Mumbai: If you also want to invest in gold, then you have a great chance. The government is going to introduce the Sovereign Gold Bond Scheme. It has been decided to give a discount of 50 rupees per gram on gold bonds to investors making online applications and digital payments. Let’s know about this entire offer.
In fact, the Reserve Bank of India (RBI) stated that the issue price of gold bonds has been fixed at Rs 5,051 per gram. The Sovereign Gold Bond Scheme 2020-21 Series 7 offer will be open from October 12 to October 16. “The value of the bond is Rs. 5,051 per gram based on the average closing price of 999 purity gold for the last three trading days of the previous week from the subscription period,” RBI said in a statement.
Digital Payers Rebate
The government has decided to give a rebate of Rs 50 per gram to investors who apply online and make payments through digital mode after the RBI has spoken. The central bank said, “The price of gold bonds for such investors will be Rs. 5,001 per gram.” The Series-8 of the Sovereign Gold Bond Scheme (SGB) -8 will open from November 9 to November 13.
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What is Sovereign Gold Bond Scheme
RBI is going to introduce Sovereign Gold Bond 2020-21 on behalf of Government of India. Gold bonds can be taken in multiples of one gram of gold. Its duration is eight years and after five years it also has the option to opt out. A minimum of one gram of gold can be invested in gold bonds and the maximum investment limit for the common man is four kg, while for Hindu Undivided Family (HUF) this limit is four kg and 20 kg for trust.
What does the report say
According to the RBI annual report 2019-20, the government has raised a total of Rs 9,652.78 crore (30.98 tonnes of gold) from sovereign gold bonds in 37 installments after the launch. In the last financial year, the government had brought 10 subscription offers of gold bonds, from which the government raised a total of Rs 2,316.37 crore (6.13 tonnes). The Series-8 of the Sovereign Gold Bond Scheme (SGB) will open from November 9 to November 13.
