The Reserve Bank of India has authorised major public sector and private sector banks to issue RBI Floating Rate Savings Bonds, but only certain designated branches of these banks can accept physical application forms. According to reports from Personal Finance News, some of the designated public sector banks include SBI, PNB, Bank of India, Bank of Baroda and UCO Bank. Designated private sector banks include Axis Bank, ICICI Bank, HDFC Bank and IDBI Bank. Investors can also approach Stock Holding Corporation of India, which is authorised to accept applications for these bonds.
For offline applications, investors do not necessarily need to have a bank account with the bank through which they apply for the bonds. As reported by Personal Finance News, along with the duly filled-in physical application form, investors must submit basic KYC documents, including identity proof, address proof and a copy of their PAN card, which is mandatory. Additionally, investors need to provide details of the bank account into which the interest and redemption proceeds will be credited.
According to the report, the payment can be made through cash, cheque, demand draft or pay order. However, cash payments exceeding ₹20,000 at one time are not accepted for these bonds. Investors can approach any authorised bank branch to make the payment, but if a branch does not accept applications, they can ask the bank for details of the designated branch where they can obtain and submit the physical application form.
Once the payment is credited and the application is processed, the branch will issue a certificate for the bonds allotted to the investor. As reported by Personal Finance News, this certificate serves as proof of investment in the RBI Floating Rate Savings Bonds. The offline application process ensures that investors have a physical record of their investment and can track their bond allocation through the issued certificate.
