The third tranche of Sovereign Gold Bond opened for subscription on Monday at a price of Rs 6,199 per gram.
Sovereign Gold Bond Scheme 2023-24 Series III will remain open for subscription till Dec. 22.
The bonds will be sold via scheduled commercial banks, excluding small finance payments and regional rural banks. They will also be available through Stock Holding Corporation of India Ltd., Clearing Corporation of India Ltd. designated post offices, National Stock Exchange of India Ltd. and BSE Ltd.
The RBI set the nominal value of the bond based on the simple average closing price for gold of 999 purity. The central government is offering a discount of Rs 50 per gram to those applying and buying online.
Series I was open for subscription on June 19-23 this year, and Series II during Sept. 11-15. Gold Bond Scheme 2023-24 - Series IV is scheduled to open for subscription from Feb. 12-16.
The sovereign gold bond scheme was launched in November 2015 with the objective to reduce the demand for physical gold and shift a part of the domestic savings—used for the purchase of gold—into financial savings.
Apart from capital appreciation, the investors receive interest of 2.5% per annum, which is paid semi-annually. These bonds mature in eight years but have a lock-in period of five years.
According to the tax provisions, if the sovereign gold bonds are held till maturity, there will be no tax on the capital gains.
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 year.
(With inputs from PTI)
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