Sovereign Gold Bond Series VII opens on Monday | Check issue price, subscription, eligibility, other details
Sovereign gold bond Series VII opens on Monday | Check issue price, subscription, eligibility, other details
Sovereign gold bond Series VII: The government’s Sovereign Gold Bonds Scheme 2021-22 will be opened for subscription during the period October 25-29, and the settlement date has been set at November 2.
The bond will be issued in four more tranches in the current fiscal, said the finance ministry in a statement. Under the series, bonds were issued in six tranches from May 2021 to September 2021. The bond is issued by Reserve Bank on behalf of the government.
The SGBs are government securities denominated in grams of gold. Besides, they are substitutes for holding physical gold.
Under the scheme, investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity.
Sovereign gold bond Series VII: Issue Price
The issue price for Sovereign Gold Bonds has been fixed at Rs 4,765 per gram of gold.
“Government of India in consultation with the Reserve Bank of India has decided to allow a discount of Rs 50 per gram from the issue price to those investors who apply online and the payment is made through digital mode,” it said.
“For such investors, the issue price of ‘Gold Bond’ will be Rs 4,715 per gram of gold.”
Sovereign gold bond Series VII: Subscription
The first upcoming tranche – Series VII, will open for subscription on Monday, October 25 and will close on October 29 – remaining open for investors for a period of five days.
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 (April-March).
Know Your Customer (KYC) norms will be the same as that for the purchase of physical gold.
Sovereign Gold Bond (SGB) scheme: Important Dates
| Tranche | Date of Subscription | Date of Issuance |
|---|---|---|
| 2021-22 Series VII | October 25-29, 2021 | November 2, 2021 |
| 2021-22 Series VIII | November 29-December 3, 2021 | December 7, 2021 |
| 2021-22 Series IX | January 10-14, 2022 | January 18, 2022 |
| 2021-22 Series X | February 28-March 4, 2022 | March 8, 2022 |
| Source: Ministry of Finance | ||
Sovereign gold bond Series VII: How To Invest
The Bonds will be sold through Scheduled Commercial banks (except Small Finance Banks and Payment Banks), Stock Holding Corporation of India Limited (SHCIL), Clearing Corporation of India Limited (CCIL), designated post offices, and recognised stock exchanges viz., National Stock Exchange of India Limited and BSE.
Sovereign gold bond Series VII: Eligible Investor
The Sovereign gold bond scheme is open to resident individuals, Hindu Undivided Families or HUFs, trusts, universities, and charitable institutions.
ALSO READ: Gold Price Today: Gold rises marginally; silver jumps Rs 323
Latest Business News
For all the latest business News Click Here
