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How are deposits, bonds and debt funds taxed?

Deposits, bonds and debt funds are great ways to diversify one’s portfolio. But the taxation on these instruments can decide whether an option is attractive or unattractive on a post-tax basis. Taxation, though varies across instruments and can be quite complex. The fact that not all debt instruments are taxed in the same way compounds the decision making dilemma on which option to choose. This write-up will break down the taxation aspect of popular debt instruments for resident individuals.

How are deposits, bonds and debt funds taxed?

Income and gain from debt instruments

Investing in debt instruments is akin to lending money to an entity. In return for this loan, the borrowing entity provides periodic interest payments (coupon). The loan will be repaid at the end of the tenure (at maturity). Usually, debt instruments provide returns to the lender in two ways:

  • Interest payments and 
  • Capital gains if the debt has been bought and sold (this is dependent on how long the instrument has been held by you. The Income Tax Act, 1961 lays down the duration of holding for various instruments for this purpose.

Now let us move on to various instruments and how their interest and capital gains (if any) are taxed.

Fixed deposits

Fixed deposits (FD) or term deposits find a place in many households. A deposit of money is placed with a bank or an entity authorized to accept deposits, for a fixed period of time and will earn interest at a predetermined rate. Interest is the only income stream from an FD and it can be periodically paid out or can be accumulated and paid out at maturity. FDs can take one of the following forms.

#1 Bank FD

Often called one of India’s favourite ways to save, the Bank FD, allows you to place money with banks for a specified tenure at a predetermined rate of interest (with slightly higher rates for senior citizens). What makes it attractive is the safety of the capital or investment amount although this is largely dependent on which bank the deposit is placed with. Our Bank FD Tool will help you assess the financial health of a bank before you place your deposits with them. 

In addition, bank FDs offer flexibility in terms of allowing premature closure and also providing for loans against the deposit. Interest Income is periodically credited to the bank account of the deposit holder. 

  • This interest income is taxable at your tax slab rate. 
  • The bank will also deduct tax at source at the rate of 10% on the interest payable to a deposit holder if the interest is above a certain threshold. (Rs. 40,000 per annum and Rs. 50,000 per annum in the case of senior citizens). Do note that TDS will be deducted every year even if your deposit is a cumulative one. 
  • The scenarios in which tax will not be deducted is if the depositor has submitted form 15G or 15H or if the interest income at that bank for that deposit holder falls below the threshold limit.

#2 Tax Saving FD

These deposits are just like regular bank FDs and usually even carry the same interest rate except, they come with a 5-year lock-in. Section 80C of the Income Tax Act, 1961, allows you to deduct some eligible investments and expenses (up to a total of Rs. 1.5 lakhs) from your taxable income, thereby reducing the tax. One of the eligible investments here is the tax saving FD.  

  • In the year that the tax saving deposit is placed, the deposit holder can get a deduction for the same under section 80C. 
  • Apart from this benefit however, the interest income from this deposit is taxable just the same as a regular bank FD. Tax will also be deducted on the interest in the same way as it is done for a regular bank FD.

#3 Company deposits

Apart from banks, some NBFCs and companies that have a license to do so from RBI, will accept fixed deposits. These deposits usually carry a slightly higher rate of interest than bank deposits.  In these deposits too, the income stream is from the interest alone.  

  • Here too, the interest income is fully taxable at your applicable slab rate. 
  • Tax will also be deducted at source if the interest per annum is above a threshold. In the case of company deposits, the threshold is Rs. 5,000 including for senior citizens unless form 15G or 15H has been submitted.

#4 National Savings Time Deposit (Post Office Time Deposit)

The Post Office Time Deposit, works much like a bank FD and can be placed for tenures of 1 to 5 years with the 5-year deposit being eligible for a deduction under section 80C. The interest rate on this deposit will change periodically and is compound quarterly but paid annually. 

  • The principal amount on a 5-year deposit only is eligible for deduction from total income.
  • The interest on this deposit is always taxable as per the deposit holder’s tax slab. 
  • TDS is applicable subject to the same limits as a bank deposit.

Do take a look at our curated list of FDs at Prime Deposits to see which deposits make the cut.

Small Savings Schemes

The Government of India mobilises small savings and uses the same for its funding requirements via the schemes run by the National Savings Institute. These schemes are run through post offices and designated banks and include tax saving favourites such as the PPF, Senior Citizens Savings Scheme and the Post Office Time deposit (covered above).  The interest rates for these schemes are periodically updated by the Government. 

#1 National Savings Monthly Income Account

The Monthly Income Account allows a depositor to deposit a maximum of Rs. 4.5 lakhs in an account or Rs. 9 lakhs in a joint account and matures in 5 years. It allows for premature closure subject to some conditions. 

  • The amount deposited in this account does not qualify for a benefit under section 80C. 
  • Interest payouts are made monthly and these are taxable at the slab rate applicable to the depositor. 
  • However, tax is not deducted at source. 

#2 Senior Citizens Savings Scheme

The SCSS allows for the deposit of an amount from Rs. 1,000 upwards and subject to a maximum of Rs. 15 lakhs (Rs. 30 lakhs from FY 24). This scheme is open to individuals aged 60 and above (50 / 55 if some criteria are met) and makes quarterly interest payouts. After the expiry of 5 years, the account can be closed or extended for a further 3 years. Premature closure of the account is allowed subject to some conditions being met. 

