With the sale of gold bonds set to begin on Monday (November 29), the Reserve Bank of India has fixed the price of the bond at Rs 4,791 per gram.
The Reserve Bank said:
5 Days Sale: The eighth phase of Gold Bond Sale for the current financial year 2021-22 will take place from November 29th to December 3rd. The sale, which will last for a total of 5 days, is priced at Rs 4,791 per gram of 999 purity gold. The price of gold bonds is determined based on the average price of the three trading days prior to the issue.
Discount for Online Investors: Based on the advice given by the Reserve Bank to the Government, it has been decided to offer a discount of Rs. For such investors, the price of a gram of gold bond will be Rs 4,741, the Reserve Bank said. The gram price was fixed at Rs 4,761 during the seventh phase of gold bond sales.
Maximum investment 4 kg: An individual can invest a minimum of 1 gram to a maximum of 4 kg of gold bonds in a gold bond issuance scheme.
Investors can buy gold bonds through post offices, banks and the stock market.
Promoting Savings: In November 2015, the Central Government launched the Gold Bond Sale Scheme to promote savings as an alternative to the habit of buying gold directly. The government has raised Rs 25,702 crore through the sale of gold bonds till the end of March 2021.
The total value of gold bonds conducted by the Reserve Bank in 12 tranches during the financial year 2020-21 stood at Rs 16,049 crore (32.35 tonnes). The investment maturity of such securities is 8 years. There is also a facility to opt out of the scheme after 5 years if desired.
Quotes:
It has been decided to give a discount of Rs. 50 per gram to those who apply online to buy gold bonds and pay digitally. A gram of gold will sell for Rs 4,741 to such investors.
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