The government of India backed 7.75% savings (taxable) bonds shall not be available for subscription from May 28. In a press release, the apex banking institute RBI said, "The Government of India 7.75% Savings (Taxable) Bonds, 2018 shall cease for subscription with effect from the close of banking business on Thursday, May 28, 2020".
With lucrative return to the tune of 7.75%, these were comparable to small savings scheme such as NSC that also offered return on similar scale. These have been considered good investment options for regular income seekers and retired people alike,
Launched in the year 2003, they come with a minimum investment limit of Rs. 1000 with no upper cap. Also, individuals as well as HUFs have been allowed to invest in the instrument barring NRIs.