  • The deposits made in this account will fetch you a deduction under section 80C of the Income Tax Act. 
  • However, the interest is taxable based on your tax slab. 
  • Tax will be deducted at source @ 10% on the interest if total interest payable across all SCSS accounts in a financial year is over Rs. 40,000 (or Rs. 50,000 for those over 60 years of age). 

No tax will be deducted if form 15G or form 15H has been submitted. More details on this scheme details can be found here. 

#3 NSC VIIIth issue

The NSC VIIIth issue, matures in 5 years and comes with no maximum limit on the deposit amount. This scheme does not allow you to close the account before the end of the 5-year term. The interest amount on NSC is compounded annually but not paid out. Instead this is reinvested each year and paid out at maturity. 

  • The amount invested in NSC is eligible for deduction under section 80C and in subsequent years, the interest amount that gets reinvested is also eligible for deduction under section 80C. 
  • While tax is not deducted at source, the interest income is taxable in the hands of the depositor at the applicable slab rate. But because such interest is also considered as reinvestment under Section 80C, you effectively end up paying tax only in the final year. However, the interest income must be disclosed.

#4 Kisan Vikas Patra

The KVP scheme requires a minimum investment of Rs. 1,000 and comes with no maximum limit. This scheme compounds interest annually and doubles a one-time deposit at the end of 124 months but does not fetch any tax benefits. 

  • The amount invested does not qualify for deductions under section 80C. 
  • The interest earned is taxable in the hands of the depositor. 
  • Tax is however not deducted at source when a payout is made at the time of maturity.

#5 PPF Account

The hugely popular PPF account that allows you to deposit a maximum of up to Rs. 1,50,000 in a year, comes with a maturity term of 15 years. However, it allows for withdrawals from the 7th financial year and loan facilities from the 3rd to the 6th financial years. The interest on a PPF account is computed monthly but compounded and credited to the account annually. Our article on ‘PPF interest rate history’ will tell you more about the PPF scheme. 

  • What makes the PPF attractive is that not only are the investments in PPF eligible for deduction under section 80C but, the interest on a PPF account is tax free as well. 

If you would like to know how to fit PPF into your debt portfolio, our article, ‘PPF as part of debt portfolio and other FAQs’ will come in handy.

#6 Sukanya Samriddhi Account 

The Sukanya Samriddhi account allows you to open an account in the name of a girl child under the age of 10 and matures on completion of 21 years of opening the account. You can only open one account in India in the name of a girl and deposits up to a maximum of Rs. 1,50,000 per annum are allowed.  Interest is computed and compounded annually.   

  • This deposits to this account qualify for deduction under section 80C and;
  • The interest earned on this account is tax free. 

Debt Mutual Funds

For those looking to take their debt portfolio to the next level without getting their hands dirty, debt mutual funds are the route to take. Debt mutual fund schemes primarily invest in listed and unlisted fixed income instruments. As per SEBI’s ‘Categorisation and Rationalisation of Mutual Fund Schemes’ there are sixteen categories of debt funds. This can be mind boggling for some of us and if you would like these categories to be demystified for you, our article, ‘How to use each debt fund category in your portfolio’ will be of use. What will make your decision making even easier is our shortlist of mutual funds that can be found at Prime Funds. Income from debt mutual funds comes in two ways:

  1. IDCW - When you invest in a mutual fund scheme, you get to choose between the ‘growth’ option or the ‘IDCW’ option. Under the growth option, the gains made by the scheme (by way of interest / coupon payments received and capital gains on sale of instruments) are put back into the scheme. Under the IDCW (Income Distribution cum Capital Withdrawal or the erstwhile ‘dividend’) option periodic distributions are made, out of the NAV of the fund.
    To know more about IDCW, do take a look at our article, ‘What is IDCW in mutual funds?’. This IDCW payout is taxable in the hands of the investor at the slab rate applicable to her. Tax will also be deducted at source on IDCW @10% if IDCW exceeds Rs. 5,000 per annum in respect of the units in a mutual fund.
  2. Capital gains - Apart from the IDCW payouts, when you invest in a debt mutual fund, you will make a capital gain or loss on the investment when you redeem it. If redemption occurs after holding the fund for 3 years, the resulting gain would be classified as long term capital gains and would therefore be taxed at 20% after indexation. In the case of redemption before 36 months, the gains would be short term capital gains and these would be taxed at the slab rate applicable to you.

Please note that debt fund taxation has changed with effect from July 2024. Please refer to this article for updated tax rules.

Bonds

Bonds are instruments used by firms to borrow from investors who are compensated by way of periodic interest repayments until maturity when the loan is repaid. These bonds could come with options to payout interest (at different frequencies) or with a cumulative option. They could also come with a call option (where the borrower chooses to repay the loan ahead of the maturity).

The tenures can range from a few weeks to 40 years. If it is a perpetual bond, technically, the tenure can stretch endlessly until the bank exercises its call option. You can read more about perpetual bonds in our article, ‘What they didn’t tell you about perpetual bonds’. With all of the different options, tenures and credit ratings, it can seem like an ocean of options as far as bonds go.

