Investors Excited as Sovereign Gold Bonds Offered in Two Series
The government has announced the release of two sets of sovereign gold bonds (SGBs) in the first half of the current financial year. The subscription dates for Series I are set for June 19–23, 2023, and for Series II, it will be available from September 11–15, 2023. The sale of SGBs is limited to resident individuals, HUFs, Trusts, Universities, and Charitable Institutions. The bonds will now be denominated in multiples of grams of gold, with a minimum investment of one gram. The tenor of the SGBs will be eight years, with the option of premature redemption after the fifth year. The price of SGBs will be determined in Indian Rupees based on the simple average of the closing price of gold of 999 purity as issued by IBJA Ltd. Investors who subscribe online and pay digitally will be able to purchase SGBs at a reduced issue price of ₹50 per gram. Various payment methods, including cash (up to ₹20,000), demand draft, cheque, or electronic banking, can be used for purchas...