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We wish to bring it to your notice that the subscription period for IFCI Long Term Infrastructure Bonds - Series II has been extended upto January 12, 2011. Investments upto a maximum of Rs.20,000 is eligible for deduction u/s 80CCF for the Financial Year 2010-11. The other details of these bonds are as follows:
· The tax benefit would be limited to a maximum amount of Rs.20,000. The minimum application is one bond (FV of Rs.5,000)
· The benefit is available only in the year of investment i.e. if the provision prevails next year then the investor has to again invest Rs.20,000 to gain deduction next year
· The tenure of the bonds is 10 years. However, the lock-in period is 5 years if the investor chooses the buy-back option (Options 1 & 2)
· PAN Card is mandatory to invest in these bonds
Terms of Issue: | ||||
Options | I | II | III | IV |
Buyback / Non Cumulative Option | Buyback/ Cumulative Option | Non Buyback / Non Cumulative Option | Non Buyback/ Cumulative Option | |
Face Value (Rs.) | 5,000/- | 5,000/- | 5,000/- | 5,000/- |
Minimum Application | One Bond | One Bond | One Bond | One Bond |
In Multiples of | One Bond | One Bond | One Bond | One Bond |
Buy Back Option | Yes | Yes | No | No |
Interest Payment | Yearly | Not Applicable | Yearly | Not applicable |
Coupon | 8% per Annum | 8% p.a. annual compounding | 8.25% per Annum | 8.25% p.a. annual compounding |
Coupon Payment Date | January 31st every year | Not Applicable | January 31st every year | Not applicable |
Buyback Date | January 31st every year starting from year 2016 to year 2020 | Not applicable | ||
Maturity Date | January 31, 2021 | January 31, 2021 | January 31, 2021 | January 31, 2021 |
Buy Back Intimation Period | Every year between November 01 to November 30, starting from the year 2015 till year 2019 | Not applicable | ||
Maturity Amount (Rs.) | 5,000 | 10,795 | 5,000 | 11,047 |
Redemption Amount (In case the buyback option exercised) : (Rs.) | ||||
Year 5 | 5,000 | 7,347 | - | - |
Year 6 | 5,000 | 7,934 | - | - |
Year 7 | 5,000 | 8,569 | - | - |
Year 8 | 5,000 | 9,255 | - | - |
Year 9 | 5,000 | 9,995 | - | - |
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