The following are the key points that drive taxation of bonds:

  • Despite the various types of bonds that are available, for taxation purposes, bonds can be classified into ‘Listed’ - bonds that are traded on an exchange and ‘unlisted’ – these bonds are less liquid. 
  • For listed debt instruments, the minimum holding period for classifying capital gains as long term is 12 months. In the case of unlisted securities however, this is 36 months. 
  • Zero coupon bonds (bonds that are issued at a discount and pay out the face value at maturity with no coupon payments in the interim) are always considered long term capital assets if they are held for over 12 months (even if they are not listed). 
  • Indexation benefit is only available to Sovereign Gold Bonds and Capital Indexed Bonds issued by the Government as per section 48 of the Income Tax Act.
  • Short term capital gains will be included in the total income and taxed at applicable rates.
  • Long term capital gains are taxed at 10% without indexation or 20% with indexation (where applicable).

Listed Government Securities

Government securities are issued by the Central and State Governments for various maturities. While most obviously, they meet the funding requirements of the Government, these securities also set the tone for the overall debt market by being a benchmark and representing the risk free rate due to the sovereign guarantee that they come with. The RBI Retail Direct Platform (you can read our write up here) launched in December 2021, gives retail investors a way to get a piece of the action in the Government securities space. 

A few key points to note with regard to taxation of listed Government securities are:

  • TDS is not applicable on Government Securities as per the Income Tax Act.
  • Interest is usually paid half yearly and does not come with a cumulative option.
  • Holding period for long term capital gains is over 12 months for listed Government securities.
  • Long term capital gains taxed at 10% with no indexation benefit (indexation is only applicable to some Government bonds). 

The following are the four types of Government securities that retail investors can invest in via the RBI Retail Direct platform and how they are taxed.

  1. T-Bills usually have maturities of less than a year. These bonds make no coupon payouts but are issued at a discount (zero coupon bonds). At maturity, the investor will be paid back the face value of the bond. The difference between the purchase price and the redemption value would be short term capital gains since T-bills are for tenures of less than 12 months (currently, T-bills have maturities of 91 days, 182 days and 364 days) and this would be taxed as per the tax slab applicable. 
  2. G-secs or dated securities have tenures ranging from 1 year to 40 years. 
    • The coupon / interest payouts made (half yearly with no cumulative option) are clubbed with the investor’s income and taxed as per his / her applicable slab rate. Tax is not deducted at source. 
    • If the bond was purchased at face value in the primary market and held to maturity, the question of capital gains would not arise.
    • However, if the bond has been bought and / or sold on the secondary market, the difference between the sale price and the purchase price would be capital gains. Long term capital gains (holding period over 12 months) would be taxed at 10% with no indexation benefit. 
    • Short term capital gains are however taxed at the slab rate applicable to the investor.
  3. State Development Loans (SDL) represent borrowings of the State Governments and Union Territories. These are issued for tenures of 1 year to 40 years. While SDLs don’t come with an explicit sovereign guarantee that T-bills and G-secs come with, they are the next best thing and you can read more about SDLs here.
    • Like G-secs, SDLs too make half yearly coupon payments with no cumulative option. These coupon payments are taxable at the slab rate applicable to you. However, tax will not be deducted at source. 
    • Capital gains would be taxed in the same was as G-secs.
  4. Sovereign Gold Bonds (SGB), a way to invest in gold minus the hassles of physical storage were launched in 2015 and come with a tenure of 8 years. Investors are allowed an early redemption from the 5th year onwards. Issue and redemption prices of these bonds are linked to prevailing gold prices. If held in demat form, these bonds are tradeable on an exchange. The bonds can also be transferred to another investor subject to some eligibility criteria. A detailed FAQ on SGBs can be found on the RBI website here.
    • SGBs make half yearly interest payouts (fixed rate which is currently 2.5%) and this is taxable at the hands of the investor based on the slab rates applicable. Tax will not be deducted on this interest payout.
    • The capital gains arising at redemption of these bonds have been exempt from tax. 
    • In the case of transfer of these bonds, the resulting long term capital gains are allowed to be reduced via indexation benefits before being taxed at 20%. Short term capital gains will be taxed at the slab rate applicable to the investor.
Taxation of government securities for a resident individual

Source: Taxation_of_Government_Securities.pdf (nseindia.com)

Listed Corporate Bonds

Fixed income instruments issued by corporations and are traded fall under this category. These would carry a higher rate of interest than Government securities to compensate for the relatively higher risk they carry. These bonds could come with fixed or variable coupon rates. While there are several variants of listed corporate bonds, the interest income and capital gains arising out of them are taxed as follows: 

  • The interest on listed corporate bonds is taxable in the hands of the bond holder at the slab rate applicable. While section 193(ix) of the Income Tax Act used to grant an exemption of TDS on interest payments where the bonds are listed and held in demat form, this exemption will be removed from April 1, 2023 (Budget 2023). This means that TDS will now be applicable.
  • The exception to this are tax free bonds that were usually issued by PSUs like REC, PFC, NHAI and HUDCO. The interest on these tax free bonds are tax free under section 10 of the Income Tax Act and hence there is no TDS on the interest payouts either. These bonds are limited in availability and are available on the secondary market for their residual maturities. Capital gains on these bonds are however, taxable (as below).
  • Capital gains listed corporate bonds are taxable. Since these are listed securities, a holding period greater than 12 months would mean the gains are long term capital gains. These are taxed at 10% without indexation benefit.
  • Short term capital gains are taxed as per the investor’s applicable slab rate. 

Unlisted Bonds

While the interest income on bonds that are not listed on an exchange would be taxed in the same way (at the slab rate applicable to the investor), capital gains tax differs on account of a longer holding period requirement for classification as long term capital gains for unlisted securities. If the holding period is less than 36 months, the gains would be short term capital gains that are taxed at the investor’s slab rate. If the holding period was over 36 months, the gains would be taxed at 20% without indexation benefits. 

