Sovereign Gold Bond (SGB) scheme available on a weekly basis

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ShyamSundarCoJwellers

The Government of India in consultation with Reserve Bank of India (RBI) has decided to initiate the Sovereign Gold Bond (SGB) scheme on a weekly basis, beginning from October 09th, 2017 onwards.  The modifications to be implemented in this scheme in lieu of the previous SGB scheme are as follows:

  1. Maximum limit of subscription shall be of 4 kg for individuals, 4 kg for Hindu Undivided Family (HUF) and 20 kg for trusts and similar entities notified by the government from time to time. The issue price of the Gold Bonds will be Rs 50 per gram less than the nominal value to those investors applying online and the funds supporting the application is paid through digital mode. The rate per SGB will be declared by RBI on each Friday evening and automatically available while subscribing via internet banking.
  2. The link is available after login in internet banking and in e services under Sovereign Gold Bond.
  3. The Subscription of the Gold Bond under this Scheme shall be open from Monday to Wednesday of every week (both days inclusive) and the bonds shall be issued on the successive Monday of the week of subscription. The Sovereign Gold Bonds will be issued every week in  October 2017 as per the calendar specified below:
S. No. Period of Subscription Date of issuance of SGB Certificate
1 October 09-11, 2017 October 16, 2017
2 October 16-18, 2017 October 23, 2017
3 October 23-25, 2017 October 30, 2017
4 October 30-November 01, 2017 November 06, 2017

Team Precious Metals

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