When is Sovereign Gold Bond Scheme 2023–24 Series III allotment date? The current SGB tranche will close for subscriptions on December 22, 2023
The government along with the Reserve Bank of India (RBI) announced the Sovereign Gold Bond Scheme 2023–24 Series III schedule for the fiscal year 2023-2024.What is the date of SGB 2023-24 Series III subscription?
The SGB Series 2023-24 Series III opened for subscription on December 18, 2023. The current SGB tranche will close for subscriptions on December 22, 2023.Latest Sovereign Gold Bond (SGB) tranche issue price is the highest since launch in 2015
What is the date of SGB 2023-24 Series III Issuance?
The SGB SGB 2023-24 Series III will be issued on December 28, 2023, according to the RBI notification dated December 11, 2023.SGB issue price
The issue price is set at Rs 6,199 (Rupees Six thousand one hundred and ninety nine only) per gram of gold. The issue price of the SGBs will be less by Rs 50 per gram for the investors who subscribe online and pay through digital mode.
The SGBs can be purchased through various channels, including scheduled commercial banks (SCBs) (except small finance banks, payment banks and regional rural banks), Stock Holding Corporation of India (SHCIL), Clearing Corporation of India (CCIL), designated post offices, and recognised stock exchanges, such as the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
Who can invest in SGB?
The bonds will be restricted for sale to resident Indian entities including individuals, HUFs, Trusts, Universities and Charitable institutions. Customers falling into other category of investors may however approach the branch and fill-up the application form to apply for the tranche.
The bonds will be denominated in one gram of gold and multiples thereof. The minimum permitted investment will be one gramme of gold.
The maximum subscription limit for individuals is 4-kilogram, 4 kg for Hindu Undivided Family (HUF), and 20 kg for trusts and similar entities as specified by the government from time to time.
Tenor
The tenor of the bond will be for a period of 8 years with an exit option from 5th year onwards to be exercised on the interest payment dates.
Redemption
The redemption price will be determined in Indian rupees and will depend on the simple average of the closing price of gold of 999 purity over the preceding three business days from the date of repayment, as reported by the India Bullion and Jewellers Association Limited.
How many days it takes for SGB to reflect in demat?
According to the Kotak Securities website, “The process is relatively straightforward if you have purchased SGBs online using a Demat account. After the issuance, it will reflect in your Demat account portfolio. However, please note that it may take approximately 1 to 2 weeks for the SGBs to appear in your portfolio.”After successful allotment, log in to your account and go to the portfolio area. You should be able to find out the details of your SGB holdings, such as the number, series, issuance date, maturity date, and other pertinent information, in this section.
Investors who bought SGB offline
Those who acquired SGBs offline will need to get a physical certificate of holding. This certificate can be obtained from a variety of authorised sources, such as the issuing bank, Stock Holding Corporation of India Ltd (SHCIL) offices, recognised stock exchanges, or agents.According to the Kotak Securities, “After receiving the certificate of holding, you will also get a digital copy of the certificate via email. This digital copy is a convenient way to access and track your SGB investment details electronically. To check the status of your SGBs in the offline scenario, you can refer to the physical certificate of holding. It contains crucial information such as the series, quantity, and other relevant details regarding your SGB investment.”
Connect with Experts - Wealth creation made easy
This story originally appeared on: India Times - Author:Faqs of Insurances