Non-transferable bonds

  1. 54 EC Bonds, popularly known as capital gains bonds are used to set off long term capital gains against the investment in these bonds. Certain bonds (issued by REC, NHAI, PFC and IRFC) are earmarked as eligible under section 54EC of the Income Tax for this purpose. These bonds come with a lock-in of 5 years and are not transferable. Therefore, the only income stream from these bonds is by way of interest. This is fully taxable as per the applicable slab rates. However, no tax will be deducted at source on the interest payouts.
  2. RBI Floating Rate Savings Bonds 2020 are a floating rate debt instrument issued by the Government and comes with a sovereign guarantee. The rate of interest is reset every six months and is tied to the NSC rate + a markup of 35 basis points. The interest is paid out half yearly. These bonds come with a 7-year lock in with early redemption being allowed for senior citizens. You can read more about these bonds in our earlier article here. Since these bonds are not traded or transferable, the question of capital gains does not arise. The interest on these bonds is taxable as per the applicable slab rate and tax will be deducted at source on the same at 10%.

Market Linked Debentures or MLDs are a category of debt products that are structured in a way where the instrument does not make periodic payouts but one final payout at maturity which is usually linked to an index. Therefore, not only do MLDs not have periodic interest payouts that are typical of debt instruments but they also don’t payout a predetermined amount at maturity. MLDs are listed securities.

Currently, these instruments are taxed similar to listed corporate bonds (LTCG for holding period greater than 12 months) but that is set to change on April 1, 2023. Budget 2023 has proposed that all gains on MLDs, irrespective of holding period, be taxed like short term capital gains on debt, i.e. at the slab rate applicable to you.

Prime Bonds will take you to our recommended list of Government and Private issues if you would like to fit any of these into your debt portfolio. Prime Deposits will tell you which are the good deposits to invest in now. 

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6 thoughts on “How are deposits, bonds and debt funds taxed?”

  1. retirefire001

    Request you to kindly do an article on GSEC STRIPS.Many financial Advisors are recommending as it is tax efficient.What Is Primeinvetor’s opinion

  2. retirefire001

    1.Kindly confirm the holding period of SGB for LTCG, whether it is 1 yr or 3yrs.
    2.If one buys SGB from secondary market from NSE and sells in market will one still get the benefit of indexation for LTCG
    3.If one buys from NSE and redeems to RBI after say 5 yrs will benefit of indexation available on LTCG

      1. retirefire001

        Thanks for the prompt reply.As per the Primeinvestor article holding period of SGB is 1 yr for LTCG,and as per financial express article it is 3yrs.Kindly clarify which one is correct.

  3. retirefire001

    Are G-Sec coupon STRIPS LTCG also after 1 yr holding period ? are they taxed at 10% flat or 20% with indexation 0r whichever is lower?

    1. Vidya Bala

      We received this query through a ticket as well. It is best that you consult a tax expert on this. thanks, Vidya

Comments are closed.
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1. Availing the research services

By accepting delivery of the research service, the client confirms that he/she has elected to subscribe to the research service of the RA at his/her sole discretion. The RA confirms that Research Services shall be rendered in accordance with the applicable provisions of the SEBI RA Regulations.

2. Obligations on RA

The RA shall be bound by the SEBI Act and all the applicable rules and regulations of SEBI, including the RA Regulations and relevant notifications of Government, as may be in force, from time to time.

3. Client Information and KYC

The client shall furnish all such details in full as may be required by the RA in its standard form with supporting details, if required, as may be made mandatory by Research Analyst Administration and Supervisory Body(RAASB)/SEBI from time to time. RA shall collect, store, upload and check KYC records of the clients with KYC Registration Agency (KRA) as specified by SEBI from time to time.

4. Standard Terms of Service

The consent of client shall be taken on the following understanding:

“I / We have read and understood the terms and conditions applicable to a research analyst as defined under regulation 2(1)(u) of the SEBI (Research Analyst) Regulations, 2014, including the fee structure.

I/We are subscribing to the research services for our own benefits and consumption, and any reliance placed on the research report provided by research analyst shall be as per our own judgement and assessment of the conclusions contained in the research report.

I/We understand that –

  1. Any investment made based on the recommendations in the research report are subject to market risk.
  2. Recommendations in the research report do not provide any assurance of returns.
  3. There is no recourse to claim any losses incurred on the investments made based on the recommendations in the research report.”

The declaration of the RA is as follows:

  1. We are duly registered with SEBI as an RA pursuant to the SEBI (Research Analysts) Regulations, 2014 and our registration details are: registration no SEBI INH200008653, with registration date 19th August, 2021
  2. We have the registration and qualifications required to render the services contemplated under the RA Regulations, and the same are valid and subsisting;
  3. Research analyst services provided by us do not conflict with or violate any provision of law, rule or regulation, contract, or other instrument to which it is a party or to which any of its property is or may be subject;
  4. The maximum fee that may be charged by the RA is ₹1.51 lakhs per annum per family of client. Our current fee structure, the term and duration of our subscription for our Research Services, can be viewed on our website here: https://primeinvestor.in/prime-pricing
  5. The recommendations provided by us as part of the Research Services do not provide any assurance of returns.

