Gold and Precious Metals

Sovereign Gold Bonds 2023-24 Series IV opens tomorrow: All you need to know

The fourth tranche of sovereign gold under the Sovereign Gold Bond (SGB) Scheme 2023-24 will be available for subscription from February 12-16, the Reserve Bank of India (RBI) has announced.

The first three tranches opened last year, from June 19-23, September 11-15, and December 18-22, respectively. (Reuters)

The first three tranches under the scheme’s 2023-24 edition all opened last year, from June 19-23, September 11-15, and December 18-22, respectively.

Experience Delhi’s rich history through a series of heritage walks with HT! Participate Now

The bonds, which are issued by RBI on behalf of the Government of India, can be used as collateral for loans. The SGB scheme was introduced in November 2015, with the objective being to reduce the demand for physical gold and shift a part of the domestic savings – used for purchasing gold – into financial savings.

Here is all you need to know about SGB Scheme 2023-24 – Series IV:

(1.) The issue price has been fixed at 6263 per gram of gold, as per RBI.

(2.) A discount of 50 per gram less than the nominal value will be offered to investors who apply online and make the payment ( 6213) digitally.

(3.) These will be sold through commercial banks (except small finance banks, payment banks and regional rural banks), Stock Holding Corporation of India Limited (SHCIL), Clearing Corporation of India Limited (CCIL), designated post offices, National Stock Exchange of India Limited (NSEL) and Bombay Stock Exchange Limited (BSEL).

(4.) The maximum subscription limit (per fiscal year) is 4 kg for individuals, 4 kg for Hindu Undivided Family (HUF), and 20 kg for trusts and small entities.

(5.) The SGB’s tenor will be eight years with an option of premature redemption after fifth year to be exercised on the date on which interest is payable. Also, the Know Your Customer (KYC) norms will be the same as that for buying physical gold.

(With PTI inputs)

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it’s all here, just a click away!- Login Now!
Stay informed on Business Newsalong withGold Rates Today, India News and other related updates on Hindustan Times Website and APPs

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
SUBSCRIBE TO OUR NEWSLETTER

Get our latest downloads and information first. Complete the form below to subscribe to our weekly newsletter.


    Input this code: captcha