The Reserve Bank of India has started issuing Sovereign Gold Bond (SGB) Scheme 2021-22 - Series X from today, February 28. Subscriptions for the government-backed bonds will be open till March 4 and the bonds will be issued on March 8.
The Reserve Bank of India (RBI) has started issuing Sovereign Gold Bond (SGB) Scheme 2021-22 - Series X from today, February 28. Subscriptions for the government-backed bonds will be open till March 4 and the bonds will be issued on March 8, the State Bank of India (SBI) said on its website. Those who are interested in SGBs can apply for the scheme.
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The RBI has established the price of bond at Rs 5,109 per gram of gold. The SBI is offering a special discount of Rs 50 for applying online.
The government issues bonds under the SGB Scheme, which it launched in November 2015 as part of the Gold Monetisation Scheme. Investors can buy these government-backed securities in multiples of 1 gram.
The investor will have to provide the PAN details with the application for the SGBs, the RBI has said in a press release. The interest rate for the bonds has been set at 2.50 percent per annum on the initial investment, the RBI said. Banks will credit the interest amount semi-annually to the account of the investor.
Investors can purchase the SGBs from banks, designated post offices, the Bombay Stock Exchange, the National Stock Exchange of India and the Stock Holding Corporation of India. They can also be bought through the SBI Online website. Here is how to do it:
Log in to the State Bank of India website sbi.co.in
Log in to the net banking services using the credentials. It is important to note that individuals investing through the SBI online route must have a valid login ID access to SBI netbanking. If an individual does not have a login ID, it is necessary to immediately activate it to proceed further.
After logging into SBI netbanking, the individual will have to select ‘e-Service’ from the main menu.
The investor can click on ‘Sovereign Gold Bond Scheme’ and register if he or she is a first-time investor.
First-timers will have to select ‘Register’ and check the 'Terms and Conditions' before proceeding
Required details for the SGB scheme will have to be entered along with the details of the depository participant from NSDL or CDSL, which hosts the investor’s demat account.
Once the registration is completed, the investor will have to click on the purchasing option from the header tab. Those who are already registered can skip the registering process and directly select 'Purchase,' from the header tab.
In the following step, the investor will have to select the tab ‘Terms and Conditions’ and click ‘Proceed’.
On the new page, subscription quantity and nominee details will have to be keyed in
Finally, the investor will have to enter the one-time password (OTP) sent to their mobile phone to complete the process.
SBI will display the details of the SGB investment in a new page.