5. Consideration and mode of payment

The client shall duly pay to the RA the agreed fees for the services that RA renders to the client and statutory charges, as applicable. Such fees and statutory charges shall be payable through the specified manner and mode(s)/ mechanism(s).

The payment of fees shall be through a mode that shows traceability of funds. Such modes include but are not limited to credit cards/debit cards/ UPI/ net banking or any other mode specified by SEBI from time to time. However, the fees shall not be in cash.

6. Risk factors

  1. Investments are subject to market risk. Investing or trading in financial products involves risk. Past performance of the recommendation is not an indication of future returns. Past performance of the RA is not an indicator of future performance. Past performance of the security is not an indication of future returns.
  2. There are no assurances or guarantees that the objectives of any investment in financial products will be achieved.
  3. The names of financial products mentioned herein do not in any manner indicate their prospects or returns. The performance in the equity may be adversely affected by the performance of individual companies, changes in the market place and industry specific and macro-economic factors.
  4. The performance of the investments/ products recommended by the RA are subject to a wide range of risks, including but not limited to: performance of the respective companies, changes in equity and debt market conditions, micro and macro factors and forces affecting equity and debt markets, general levels of interest rates and interest rate risk, credit risk, liquidity risk, reinvestment risk, economic slowdown, volatility & illiquidity of the stocks, risks associated with trading volumes, liquidity and settlement systems in equity and debt markets and/or such other circumstance beyond the control of the RA or any of its Associates.
  5. Other risk factors include that may affect the performance of the investments/ products recommended by the RA include but are not limited to economic policies, changes of Government and its policies, acts of God, acts of war, civil disturbance, sovereign action and /or such other acts/ circumstance beyond the control of the RA or any of its Associates.
  6. The recommendations provided by the RA as part of its Research Services may not be suitable to all categories of investors.
  7. The client should read all scheme and security related documents carefully before investing.
  8. Returns and performance figures mentioned in the research report represent past performance and should not be constituted to be future returns or guaranteed returns.

7. Conflict of interest

The RA shall adhere to the applicable regulations/ circulars/directions specified by SEBI from time to time in relation to disclosure and mitigation of any actual or potential conflict of interest. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

General disclosures: PrimeInvestor Financial Research Pvt Ltd (with brand name PrimeInvestor) is an independent research entity offering research services on personal finance products to customers. We are a SEBI registered Research Analyst (Registration: INH200008653). PrimeInvestor Financial Research Pvt. Ltd., its employees, directors or agents, do not have any material adverse disciplinary history as on the date of publication of this report.

Restrictions on trading: To ensure no conflict of interest, the RA declares as follows:

  1. Personal trading activities of the individuals employed as research analysts shall be monitored, recorded and subject to a formal approval by the directors or compliance officer of PrimeInvestor Financial Research Private Limited.
  2. Research analysts employed by PrimeInvestor Financial Research Private Limited or their associates or relatives shall not:
    • Deal/ trade in stocks recommended/ tracked by the research analyst within 30 days before and five days after the publication of a research report;
    • Deal/ trade in securities that the research analyst reviews in a manner contrary to the given recommendation;
    • Purchase or receive securities of the issuer before the issuer's initial public offering, if the issuer is principally engaged in the same types of business as companies that the research analyst follows or recommends.

Disclosures with respect to Research and Recommendations Services:

  1. The RA or its directors or any of its officer/employee does not trade in securities which are subject matter of recommendation.
  2. The RA, or any of its officers, directors, employees, or subsidiaries have not received any compensation/ benefits whether monetary or in kind, from the AMC, company, government, bank or any other product manufacturer or third party, whose products are the subject of its Research Services or investment information.
  3. The Research Analysts who have prepared the research reports that form part of the Research Services (“Research Analyst”) certify that all of the views expressed in the research report accurately reflect their views about the subject company or subject security.
  4. The RA or directors or employees or Research Analyst certify that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.
  5. The Research Analyst has not served as director, officer or employee in the subject company, AMC or insurance company of the mutual fund or insurance policy that is the subject of this report, or company whose bonds, NCDs, fixed deposits or other savings products that is the subject of this report.
  6. The Research Analyst or their relatives do not have any known direct or indirect material conflict of interest including long/short positions in the subject company.
  7. The Research Analyst may hold investments in the stocks, mutual fund schemes, bonds, fixed deposits, insurance policies, or other products that are the subject of the recommendations provided as part of the Research Services. The Research Analyst certifies that they will not act in a manner contrary to their views on these securities except in the event of significant news or event or change in personal financial circumstances and without formal approval from the directors of PrimeInvestor Financial Research Pvt. Ltd. or the compliance officer.
  8. There are no actual or potential conflicts of interest arising from any connection to or association with any issuer of products/ securities, including any material information or facts that might compromise its objectivity or independence in the carrying on of the Research Services. Such conflict of interest shall be disclosed to the client as and when they arise.
  9. The RA or its directors or its employee or its associates have not managed or co-managed the public offering of any company. The RA or its directors or its employee or its associates have not received any compensation for investment banking or merchant banking of brokerage services from the subject company. The RA or its directors or its employee or its associates have not received any compensation for products or services other than above from the subject company. The RA or its directors or its employee or its associates have not received any compensation or other benefits from the Subject Company or 3rd party in connection with the research report/ recommendation.
  10. The subject company of its research recommendations was not a client of the RA or its directors or its employee or its associates during twelve months preceding the date of recommendation services provided.
  11. The RA or its directors or its employee or its associates has not served as an officer, director or employee of the subject company. Research Analysts has not been engaged in market making activity of the subject company.

