RBI to issue Sovereign Gold Bonds 2022-23 Series III from 19-23 December: All you need to know

The Reserve Bank of India (RBI) announced on Thursday that it is going to issue the next tranche of Sovereign Gold Bonds’ (SGBs’) 2022-23 Series III from 19-23 December 2022. The issuing date of SGB has been finalised as 27 December, as per the central bank’s press release. Apart from this, the RBI has also notified the issuance of SGBs’ 2022-23 Series IV from 6-10 March 2023. The issuance date for these SGBs is 14 March 2023. As per the notification, the SGBs are going to be restricted for sale to resident individuals, trusts, universities, Hindu Undivided Families (HUFs), and charitable institutions. The gold bonds are going to be denominated in multiples of gram(s) of gold with a basic unit of one gram. The minimum allowed investment is going to be one gram of gold. The maximum subscription limit will be 4 kg for individuals, 4 kg for HUFs, and 20 kg for trusts and similar entities per fiscal year. Investors will be able to purchase the SGBs via cash (up to Rs 20,000), cheque, demand draft, or electronic banking. The selling of SGBs will happen via Scheduled Commercial banks (SCBs), except Small Finance Banks (SFBs), Regional Rural Banks (RRBs), and Payment Banks. The SGBs will also be sold through Clearing Corporation of India Limited (CCIL), Stock Holding Corporation of India Limited (SHCIL), and designated post offices. Apart from these, the bonds will be available for sale on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The tenor of SGBs stands at eight years. The subscribers can get premature redemption of the Sovereign Gold Bonds after the fifth year, which is to be exercised on the date when the interest is payable. The SGB price is based on the average closing price of gold of 999 purity released by the India Bullion and Jewellers Association Limited (IBJA) for the last three working days of the week prior to the subscription period. Investors are going to be compensated at a fixed rate of 2.5 percent per year, which is payable semi-annually on the nominal value. It should be noted that Know Your Customer (KYC) norms will be the same for SGBs as that for the buying of physical gold. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.