Keeping in mind the enthusiasm of Indians for buying gold, Modi government has launched a Sovereign Gold Bonds that has made gold cheaper this festive season.
Investing in gold is much more easy and convenient now. It can be bought directly from the government by giving five installments till February, 2019.
The scheme will be open till October 19 and the bonds will be issued on October 23.
The price of the Gold Bond is three percent less than the current market rate.
Stock Holding Corporation of India Limited (SHCIL), designated post offices, and stock exchanges – BSE and NSE will be selling the Gold Bond.
For those who apply online and the payment is made through the digital mode, the government is allowing a discount of Rs 50 per gram from the issue price. So for online applications the issue price will be Rs 3,096 per gram.
An individual can invest minimum of 1 gram of gold and maximum of 4 kg in sovereign gold bond scheme.
The maturity period of Sovereign gold bonds scheme is 8 years, with an exit option from the fifth year.
Sovereign gold bonds can also be used as collateral for loans.
Sovereign gold bonds is free from issues such as making charges and purity in the case of gold in jewellery form.
Also investors are assured of the market value of gold at the time of maturity and periodic interest payment on their investments.
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