SGB: You can apply to buy gold bonds from today. The sale will run online till December 22. The price of gold bond has been kept at Rs 6,199 per gram. You will get a discount of Rs 50 per gram on online purchase.
Investors will be able to invest in the Sovereign Gold Bond (SGB) scheme from Monday i.e. today. RBI has fixed the price of gold bonds at Rs 6,199 per gram. The sale of bonds will last for a total of five days till December 22. This will be the third series of gold bonds for the financial year 2023-24. Earlier in September the second series was sold. The next Gold Bond series will be released on 12-16 February.
Rs 50 off on online purchases: According to RBI, the price of SGB based on simple average of closing price of gold of 999 purity works out to be Rs 6,199 per gram. Investors purchasing gold bonds through online or digital medium will be given a discount of Rs 50 per gram. The bond price for such investors will be Rs 6,149.
There will be online and offline sales: There is facility to invest in gold bonds both offline and online. If a person wants to invest offline then he will have to visit the designated bank branches, fill the form and complete all the formalities. Apart from this, people wishing to invest online have to apply for purchase of gold bonds through the website of Reserve Bank of India or other banks.
How much to invest: To invest in gold bonds, you will have to buy at least 1 gram of gold. At the same time, any person can buy up to 500 grams at a time. This limit is a maximum of four kilograms for a financial year. For some institutions this limit is up to 20 kg.
Can buy from here: RBI has authorized selected banks and post offices, Stock Holding Corporation, Clearing Corporation of India and Stock Exchange NSC and BSC for their sale. To buy bonds through stock exchange, it is necessary to have a demat account.
2.5 percent interest per annum: Government gold bonds offer interest at the rate of 2.5 percent per annum. It is payable half-yearly. Although the interest earned on gold bonds is taxable, the capital gains arising from redemption of these bonds are not taxable.
114 percent profit in the year 2017-18 series: The Reserve Bank of India has fixed the redemption price for premature withdrawal of the gold bond series issued in the year 2017-18 at Rs 6,199 per gram. This series was released in December 2017 and at that time the price was fixed at Rs 2,890 per gram. If the investor investing in these sells the bonds before the maturity period, he will get a profit of 114 percent.
How to apply online through bank
- Visit the website of the RBI designated bank and select the Gold Bond option on the homepage or in the e-services section.
- This option will open even after logging in through net banking.
- After reading the necessary terms and conditions related to the bond, the registration form will open.
- After filling it, enter the quantity of gold and name of the nominee.
- After verifying all the information, the form will have to be submitted and also verified with OTP.
- After this the payment process will have to be completed. After this the bank will issue a certificate of gold bond, which will also be received on email.
Gold demand continues to increase: In the third quarter of the current financial year 2023-24, the demand for gold in India increased by 10 percent to 210.2 tonnes. It was 191.7 tonnes in the same period a year ago. India’s gold imports rose to 220 tonnes in the third quarter from 184.5 tonnes in the year-ago period, according to World Gold Council (WGC) data.
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