Today is the last day to invest in Sovereign Gold Bond, the current series of SGB was opened on 12th February. Loktej Business News
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New Delhi, 16 February (HS). Today is the last day to invest in gold online under the Sovereign Gold Bond (SGB) Scheme 2023-24 Series-4. Series-4 of the Sovereign Gold Bond Scheme 2023-24 was opened by the Central Government on 12 February. Under this scheme, online gold with a tenure of 8 years can be purchased till 5 pm today. The central government has fixed the price of gold for this series under the SGB scheme at Rs 6,263 per gram.
It is noteworthy that like before, this time also investors are getting a discount of Rs 50 per gram on making online payment. In this way, by making online payment, investors are investing in this scheme at the rate of Rs 6,213 per gram. GST is not applicable on investments made under the Sovereign Gold Bond Scheme, due to which investors get the opportunity to invest in gold at a price lower than the market rate.
The Central Government launched the Sovereign Gold Bond Scheme in November 2015. Only two months ago, the maturity of the first series of Sovereign Gold Bond took place, in which investors got a profit of about two and a half times. Under this scheme, the Reserve Bank of India issues online bonds for investment in gold on behalf of the Central Government. In this way, the Government of India itself guarantees the security of the money invested in this scheme. An interest of 2.5 percent per annum is given on investments made under the scheme. This interest money is deposited in the bank account of the investors every 6 months.
The investment period made under the Sovereign Gold Bond Scheme is eight years. After completion of the period, their money is returned to the investors as per the market rate. However, investors can withdraw their money even after completion of 5 years of investment. Apart from this, investors can also withdraw their money through trading in the stock exchange.
Under this scheme, the price of gold is decided on the basis of the average of gold prices during the three trading days preceding the date of commencement of subscription. Sovereign Gold Bonds can be availed from all scheduled commercial banks, Stock Holding Corporation of India Limited, Designated Post Offices and Clearing Corporation of India Limited as well as Bombay Stock Exchange and National Stock Exchange. However, small finance banks, regional rural banks and payment banks are not included in the scheduled commercial banks.
According to the guidelines issued by the Reserve Bank of India regarding investment under the Sovereign Gold Bond Scheme, any individual can invest in gold bonds ranging from 1 gram to 4 kilograms. A maximum of 20 kg of gold can be invested in the name of the same trust.
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