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  »   Current Affairs   »   Sovereign Gold Bond Scheme 2023-24 (Series II)

Sovereign Gold Bond Scheme 2023-24 (Series II)

September 9, 2023

GS Paper III Indian Economy

Context: 

  • Sovereign Gold Bonds 2023-24 (Series II) will be opened for subscription during the period September 11-15, 2023.

Sovereign Gold Bond (SGB)Scheme:

Sovereign Gold Bond (SGB):

  • SGBs are government securities denominated in grams of gold. 
  • They are substitutes for holding physical gold. 
  • Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity. 
  • The Bond is issued by the Reserve Bank on behalf of Government of India.
  • The SGB Scheme was launched by the Government in November 2015, under the Gold Monetization Scheme. 
  • In this scheme, the issues are made open for subscription in tranches by RBI in consultation with GOI. 

Features of the scheme: 

  • Minimum value: Sovereign Gold Bonds will be denominated in the multiples of a gram of gold with a minimum unit of 1 gram.
  • Maximum limit: The maximum limit of gold prices which can be subscribed by an individual is 4 kg, 4 kg for a Hindu-Undivided Family and 20 kg for trusts and other similar entities. 
    • If the gold bonds are co-owned, the limit of investment will be 4kg which will be applied to the first applicant only. 
  • Interest rate: The interest for the gold bonds will be 2.50% per annum which is payable semi-annually on the nominal value. 
  • Tenure: The tenure of the bond will be for a period of 8 years with an exit option available in the 5th, 6th and 7th year on the dates of interest payment. 

News Source: PIB

 

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