New Delhi: The Reserve Bank of India (RBI) on Thursday (June 16) announced that the first tranche of Sovereign Gold Bonds (SGBs) for 2022-23 will open for subscription for five days from June 20. Subscribing to the SGB scheme, investors will get a chance to avail discounts on investing in the yellow metal. However, to get the discount on gold investment, one has to invest in the SGB plan through online mode. For the unversed, RBI issues Sovereign Gold Bonds on behalf of the Government of India.
The RBI in its statement also said that the second tranche of SGB 2022-23 Series II will be available for subscription during August 22-26, 2022. Hence, investors who miss the opportunity to invest in the first tranche of the scheme can keep their money. On yellow metal with SGB. (Also read: Cosmetics company Revlon files for bankruptcy, hit by high debt, supply chain issues)
The central bank said the SGB price will be fixed in Rs. The week before the subscription period. (Also read: RBI lifts ban on Mastercard, allows new customers to join)
Eligibility for Investing in Sovereign Gold Bond (SGB)
Resident individuals, Hindu Undivided Families (HUFs), trusts, universities and charitable institutions can invest in SGB schemes offered by RBI on behalf of the Government of India.
Tenure of Sovereign Gold Bond (SGB)
The RBI said the tenure of the SGB would be for a period of eight years, with an option for premature redemption after the 5th year on which interest would be payable.
discount on gold investment
Investors subscribing to SGB through online modes and paying through digital mode will have to pay less by Rs 50 per gram. Investors have to invest at least one gram of gold.
On the other hand, the maximum limit of membership per financial year is 4 kg for individuals, 4 kg for HUF and 20 kg for trusts and similar entities.