Personal Finance Chidambaram criticizes govt move to withdraw 7.75% taxable savings bonds; but should savers worry? Updated : May 28, 2020 02:02 PM IST Former Finance Minister P Chidambaram criticized the government’s move to discontinue the popular RBI Bonds effective today, calling it a “cruel blow” to Indian citizens. The government has decided to withdraw 7.75 per cent Savings (Taxable) Bonds scheme from the close of banking business on Thursday due to declining interest rates. The Reserve Bank of India has also notified the cessation of 7.75 percent Savings (Taxable) Bonds, 2018. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.