The government has introduced the Sovereign Gold Bond Scheme, offering a unique opportunity to purchase gold at discounted prices.
Starting from June 19 to June 23, the first series of the Sovereign Gold Bond Scheme 2023-24 allows individuals to buy gold at lower rates. The second series is scheduled for release on September 24.
Understanding the Sovereign Gold Bond Scheme
The Sovereign Gold Bond Scheme is a government initiative that enables individuals to invest in gold at prices lower than the market rate.
This scheme is guaranteed by the Government of India and administered by the Reserve Bank of India, ensuring the safety of invested funds.
Interested individuals can purchase these bonds through any bank or online via net banking.
Determining the Gold Price and Discounts
The price of gold in the Sovereign Gold Bond Scheme is determined based on the average of the last three days’ gold prices prior to subscription, linked with Aadhaar. Online payments for gold also come with a discount of Rs 50 per 10 grams.
Investment Guidelines and Options
As per the Reserve Bank of India’s guidelines, the minimum investment in Sovereign Gold Bonds is one gram of gold.
Individuals can invest a maximum of 4 kg in their own name, 4 kg for Hindu Undivided Families (HUFs), and 20 kg for trusts.
Where to Buy the Sovereign Gold Bond
The Sovereign Gold Bond Scheme can be purchased from various sources, including all banks, Stock Holding Corporation of India Limited (SHCIL), Clearing Corporation of India Limited (CCIL), National Stock Exchange of India Limited, and Bombay Stock Exchange Limited.
Interest and Maturity Details
The Sovereign Gold Bond Scheme has a maturity period of 8 years, with the option to exit after the 5th year. Investors receive an interest rate of 2.50 percent.
This scheme was launched in 2015 and continues to provide individuals with an attractive investment opportunity in gold.
