Modi government is selling cheap gold from today, are you ready to buy, know where, how and at what price is getting sovereign gold

By Shivani Reddy On Jun 8, 2020

Today i.e. 8 June Monday, Curry for India has brought a new dawn after two and a half months. The lockdown released in the country since 25 March is now undergoing unlock. Today shopping malls, restaurants, hotels and offices are opening. The corona is not yet gone but is spreading rapidly. There is a risk in getting out of this. On the other hand, if you want to invest in gold for low risk and good returns, then from 8 June Modi government is going to give this opportunity once again.

At what price will you get gold

The Reserve Bank has fixed the price of Sovereign Gold Bonds. You can invest between June 8 and 12 under the third installment of the Sovereign Gold Bond of the Modi government at the rate of Rs 4,677 per gram. Its installment will be released on 16 June. Earlier, there were record investments in the April and May series. On purchasing it online, it will get a discount of Rs 50 per gram or Rs 500 per 10 gram.

Where and how to get

In the Sovereign Gold Bond Scheme, a person can buy up to 500 grams of gold bonds in a financial year. There is a minimum investment of one gram. You can save tax by investing in this scheme. Bonds will be banned for sale to trustee individuals, HUFs, trusts, universities and charitable institutions. The maximum subscription limit would be 4 kg per person, 4 kg for HUF and 20 kg for trusts and the same per financial year (April-March).

Also read: Petrol and diesel become expensive by 60 paise per liter after 83 days

On purchasing it online, it will get a discount of Rs 50 per gram or Rs 500 per 10 gram. SGB will be sold through banks (excluding small finance banks and payment banks), stock holding corporation of India (SHCIL), designated post offices and recognized stock exchanges (NSE and BSE).

2.5% guaranteed fixed interest

It is also important to know that the duration of these bonds is 8 years and premature withdrawal can be done only after the 5th year. Its most important thing is that the investor gets the benefit of increasing the price of gold. Also, they get 2.5% guaranteed fixed interest on the investment amount.

Also read: Who is the best in Physical Gold, ETF and Sovereign Gold Bond, know here

Third Series: Subscriptions can be taken from June 8 to 12. Its installment will be released on 16 June.
Fourth Series: Subscriptions can be taken from July 6 to July 10. Its installment will be released on 14 July.
Fifth Series: Subscriptions can be taken from August 3 to August 7. Its installment will be released on 11 August.
Sixth Series: Subscriptions can be taken from 31 August to 4 September. Its installment will be released on 8 September.

Investment of 822 crores in first series

The first series has been subscribed between April 20 and April 24. The first installment was released on 28 April. There has been a tremendous craze among investors regarding the April series of gold bonds. According to information provided by RBI, the April series received a subscription of about 822 million for 17.73 lakh units. This is the highest subscription since October 2016. The price of gold bond was set at 4,639 per gram in the April series.

25 lakh units sold in the second installment

The government has earned Rs 1,168 crore by selling 25 lakh units through gold bonds in May. The data released by the Reserve Bank of India shows that it is the largest ever through Sovereign Gold Bonds. Between May 11 and 15, the price of one unit of gold in subscription was Rs 4,590. The highest earnings were made in October 2016 through gold bonds before May. There was a total subscription of Rs 1,082 crore in October 2016, with a total of 35.98 lakh units sold.