SEATTLE (Scrap Monster): The fourth tranche of sovereign gold bond (SGB) scheme by the Reserve Bank of India (RBI) will be open for subscription today, July 6th, 2020. The subscription of 2020-21 Series IV SGBs will be open for five consecutive days until 10th July. The date of issuance is fixed as July 14th, 2020.
The bonds will be sold through Scheduled Commercial banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices, and recognised stock exchanges, either directly or through designated agents. The bonds will be paid interest at fixed rate of 2.5% per annum, which will be paid semi-annually. It will be held in RBI books or in demat form.
ALSO READ: First Tranche of Gold Bond Posted Record Subscription
According to RBI, the issue price for the fourth tranche of the gold bond scheme is fixed at Rs 4,852 per gram. The purchases through digital mode will be offered discount of Rs.50 per gram. The price is determined on the basis of simple average of IBJA’s closing price of 999-purity gold for the last three working days of the week preceding subscription. The scheme’s tenor is fixed as eight years, with an exit option after the fifth year.
According to Ministry of Finance, two more tranches of gold bonds have already been scheduled, with date of issuance as August 11th and September 8th.
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