Tuesday, March 19, 2024
Advertisement
  1. You Are At:
  2. News
  3. Business
  4. Sovereign Gold Bond Series VII opens on Monday | Check issue price, subscription, eligibility, other details

Sovereign Gold Bond Series VII opens on Monday | Check issue price, subscription, eligibility, other details

Under the Sovereign gold bond Series, bonds were issued in six tranches from May 2021 to September 2021.

Priya Jaiswal Edited by: Priya Jaiswal @jaiswalpriyaa New Delhi Updated on: October 25, 2021 14:59 IST
Sovereign gold bond Series VII opens on Monday | Check
Image Source : PIXABAY

Sovereign gold bond Series VII opens on Monday | Check issue price, subscription, eligibility, other details

Sovereign gold bond Series VII: The government's Sovereign Gold Bonds Scheme 2021-22 will be opened for subscription during the period October 25-29, and the settlement date has been set at November 2.

The bond will be issued in four more tranches in the current fiscal, said the finance ministry in a statement. Under the series, bonds were issued in six tranches from May 2021 to September 2021. The bond is issued by Reserve Bank on behalf of the government. 

The SGBs are government securities denominated in grams of gold. Besides, they are substitutes for holding physical gold. Under the scheme, investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity.

Speaking about the current trend in gold, Dishi Somani of Dishis Designer Jewellery said, "Although gold appears to be losing its charm as an inflation hedge in the past few months, gold prices tend to increase in economic ambiguity. As we had seen in the previous year, the spread of the pandemic and the fall in economic growth led to a rise in gold prices. When the uncertainty factor is made redundant, the cost of gold loses its buoyancy. The second factor that can drive up gold prices is inflation. When prices of goods rise, the purchasing power of money comes down. Therefore, gold is considered an asset that retains its value and acts as a hedge against inflation."

Sovereign gold bond Series VII: Issue Price

 The issue price for Sovereign Gold Bonds has been fixed at Rs 4,765 per gram of gold.

"Government of India in consultation with the Reserve Bank of India has decided to allow a discount of Rs 50 per gram from the issue price to those investors who apply online and the payment is made through digital mode," it said.

"For such investors, the issue price of 'Gold Bond' will be Rs 4,715 per gram of gold."

Sovereign gold bond Series VII: Subscription

The first upcoming tranche - Series VII, will open for subscription on Monday, October 25 and will close on October 29 - remaining open for investors for a period of five days.

The maximum limit of subscription shall be 4 kg for individuals, 4 kg for HUF and 20 kg for trusts and similar entities per fiscal (April-March).

Know Your Customer (KYC) norms will be the same as that for the purchase of physical gold.

Sovereign Gold Bond (SGB) scheme: Important Dates

Tranche Date of Subscription Date of Issuance
2021-22 Series VII October 25-29, 2021 November 2, 2021
2021-22 Series VIII November 29-December 3, 2021 December 7, 2021
2021-22 Series IX January 10-14, 2022 January 18, 2022
2021-22 Series X February 28-March 4, 2022 March 8, 2022
Source: Ministry of Finance

 

Sovereign gold bond Series VII: How To Invest

The Bonds will be sold through Scheduled Commercial banks (except Small Finance Banks and Payment Banks), Stock Holding Corporation of India Limited (SHCIL), Clearing Corporation of India Limited (CCIL), designated post offices, and recognised stock exchanges viz., National Stock Exchange of India Limited and BSE.

Sovereign gold bond Series VII: Eligible Investor

The Sovereign gold bond scheme is open to resident individuals, Hindu Undivided Families or HUFs, trusts, universities, and charitable institutions.

ALSO READ: Gold Price Today: Gold rises marginally; silver jumps Rs 323

Advertisement

Read all the Breaking News Live on indiatvnews.com and Get Latest English News & Updates from Business

Advertisement
Advertisement
Advertisement
Advertisement