In consultation with RBI, the Government has decided to issue new Sovereign Gold Bonds (SGBs) in tranches.
The subscription period for SGB Series 2023–24 Series III is scheduled from December 18 to December 22, 2023.
Therefore, the issue date in SGB Series III is December 28, 2023.
The subscription period for the SGB Series 2023-24 Series IV is scheduled from February 12 to February 16, 2024.
Therefore, the issue date in SGB Series IV is February 21, 2024.
The SGBs will be sold through Scheduled Commercial banks (except Small Finance Banks, Payment Banks, and Regional Rural Banks), Stock Holding Corporation of India Limited (SHCIL), Clearing Corporation of India Limited (CCIL).
It also includes designated post offices, and recognised stock exchanges, viz., National Stock Exchange of India Limited and Bombay Stock Exchange Limited.
SGBs will be denominated in multiples of gram(s) with a basic unit of one gram.
The tenor of the SGB will be eight years, with an option for premature redemption after the fifth year on the interest payable date.
The minimum acceptable investment will be one gram of gold.
The maximum limit of subscription will be 4 kg for individuals, 4 kg for HUF, and 20 kg for trusts and similar entities per financial year (April-March) as notified by the Government from time to time.
The price of SGB will be determined in Indian Rupees based on the simple average of gold of 999 purity published by the Indian Bullion and Jewelers Association Ltd for the last three working days of the week preceding the subscription period.
The issue price of gold bonds will be reduced by Rs 50 per gram for those applying online and making payments digitally.
Payment for SGB will be through cash payment (maximum Rs 20,000) or demand draft or check or electronic banking.
