Second Sovereign Gold Bond Scheme series to open on August 22

by IANS |

New Delhi, Aug 20 (IANS) The government has announced that the second series of the Sovereign Gold Bond Scheme for the current fiscal will open for subscription on August 22, and the issue price is Rs 5,197 per gram.

The interesting aspect of the scheme is that if investors apply and pay for it online, then Reserve Bank of India (RBI) is offering Rs 50 per gram discount. The application for gold bonds will be open till August 26, the central bank said.

The scheme is valid for a period of eight years and it carries an option of premature redemption after the fifth year. This option can be availed on the date when interest is payable.

These gold bonds are issued by RBI on behalf of the Government. These are available for individuals, charitable institutions, trusts and Hindu Undivided Families (HUFs). The maximum permissible subscription limit for individuals and HUFs would be 4 kg, while it would be 20 kg for trusts per fiscal year as notified by the Government periodically.

The minimum allowed investment limit is one gram of gold, a statement issued by the Finance Ministry said.

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