PrimeInvestor Financial Research Pvt. Ltd., its Associates, the Research Analysts or their relatives holds ownership of 1% or more, in respect of the said issuer company(ies)? – NO

8. Termination of service and refund of fees:

The RA may terminate or suspend rendering of Research Services to the client in the following circumstances:

  1. On account of suspension/cancellation of registration of RA by SEBI. In case of suspension of certificate of registration of the RA for more than 60 (sixty) days or cancellation of the RA registration, RA shall refund the fees, on a pro rata basis for the period from the effective date of cancellation/ suspension to end of the client’s subscription period.
  2. The RA voluntarily chooses to terminate its Research Service. In the event of such termination of the Research Service, the RA shall refund the fees, on a pro rata basis for the period from the date of such termination of research service to end of the client’s subscription period.

9. Grievance redressal and dispute resolution:

Any grievance related to:

  1. nonreceipt of research report, or
  2. missing pages or inability to download the entire report, or
  3. any other deficiency in the research services provided by RA

shall be escalated promptly by the client to the person/employee designated by RA, in this behalf as under:

Name: Bhavana Acharya
Designation: Director & Compliance Officer, PrimeInvestor Financial Research Pvt Ltd
Email: [email protected]

The RA shall be responsible to resolve grievances within 7 (seven) business working days or such timelines as may be specified by SEBI under the RA Regulations.

RA shall redress grievances of the client in a timely and transparent manner. Any dispute between the RA and his client may be resolved through arbitration or through any other modes or mechanism as specified by SEBI from time to time.

If the client is not satisfied with the response of the RA, he/she can lodge his/her grievances with SEBI at scores.sebi.gov.in. Alternatively, the client may also write to any of the offices of SEBI. For any queries, feedback or assistance, please contact SEBI Office on Toll Free Helpline at 1800 22 7575 / 1800 266 7575

Details on grievances are available on the Website as follows: https://primeinvestor.in/ra-grievance/

10. Additional clauses:

Scope of the Research Service: The Research Services will be limited to providing independent research recommendation and shall not be involved in any advisory or portfolio allocation services. The Research Services are not meant to be tailor-made or customized solutions that specifically apply to each client based on his/her risk profile.

The RA never guarantees the returns on the recommendation provided. Investor shall take note that investment/trading in stocks/Index or other securities is always subject to market risk. Past performance is never a guarantee of same future results. The RA shall not be responsible for any loss to the Investors.

This service is not directed for access or use by anyone in a country, especially the USA, Canada or the European Union countries, where such use or access is unlawful or which may subject PrimeInvestor Financial Research Pvt Ltd or its affiliates to any registration or licensing requirement.

The Research Service, including recommendations, research reports, updates, and other information will be accessible through the RA’s website https://primeinvestor.in only. Such recommendations and updates will not be provided over phone calls.

Fees: Our current fee structure, the term and duration of our subscription for our Research Service, can be viewed on our website: https://primeinvestor.in/prime-pricing. Eligibility for any discounts is ascertained at the time the client subscribes. Any such discount and its tenure shall be at the discretion of the RA.

Subscription and access to content services fall under the purview of Goods and Services Tax (GST) as per the current indirect taxation policy, Government of India. Unless otherwise indicated, prices stated on our website are exclusive of applicable GST, any applicable value added tax (VAT) or other sales taxes. We are a business-to-consumer (B2C) service provider and we do not commit to provide any input tax credit on GST charged on subscription to our Research Service.

We may change the Subscription Fees and charges then in effect, or add new fees or charges which will take effect at the end of the client’s subscription period, by giving notice in advance and an opportunity to cancel renewal of the subscription.

Subscription Access & Renewal: Subscription to the Website commences immediately on the realisation of payment of the Subscription Fees. Subscriptions are set to be renewed automatically at the end of the subscription period.

Unless the client notifies us before the end of his/her subscription period, or the client cancels the auto-renewal mandate within the period specified by law, that the client does not wish to renew his/her subscription, the client’s subscription will renew for the period defined by the client’s subscription plan. We will charge the subscription using the same payment method that you previously used.

Although the client may notify to us his/her intention to his/her subscription, such notice will only take effect at the end of his/her then current subscription period, and he/she will not receive a refund other than as set out under Clause 8 in these Terms.

The client may notify us of his/her wish to cancel his/her subscription by sending an email to [email protected]. The client must provide at least 5 business days advance notice for this to be implemented.

Refunds: There can be no cancellation and refund of subscription fee paid once the subscription is active, other than as stated in Clause 8 of these Terms. If the client is entitled to a refund as specified under Clause 8 of these Terms, the RA will credit that refund to the card or other payment method used by the client to submit payment, unless it has expired - in which case the RA will contact the client to proceed with the refund. If we do issue a refund or credit due to circumstances outside the obligations specified under Clause 8, we are under no obligation to issue the same or a similar refund in the future.

General disclaimers: The recommendations made herein in the Research Services are expression of views and/or opinions and should not be deemed or construed to be advice for the purpose of purchase or sale of any security, nor a solicitation or offering on any investment/ trading opportunity on behalf of the company, AMC, insurance company, or issuer of security referred to herein.

