
10
Avadi
Chennai ( II )
Tamil Nadu
11
Trichy Main
Trichy
Tamil Nadu
12
Koothanallur
Nagapattinam
Tamil Nadu
13
Rajapalayam Bazaar
Tiuticorin
Tamil Nadu
14
Tirunelveli Junction
Tirunelveli
Tamil Nadu
15
Coimbatore Main
Coimatore
Tamil Nadu
16
Fort - Erode
Erode
Tamil Nadu
17
Thanjavur Main
Thanjavur
Tamil Nadu
18
Kovilpatti
Tuticorin
Tamil Nadu
19
Sivakasi
Tuticorin
Tamil Nadu
20
Palayamkottai
Tirunelveli
Tamil Nadu
21
Fairlands Salem
Salem
Tamil Nadu
22
Pondicherry
Pondicherry
Pondicherry
23
Nariman Point
Mumbai (Metro)
Maharashtra
24
Fort
Mumbai (Metro)
Maharashtra
26
Bandra
Mumbai (Metro)
Maharashtra
27
Mahim
Mumbai (Metro)
Maharashtra
28
Thane
Mumbai (Non Metro)
Maharashtra
29
Nagpur
Mumbai (Non Metro)
Maharashtra
30
Vashi - Sector-5
Mumbai (Non Metro)
Maharashtra
31
Pune City
Mumbai (Non Metro)
Maharashtra
32
Karol Bagh
New Delhi ( I )
Delhi State
33
Janpath
New Delhi ( I )
Delhi State
34
R K Puram
New Delhi ( I )
Delhi State
35
Indl.Business Branch
Kolkatta
West Bengal State
36
Hyderabad Main
Hyderabad
Andhra Pradesh
37
Basheer Bagh
Hyderabad
Andhra Pradesh
38
Himayat Nagar
Hyderabad
Andhra Pradesh
39
Secunderabad
Hyderabad
Andhra Pradesh
40
Adarsh Nagar
Hyderabad
Andhra Pradesh
41
Chikkadapalli
Hyderabad
Andhra Pradesh
42
Vijaya Nagar Colony
Hyderabad
Andhra Pradesh
43
Guntur
Hyderabad
Andhra Pradesh
44
Dwaraka Nagar Visakapatnam
Visakapatnam
Andhra Pradesh
45
Bangalore Main
Bangalore
Karnataka
46
Jayanagar V Block
Bangalore
Karnataka
47
Lucknow Main
Lucknow
Uttar Pradesh
48
Moradabad Station Road
Meerut
Uttar Pradesh
49
Mall Road - Kanpur
Lucknow
Uttar Pradesh
50
Arun Vihar - Noida
Delhi ( II )
Uttar Pradesh
51
Civil Lines - Ludhiana
Ludhiana
Punjab
52
Amritsar
Ludhiana
Punjab
53
Jalandhar City
Ludhiana
Punjab
54
Bhatinda
Chandigarh
Punjab
55
Ashram Road Ahmedabad
Ahmedabad
Gujarat
56
Thaltej Ahmedabad
Ahmedabad
Gujarat
57
Baroda
Baroda
Gujarat
58
Thiruvananthapuram Main
Thiruvananthapuram
Kerala
59
Kottayam
Ernakulam
Kerala
60
Trissur
Kozhikode
Kerala
61
Kuravankonam
Thiruvananthapuram
Kerala
62
Ernakulam
Ernakulam
Kerala