SGB 2023-24 Series II: Invest in gold online at a discount of over Rs 100/gram; check last date

financialexpress.com:

While the domestic price of 24 carat Gold across cities today is around Rs 6000, those interested in investing in gold in the current festival season have an opportunity to do that at a discount from today through Sovereign Gold Bonds (SGBs).

The Government has fixed the price of Sovereign Gold Bonds 2023-24 (Series II) at Rs 5923.

Also, an additional discount of Rs 50 is provided for the online subscription of SGB, taking the effective price of online SGB to Rs 5873, which is over Rs 100 less than the domestic retail price of gold today across cities. (Check city-wise gold rates here).

“Government of India in consultation with the Reserve Bank of India has decided to allow discount of ₹50 (Rupees Fifty only) per gram from the issue price to those investors who apply online and the payment is made through digital mode. For such investors the issue price of Gold Bond will be ₹5,873 (Rupees Five Thousand Eight Hundred Seventy Three only) per gram of gold,” the Finance Ministry said in a statement.

The Sovereign Gold Bonds 2023-24 (Series II) will be open for subscription from today till September 15, 2023.

Also Read: Gold Price Forecast: 24-carat Gold rate jumps Rs 100 in 10 days. Should you buy during festivals?

SGB is considered a safer and more effective way of investing in gold. If you are into buying gold as a long-term investment, then SGB is a better option for you than buying physical gold in the form of jewellery or coins.

SGBs not only give an annual return of 2.5% but also allow buyers to sell the bonds on maturity at the then-market price.

The tenor of the SGB is 8 years with an option of premature redemption after the 5th year to be exercised on the date on which interest is payable.

“The investors will be