Published By: Business Desk
Last Updated: February 15, 2024, 07:30 IST
Sovereign Gold Bond Scheme 2023-24 – Series IV is now open for subscription. (Representative image)
The latest tranche of the scheme, also known as Sovereign Gold Bond Scheme 2023-24 – Series IV will remain available for subscription till February 16.
Sovereign Gold Bond Scheme 2023-24 Series IV Opens For Subscription: The Reserve Bank of India has announced the next tranche of the Sovereign Gold Bond Scheme, available for subscription from February 12 to 16. The issue price has been set at Rs 6,263 per gram. Sovereign Gold Bonds are a convenient and secure way to invest in gold without having to physically purchase it. A form of government securities, SGB is denominated in grams like physical gold. It is issued by the RBI, on behalf of the Government of India.
Also Read: Sovereign Gold Bond Scheme 2024: Know Interest Rate On SGB, Price And Discount
Government-backed SGB offers a guaranteed annual return along with the value of gold at the time of maturity. Although these bonds are issued for a set term of eight years, redemption options can start from the fifth year, based on when RBI opens a buyback window.
While the interest received on SGB is taxable under the head income from other sources, the tax will not be levied if the bonds are redeemed on maturity.
Sovereign Gold Bond Scheme 2023-24 – Series IV is now open for subscription. They can be purchased online through a Demat account, net banking option or RBI Retail Direct options.
How To Book SGB Through Retail Direct
- Open the https://rbiretaildirect.org.in link and click on ‘Open RBI Retail Direct Account’
- Next, click on ‘Register here’, select Account type, and enter details like Name, PAN, and Date of Birth
- Verify your email address and mobile number with OTP and enter the preferred login name.
- A preview page will open on the screen upon clicking ‘Preview and Submit’.
- Next, to complete the KYC procedure, click on ‘Initiate KYC’ and complete the remaining steps.
- Investors can also fill out additional personal details on the following page and make a declaration under FATCA and PMLA.
- Following the application, investors will receive a letter with instructions on how to digitally sign the Terms and Conditions using an Aadhaar-enabled OTP.
- After completing the registration process, investors can directly invest in SGB through the website.
Additionally, investors can also invest in SGB by visiting their nearest bank or office and following the steps as directed.
