The rate of interest on Government of India Floating Rate Bond 2024 (FRB 2024), applicable for the half year November 7, 2023 to May 6, 2024, has been fixed at 7.14 per cent per annum, the RBI said on Monday.

The rate of interest on FRB 2024 is reset at the average rate (rounded off up 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 computed by reckoning 365 days in a year, the RBI statement said.