The Series IX of Central Government’s Sovereign Gold Bond Scheme 2022 is set to open today, 10 January. The five-day window to buy digital gold will close on Friday, 14 January. As per the Reserve Bank of India (RBI), the issue price of the scheme for the IX tranche has been fixed at Rs 4,786 for one gram. The issue price of this scheme is Rs 5 lower than its previous tranche which was Rs 4,791 per gram.
What is Sovereign Gold Bond (SBG) Scheme?
Sovereign Gold Bonds or SBG is a Central Government-run scheme that allows gold investments in non-physical form. The scheme was launched by the government with an aim of reducing the physical gold demand and shifting a part of domestic savings into financial savings. The issue price of the Sovereign Gold Bonds series IX should be paid in cash and the bonds will be redeemed in cash on maturity.
Discount
The Central government, in consultation with the RBI, has allowed a discount of Rs 50 per gram on the gold scheme. The discount is allowed for online investors only who make the payments via digital mode. After the discount of Rs 50, the issue price of the gold bond for online investors will be Rs 4,736 per gram of gold.
Investment limit
The minimum permissible investment limit for the series IX of the sovereign scheme is one gram of gold. The maximum limit of subscription for an individual is 4 kg, the same limit is applied for HUF also. The maximum subscription limit is 20 kg for trusts and similar entities per fiscal (April-March).
Where to apply?
Investors can subscribe to Series IX of the Sovereign Gold Bond scheme via banks, designated post offices, Stock Holding Corporation of India Limited (SHCIL), and recognised stock exchanges - National Stock Exchange and Bombay Stock Exchange.
Tenor
The tenor of Sovereign Gold Bond Scheme series IX will be for a period of eight years. It also has an exit option in 5th, 6th and 7th years, to be exercised on interest payment dates.
KYC eligibility
The know-your-customer (KYC) requirements will be the same as for physical gold purchases.
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