The rate of interest on the Government of India Floating Rate Bond 2024 (FRB 2024) for the half-year period from November 7, 2023, to May 6, 2024, has been fixed at 7.14 percent per annum, as announced by the Reserve Bank of India (RBI) on Monday.
The rate of interest on FRB 2024 is reset at the average rate (rounded off to two decimal places) of the implicit yields at the cut-off prices of the last three auctions of Government of India 182-days Treasury Bills held up to the period preceding the coupon reset date, which is November 7, 2023.
The implicit yields are calculated based on 365 days in a year, according to the RBI statement.
(With Agency Inputs)
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