The content and research reports generated by the RA does not constitute or is not intended to constitute an offer to buy or sell, or a solicitation to an offer to buy or sell financial products, units or securities.

The information/ opinion/ views mentioned in research reports or by the RA are not meant to serve as a professional guide to the client or recipients of this Report. The research report, recommendation, or any other content published by the RA do not assure or guarantee any minimum or fixed returns to the client or recipients of the reports/ recommendations/ content.

Use of this information is at the client’s own risk. The client must make his/ her own investment decisions based on his/her specific investment objective and financial position and using such independent advisors as he/she believes necessary. The services rendered by the RA are on a best-effort basis. All information in the content or research report of the RA is provided on an as is basis. Information is believed to be reliable but the RA does not warrant its completeness or accuracy and expressly disclaim all warranties and conditions of any kind, whether express or implied.

While due care has been taken to ensure that the disclosures, information, and opinions given are fair and reasonable, PrimeInvestor Financial Research Pvt Ltd and/or none of its officers, directors, partners, employees, agents, subsidiaries, affiliates or business associates shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information/ opinions/ views contained in the research report and recommendations that form part of the Research Service, and/or mails, social media or notifications issued by PrimeInvestor Financial Research Pvt Ltd or any other agency appointed/authorised by PrimeInvestor Financial Research Pvt Ltd. Returns and performance figures mentioned in the research report represent past performance and should not be constituted to be future returns or guaranteed returns.

Any agreements, transactions or other arrangements made between the client and any third party named on (or linked to from) the Website are at your own responsibility and entered into at your own risk. Any information that you receive via the Website, whether or not it is classified as “real time”, may have stopped being current by the time it reaches you. Market price information may be rounded up/down and therefore may not be entirely accurate.

The purpose of these disclosures is to provide essential information about the Research Services in a manner to assist and enable the prospective client/client in making an informed decision for engaging in Research Services before onboarding.

History, present business and background: PrimeInvestor Financial Research Private Limited is registered with SEBI as Research Analyst with registration no. INH200008653. The Research Analyst got its registration on August 19, 2021 and is engaged in offering research and recommendation services.

Disciplinary history: There are no pending material litigations or legal proceedings against the Research Analyst. As on date, no penalties / directions have been issued by SEBI under the SEBI Act or Regulations made thereunder against the Research Analyst relating to Research Analyst services.

Details of the RA's associates: No associates.

Usage of Website Content: This Website is controlled and operated by the RA. All material, including research reports, recommendations, portfolios, ratings, lists of financial products, illustrations, statements, opinions, views, photographs, products, images, artwork, designs, text, graphics, logos, button icons, images, audio and video clips and software (collectively, “Content”) are protected by copyrights, trademarks and other intellectual property rights that are owned and controlled by the RA or by other parties that have licensed their material to us.

Except where otherwise agreed in writing with the RA, material on the Website is solely for the client’s personal, non-commercial use. Except as provided below, the client must not copy, reproduce, republish, upload, post, transmit or distribute such material in any way, including by e-mail or other electronic means and whether directly or indirectly and the client must not assist any other person to do so.

Without the prior written consent of the RA, modification of the materials, use of the materials on any other web site or networked computer environment or use of the materials for any purpose other than personal, non-commercial use is a violation of the copyrights, trademarks and other proprietary rights, and is prohibited. Any use for which the client receives any remuneration, whether in money or otherwise, is a commercial use for the purposes of these Terms.

The client may occasionally distribute a copy of a research report, or a portion of the same, from the Website in non-electronic form to a few individuals without charge, provided the client includes all copyright and other proprietary rights notices in the same form in which the notices appear, original source attribution, and the phrase “Used with permission from PrimeInvestor Financial Research Pvt. Ltd.”

While the client may occasionally download and store research reports or information from the Website for his/her personal use, he/she may not otherwise provide others with access to the same. The foregoing does not apply to any sharing functionality we provide through the Website that expressly allows the client to share Content or links to Content with others. In addition, the client may not use Content he/she has downloaded for personal use to develop or operate an automated trading system or for data or text mining.

The client agrees not to rearrange or modify the Content available through the Website. The client agrees not to display, post, frame, or scrape the Content for use on another website, app, blog, product or service, except as otherwise expressly permitted by these Terms. You agree not to create any derivative work based on or containing the research products and Content. The framing or scraping of or in-line linking to the Services or any Content contained thereon and/or the use of webcrawler, spidering or other automated means to access, copy, index, process and/or store any Content made available on or through the Services other than as expressly authorized by us is prohibited.

The client further agrees to abide by exclusionary protocols (e.g., Robots.txt, Automated Content Access Protocol (ACAP), etc.) that may be used in connection with the Research Services. The client may not access parts of the Research Services to which he/she is not authorized, or attempt to circumvent any restrictions imposed on your use or access of the Services.

As a general rule, the client may not use the Content, including without limitation, any Content made available through one of our RSS Feeds, in any commercial product or service, without our express written consent.

The client may not create apps, extensions, or other products and services that use our Content without our permission. The client may not aggregate or otherwise use our Content in a manner that could reasonably serve as a substitute for a subscription to the Website.

The client may not access or view the Services with the use of any scripts, extensions, or programs that alter the way the Services are displayed, rendered, or transmitted to you without our written consent.

The client agrees not to use the Services for any unlawful purpose. We reserve the right to terminate or restrict the client's access to the Website if, in our opinion, the client's use of the Services may violate any laws, regulations or rulings, infringe upon another person's rights or violate these Terms.

