The Reserve Bank of India (RBI) has revealed that the Sovereign Gold Bond (SGB) Scheme 2023-24 - Series IV will be open for subscription from February 12 to February 16, 2024. This initiative, launched in November 2015, aims to divert a portion of domestic savings traditionally invested in physical gold into financial savings. The RBI issues these bonds on behalf of the central government.
As of the time of this article's publication, the subscription price for the SGB Scheme 2023-24 has not been fixed, but it is typically announced two weeks before the subscription date. The issuance date for Series IV is scheduled for February 21, 2024.
Here's a step-by-step guide on how to purchase Sovereign Gold Bonds online:
Step 1: Visit Your Bank's Official Website
Navigate to your bank's official website and log into your net banking account.
Step 2: Access 'eServices' and Choose 'Sovereign Gold Bond
Locate the 'eServices' section on the website and choose the 'Sovereign Gold Bond' option.
Step 3: Review Terms and Conditions
Carefully review all terms and conditions associated with purchasing Sovereign Gold Bonds. Click on 'Proceed' to continue.
Step 4: Fill in the Registration Form
Enter all required details accurately in the provided fields of the registration form.
Step 5: Submit the Form
After entering the necessary information, click on the 'Submit' button to complete the registration process.
Step 6: Specify Subscription Quantity and Nominee Details
Following registration, you'll be prompted to add the desired subscription quantity to the purchase form. Additionally, provide necessary details for the nominee.
Step 7: Final Submission
Verify all the details entered. Once satisfied, click on the 'Submit' button to finalize your Sovereign Gold Bond purchase.
SGBs are available for purchase through various channels, including scheduled commercial banks, Stock Holding Corporation of India Limited (SHCIL), Clearing Corporation of India Limited (CCIL), designated post offices, National Stock Exchange of India Limited, and Bombay Stock Exchange Limited. The tenor of the SGB is eight years, with an option for premature redemption after the fifth year. Investors can exercise this option on the date when interest is payable.
