Sovereign Gold Bond Scheme: There is a piece of good news for those who prefer investing in gold. According to the Reserve Bank of India, the latest Sovereign Gold Bond (SGB) tranche will open for subscription today i.e. September 11. The Central Bank has also announced the price for the same. If you have been waiting for the Sovereign Gold Bond (SGB) Scheme 2023-24 Series II, here’s all you need to know.
Sovereign Gold Bond Scheme 2023-24: Subscription dates
The subscription for the Sovereign Gold Bond (SGB) Scheme 2023-24 Series II will begin on September 11 and will remain open till September 15, 2023.
Sovereign Gold Bond Scheme 2023-24: Issue price
The issue price for the Sovereign Gold Bond Scheme 2023-24 Tranche 2 has been fixed at Rs 5,923 per gram by the Reserve Bank of India.
Sovereign Gold Bond Scheme 2023-24: Discount for online applicants
According to RBI, there will be a discount of Rs 50 per gram for those investors who will apply for the Sovereign Gold Bond online and make the payment through digital mode. After the discount of Rs 50, the value of the issue price of the Sovereign Gold Bond will come down to Rs 5,873.
Sovereign Gold Bond Scheme 2023-24: Where to buy SGB?
The Sovereign Gold Bond will be sold through banks, Stock Holding Corporation of India Ltd (SHCIL), designated post offices, and recognised stock exchanges such as the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
Sovereign Gold Bond Scheme 2023-24: Who is eligible?
Resident individuals, Hindu Undivided Family (HUF), Trusts, Universities and Charitable Institutions are eligible to buy these bonds.
Sovereign Gold Bond Scheme 2023-24: Tenor
The tenor of the SGB will be for a period of eight years with an option of premature redemption after the fifth year to be exercised on the date on which interest is payable.
Sovereign Gold Bond Scheme 2023-24: Investment limit
The minimum permissible investment in the Sovereign Gold Bond is one gram. However, the maximum limit of subscription shall be 4 Kg for individuals, 4 Kg for HUF and 20 Kg for trusts and similar entities per fiscal year (April-March) notified by the Government from time to time.
Sovereign Gold Bond Scheme 2023-24: Interest rate
The investors will be compensated at a fixed rate of 2.50 per cent per annum payable semi-annually on the nominal value.
Sovereign Gold Bond Scheme 2023-24: Redemption price
The redemption price will be in Indian Rupees based on a simple average of the closing price of gold of 999 purity, of the previous three working days published by IBJA Ltd.