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Gold December 06, 2019 01:30:09 PM

RBI’s Sovereign Gold Bond Series-VII to Close Today

Paul Ploumis
ScrapMonster Author
The issue price of the bonds is kept at INR 3,795 per gram of gold for offline subscribers and INR 3,745 per gram for online subscribers.

RBI’s Sovereign Gold Bond Series-VII to Close Today

SEATTLE (Scrap Monster): The subscription period for Series VII of Sovereign Gold Bond (SGB) scheme by the Reserve Bank of India (RBI) will end today. The latest tranche, opened on December 2, 2019, is in line with the government’s decision to issue such bonds every month until March next year.

The issue price of the bonds is kept at INR 3,795 per gram of gold for offline subscribers and INR 3,745 per gram for online subscribers. Thus online buyers are offered a discount of INR 50 per gram. When compared to the prevailing market rate for gold, the SGBs obviously come at a cheaper rate.

ALSO READ: India to Launch Amnesty Plan for Gold

The minimum investment in SGB is one gram, as each bond represents one gram of gold. The investors will earn an interest at affixed rate of 2.5% per annum on the nominal value, which will be paid on half-yearly basis. The SGBs are issued for a period of eight years, but may be redeemed pre-maturely upon completion of five years. The RBI also provides provision to trade the SGBs in secondary market or transfer to other investors.

 

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