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Sovereign Gold Bond Issue To Open On 9 Sept At Rs 3,890/gram
On Friday, the Reserve Bank of India said that the price of the next tranche of the Sovereign Gold Bond issue, which opens on 9 September, has been fixed at Rs 3,890 per gram.
Details
- This is the IV tranche on the 2019-20 Series of the Sovereign Gold Bond Scheme.
- It issue will be open for subscription from 9 to 13 September 2019.
- A discount of Rs 50 per gram will be provided to investors applying online and making payment for the purchase of the bond through digital mode. "For such investors, the issue price of Gold Bond will be Rs 3,840 per gram of gold," the RBI said.
- Maximum limit of subscription per fiscal year:
- 4 kg for individuals and Hindu Undivided Families (HUF)
- 20 kg for trusts and similar entities
The scheme was launched in November 2015 to reduce the demand for physical gold and move this part of domestic savings used for the purchase of yellow metal into financial savings. It allows residents of India to hold gold in demat form.
These bonds are denominated in units of one gram of gold and multiples thereof. When investors buy a certain weight of gold through this scheme, they will be owning the same value in the form of bonds.
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