Sovereign Gold Bond Scheme 2023-24, How to Buy: You can now buy gold under the Sovereign Gold Bond Scheme 2023-24. The first tranche is open for subscription. Make sure you buy SGB before the last date.
Read the given details on How to Buy online or offline, from where to get the application form, rules and conditions.
Sovereign Gold Bond Scheme 2023-24
The Sovereign Gold Bond Scheme is a government program that lets people invest in gold without owning physical gold. Instead, they can buy bonds linked to the price of gold. The Reserve Bank of India issues these bonds on behalf of the Government of India. The scheme lasts eight years, and investors can redeem their bonds early after five years.
Here are some key details that every interested person must be aware of:
|Topic||Sovereign Gold Bond Scheme 2023-24 (SGB)|
|Issuer||Reserve Bank of India (RBI), on behalf of Government of India|
|Minimum Purchase Allowed||One Gram Gold|
|Maximum Purchase Allowed||4 Kg for individuals,|
4 Kg for HUF and 20 Kg for trusts and similar entities per the fiscal year (April-March) notified by the Government from time
|How to Buy||Online & Offlien|
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Who is Eligible to Buy Sovereign Gold Bond
The common question about Sovereign Gold Bond (SGBs) is who can buy them. As per the official documentation by the RBI, the following entities can buy Gold under this scheme.
- Hindu Undivided Families (HUFs)
- Charitable institutions
These entities can invest in the scheme and purchase Sovereign Gold Bonds.
Documents/Information Required to Buy SGB
- Identity Proof: The purchaser needs to provide identification documents such as Passport, Aadhar Card, PAN Card, TAN Card, or Voter ID Card. Any one of these documents can be submitted as proof of identity.
- Address Proof: The purchaser must provide their complete address, including the proof of address. This can be submitted as a utility bill, bank statement, or any other valid document that verifies the residential address.
- Contact Details: The purchaser must provide their phone number, fax number (if applicable), and email address for communication purposes.
- Bank Account Details: It is mandatory to provide the bank account details for payment of interest warrant and redemption. This includes the account holder’s name, bank name, and account number.
How to Buy Sovereign Gold Bold
Anybody can buy the SGB directly from RBI or through their Banks or other financial institutions. Also, the mode of applications is offline as well as online.
Buying SGB – Offline Mode
- Visit the Reserve Bank of India’s website at www.rbi.org.in.
- Look for the application form for investments under the Sovereign Gold Bond Scheme 2023-24.
- Download and print the application form.
- Fill in the required details in the application form, such as your name, PAN number, bank account details, and the amount of gold you want to invest in.
- Attach the necessary documents, such as your PAN card copy and bank account details.
- Submit the application form and documents to the receiving office mentioned in the state.
- Once your application is processed, you will receive a confirmation of your investment in the form of a Holding Certificate.
Note: You can apply for the scheme through your bank or other financial institutions.
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Those who are applying through offline mode need to download and print the application form. This application form shall be duly filled and submitted at the nearest bank branch.
You may request the bank to provide you the application form too.
Buy Sovereign Gold Bonds (SGB) Online
To buy Sovereign Gold Bonds (SGBs) online, follow these simple steps:
- Log in to your preferred bank’s Internet banking account.
- Look for the “e-service” option and select “Sovereign Gold Bond.”
- Take a moment to carefully read the terms and conditions provided by the Reserve Bank of India (RBI), then click “Proceed.”
- Fill out the registration form with your details and click “Submit.”
- In the purchase form, enter the number of SGBs you want to subscribe to and provide the nominee details.
- Double-check your entered information and click “Submit” to finalize your purchase.
Direct Links to Buy Sovereign Gold Bond Online from Banks
|State Bank of India (SBI)||Visit Page|
|Federal Bank||Visit Page|
|Axis Bank||Visit Page|
|Bank of India||Visit Page|
|HDFC Bank||Visit Page|
|Union Bank of India||Visit Page|
|Bank of Baroda||Visit Page|
|Punjab National Bank (PNB)||Visit Page|
|IDBI Bank||Visit Page|
Important Rules & Conditions
Here are some important rules to keep in mind regarding the Sovereign Gold Bond Scheme:
- Minimum and Maximum Investment: One gram of gold is allowed. In contrast, the maximum investment limit is four kilograms for individuals and HUFs and 20 kilograms for trusts and similar entities per investor per year.
- Forms of Bonds: The bonds are available in two documents – demat (electronic) and physical (certificate of holding). You can choose the form that suits you best.
- Interest Option: The interest on the bonds is paid at half-yearly intervals. The interest amount will be directly credited to the bank account mentioned in your application form or the account linked with your demat account.
- Post-Maturity Interest: No interest is payable after the maturity of the bonds.
- Bank Account Details: It is mandatory to provide your bank account details while applying for the scheme. This is to facilitate the payment of interest and maturity value.
- Nomination Facility: The bond’s sole holder or all joint holders can nominate a maximum of two persons as nominees. This ensures that the designated person(s) can claim the investment in case of any unfortunate event.
Sovereign Gold Bond 2023-24: Important Dates
|Tranche||Date of Subscription||Date of Issuance|
|2023-24 Series I||June 19 – June 23, 2023||June 27, 2023|
|2023-24 Series II||September 11 – September 15, 2023||September 20, 2023|
Last Updated on June 19, 2023 by Vaibhav Tiwari