Prohibited content: The Website includes comments sections, blogs and other interactive features that allow interaction among clients and between clients and the RA. We call the information posted by or contributed by users “Contributed Content.” In the course of availing of the Research Services or uploading any post or comment on the Website, the client shall not post any Contributed Content that (i) contains nude, semi-nude, sexually suggestive photos, (ii) tends or is likely to abuse, harass, threaten, impersonate or intimidate other users of the Website and/or Research Services, (iii) is lascivious or appeals to the prurient interest or if its effect is such as to tend to deprave and corrupt persons who are likely to use or have access to the Website and/or Services, or (iv) otherwise violates, is prohibited or restricted by applicable law, rule or regulation, is offensive or illegal or violates the rights of, harms or threatens the safety of other users of the Website and/or Services (collectively “Prohibited Content”).

We reserve the right to cease to provide the client with the Research Services or access to the Website, or terminate your subscription, with immediate effect and without notice and liability, for violating these Terms, applicable law, rules or regulations and reserves the right to remove Prohibited Content which is in violation of these Terms, or is otherwise abusive, illegal or disruptive. The determination of whether any content constitutes Prohibited Content, violates these Terms, or is otherwise abusive illegal or disruptive, is subject to the sole determination of the Firm.

Changes to Research Services: We are constantly endeavouring to improve the quality of Research Services provided to our clients. Due to this, the form and nature of the Research Services provided may change from time to time without any prior notice to the client. We reserve the right to introduce and initiate new features, functionalities, components to the Website and/or Research Services and/or change, alter, modify, or discontinue existing ones without any prior notice to the client.

Warranty and liability disclaimer: The Website, Research Services, and all the materials and services, included on or otherwise made available to the client through this Website is provided by the RA on an “as is” and “as available” basis without any representation or warranties, express or implied except otherwise specified in writing. Without prejudice to the foregoing paragraph, the RA does not warrant that:

  • This Website and/or Research Services will be constantly available, or available at all;
  • The information on this Website or provided through the Research Services is complete, true, accurate or not misleading; or
  • The quality of any products, services, information, or other material that you obtain through the Website or Services will meet your expectations.

The RA, to the fullest extent permitted by law, disclaims all warranties, whether express or implied, including the warranty of merchantability, fitness for particular purpose and non-infringement. The RA makes no warranties about the accuracy, reliability, completeness, or timeliness of the Website, Research Services, Content, Contributed Content, Services, software, text, graphics and links.

The RA does not warrant that this Website, Research Services, information, content, materials, or any other material included on or otherwise made available to you through this Website, their servers, or electronic communication sent by the RA are free of viruses or other harmful components.

Nothing on this Website constitutes, or is meant to constitute, advice of any kind.

Indemnification: The client:

  1. Represents, warrants and covenants that no materials of any kind provided by him/her will:
    1. Violate, plagiarise, or infringe upon the rights of any third party, including copyright, trademark, privacy or other personal or proprietary rights; or
    2. Contain libellous, Prohibited Content or other unlawful material;
  2. Hereby agree to indemnify, defend and hold harmless the RA and all of the RA’s officers, directors, owners, agents, customers/clients, information providers, affiliates, licensors and licensees (collectively, the “Indemnified Parties”) from and against any and all liability and costs, including, without limitation, reasonable advocate’s fees, incurred by the Indemnified Parties in connection with any claim arising out of any breach by the client of these Terms or the foregoing representations, warranties and covenants. The client shall cooperate as fully as reasonably required in the defence of any such claim. The RA reserves the right, at its own expense, to assume the exclusive defence and control of any matter subject to indemnification by the client.

Applicable law: This Website, including the Content and Contributed Content and information contained herein, and the provision of Research Services shall be governed by the Securities and Exchange Board of India, laws of the Republic of India and the courts of Chennai, India which shall retain exclusive jurisdiction to entertain any proceedings in relation to any disputes arising out of the same. As such, the laws of India shall govern any transaction completed using this Website.

Information gathered and tracked: Information submitted or collected on the Website or pursuant to the use of the Services is stored in a database. Specifically, we store the username, name, e-mail address, contact number, as submitted or collected on our Website or through the provision of the Research Services. We may use such information to send out occasional promotional materials, including alerts on new Services available, or other promotional and marketing material relating to our clients and customers.

In accordance with the Information Technology Act 2000, the name and the details of the Grievance Officer at PrimeInvestor is provided below:

Mr. Srikanth Meenakshi
PrimeInvestor Financial Research Pvt. Ltd., Registered office: 659, 4th Avenue, D-Sector, Anna Nagar Western Extension, Chennai 600 101.
Email: [email protected]

11. Mandatory notice:

Clients shall be requested to go through Do’s and Don’ts while dealing with RA as specified in SEBI master circular no. SEBI/HO/MIRSD-POD-1/P/CIR/2024/49 dated May 21, 2024 or as may be specified by SEBI from time to time.

12. Optional Centralised Fee Collection Mechanism:

SEBI has operationalized a centralized fee collection mechanism for IA and RA. Under this mechanism, clients shall pay fees to IAs/RAs through a designated platform/portal administered by a recognized Administration and Supervision body. This is an optional mechanism for the registered entities. At this time, PrimeInvestor has opted out of this fee collection mechanism. Therefore, all subscription payments for the Research Services will be through the modes as specified in Clause 5 of these Terms.

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