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Floating Rate Saving Bonds

Floating Rate Saving Bonds (FRSB) are taxable bonds introduced by RBI in July 2020. FRSBs is backed by the Indian government, FRSB offers guaranteed, risk-free returns. It can be a source of regular income as they provide interest on half yearly basis.

FRSB have a floating rate interest, meaning thereby that the interest rate will keep varying during the tenure of the bonds and will get reset every six months. The rate of FRSB is linked to the prevailing national saving certificate (NSC) and will be + 0.35% over the NSC rate. Currently, the rate of interest on FRSBs has been set at 8.05% per annum payable half-yearly for the period January 1, 2024, to June 30, 2024, which will be payable on July 1, 2024.

A FRSB account can be held in the name of one individual in single mode or joint mode. A FRSB account can be opened by an Indian individual or by HUF. The lock-in period for the account is 7 years. Investment in FRSB can be from Rs. 1000 and above. There is no upper limit for investment in FRSB bond and deposit should be in multiples of 1000s. As this is backed by Government of India, Investment is safe.

One can diversify their portfolio with this zero-credit risk investment option with good returns. It is 100% Risk free investment option.

They are non-tradable and non-transferable. Premature redemption is available to investors of age above 60 years. The minimum holding period from the issue date is 6 years for the 60 to 70 age group, 5 years for the 70 to 80 age group and 4 years for those above 80 years.

Floating Rate Savings Bonds 2020 (Taxable) – Erstwhile GOI Bonds


Maturity Period 7 years
Rate of Interest 8.05% (Taxable)
Risk Attached Low Risk
Minimum Inv 1,000/-
Collateral Facility Not Available
Overall Liquidity Not tradable
Date of Issue Date of realization of Funds


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An individual

The Bonds may be held by-

  • An individual, not being a Non-Resident Indian-
    1. in his or her individual capacity, or
    2. in individual capacity on joint basis, or
    3. in individual capacity on any one or survivor basis, or
    4. on behalf of a minor as father/mother/legal guardian.
  • A Hindu Undivided Family

How to apply?

  • Contact your nearest ICICI Bank branch for further details and application forms.

Click here to download Application Form

Click here to Apply now

Information for Customers / Duties & Rights of Customers

Payment of Interest

  • Non-cumulative (half yearly): The interest on the bonds will be payable at half yearly intervals on Jan 1st and July 1st every year. There is no option to pay interest on cumulative basis.

Tax Concessions

Interest on the Bond will be taxable under Income-Tax Act,1961 as amended from time to time & have submitted a true copy of the certificate obtained from Income Tax Authorities.


The sole holder or all the joint holders may nominate one or more persons as nominee.

Nomination facility is not available in case the investment is in the name of a minor.