Friday, February 23rd, 2024

SGB: Government starts selling cheap gold, last chance of the year to get discount on Gold


Photo: File Sovereign Gold Bond

Nowadays there is a lot of discount trend everywhere. You will get discounts on everything from mobiles to shoes. But if you are told that gold can also be found at a discount, then you might not believe it. but it’s true. No goldsmith but the government itself is giving you an opportunity to buy gold at a cheaper price. The government has introduced the third series of its popular Sovereign Gold Bond (Sovereign Gold Bond Scheme 2022-23 – Series III). Under this, there will be an opportunity to buy gold at a lower price between 19 and 23 December.

what is the price of gold bond

As per RBI sovereign gold bond The issue price has been fixed at Rs 5,409 per gram. These bonds will be issued by the Reserve Bank on behalf of the Government of India. The Finance Ministry said that the price of gold bonds will be at the simple average rate of the price issued by the India Bullion and Jewelers Association Limited. This price will be the average price of gold of 999 purity during the last three business days of the week preceding the investment period.

Customers will get a discount of Rs 50

Those making payment through online or digital medium to buy bonds will get a discount of Rs 50 per gram in the price of the bond. That is, the issue price of gold bonds for online payment investors will be Rs 5,359 per gram. The tenure of the bond will be eight years with an option to exit the bond after five years on the date of next interest payment. Investment in gold bonds can be made according to the basic unit of one gram. One has to invest for at least one gram of gold.

Where can I buy Sovereign Gold Bonds?

According to the ministry, the bonds will be sold through Stock Holding Corporation of India Limited, designated post offices and recognized stock exchanges, the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited. Small Finance Banks and Payments Banks will not be allowed to sell the bonds.

how much can invest

Individuals and Hindu Undivided Families can purchase bonds up to a maximum value of four kilograms, while trusts and similar entities have a maximum purchase limit of 20 kilograms, according to the statement. The Know Your Customer (KYC) norms for buying the bonds will be similar to those for buying gold from the market. The government’s Sovereign Gold Bond scheme was launched in November 2015.

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