RBI allows retail investors to subscribe to Floating Rate Savings Bonds via its portal. Details here

livemint.com:

Bank of India (RBI) has expanded the basket of products offered through its Retail Direct Portal by allowing individual investors to subscribe to Floating Rate Savings Bonds (FRBs), 2020 (Taxable). "In its endeavour to expand the basket of products offered through the Retail Direct Portal, Reserve Bank of India, in consultation with the Government of India, has enabled subscription to Floating Rate Savings Bonds, 2020 (Taxable) – FRSB 2020 (T)," the central bank said in a statement. Earlier, retail investors were allowed to invest in central government securities, treasury bills, state government securities, and sovereign gold bonds through the Retail Direct portal.

The subscription of bonds will be in the form of cash (up to ₹20,000 only)/drafts/cheques or any electronic mode. FRSBs are interest-bearing, non-tradeable bonds, issued by the central government, which are repayable on the expiration of seven years from the date of issue. The RBI officially pays 35 basis points above the NSC rate, offering an 8.05% interest rate.

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 a cumulative basis. FRSBs are interest-bearing, non-tradeable bonds, issued by the Government of India, which are repayable on the expiration of seven years from the date of issue.