Categories: Business

Government will sell cheap gold on Raksha Bandhan, fixed price of Rs 5,334 per gram for gold bond

Photo: BUSINESSTODAY

Gold bond issue price fixed at Rs 5,334 per gram

new Delhi. The Reserve Bank of India has fixed the issue price of Sovereign Gold Bond at Rs 5,334 per gram to give an opportunity to invest in gold on Raksha Bandhan festival. This issue will take place between August 3 and 7, 2020. According to the Reserve Bank's statement released on Friday, the issue price of the Sovereign Gold Bond Scheme of Series Five of 2020-21 will be Rs 5,334 per gram. The previous gold bond issue price was Rs 4,852 per gram. This issue came out between July 6 and 10.

According to the statement, those paying online for the bond will get a rebate of Rs 50 per gram. Thus the value of the gold bond for them would be Rs 5,284 per gram. The central government announced in April that it would issue gold bonds in six installments by 20 September. The Reserve Bank issues Sovereign Gold Bonds on behalf of the Government of India.

Bonds can be purchased in multiples of one gram gold. The maturity period of Sovereign Gold Bond is 8 years. After 5 years it will be allowed to sell. Investments can be made in sovereign gold bonds with a minimum of 1 gram. A person can invest in sovereign gold bonds with a maximum bond of 4 kg. Hindu undivided families can also invest in bonds up to 4 kg and trust 20 kg in a financial year.

Gold bonds will be sold through banks, stock holding corporations of India, post offices and NSE and BSE. The Sovereign Gold Bond Scheme was launched by the Modi government in November 2015. The objective of the scheme is to reduce the physical demand for gold and encourage it as financial savings.

This post was published on August 1, 2020 1:26 pm

Content Team

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