Sovereign Gold Bond Scheme 2022-23 Series I: Check issue price, key dates to invest
The Indian government recently announced the dates and issue price of the Sovereign Gold Bond (SGB) Scheme 2022-23 (Series 1). The issue price of the SGB program this time is Rs 5091 per gram. The subscription period will be open until June 24 with the settlement date on June 28, 2022.
“Under Government of India Notification No. 4(6)-B(W&M)/2022 dated June 15, 2022, Sovereign Gold Bonds 2022-23 (Series I) will be open for subscription during the period from June 20, 2022. to June 24, 2022 with a settlement date of June 28, 2022. The issue price of the bond during the subscription period will be ₹5,091 (rupees five thousand ninety-one only) per gram, as also published by RBI in its press release dated June 17, 2022,” an official statement dated June 17, 2022 said
The government has announced a rebate of Rs 50 for customers who apply and pay online for SGB.
“The Government of India, in consultation with the Reserve Bank of India, has decided to allow a discount of ₹50 (Rupees Fifty only) per gram off the issue price to investors who apply online and payment is made in For such investors, the issue price of Gold Bond will be ₹5,041 (five thousand forty-one rupees only) per gram of gold,” the statement said.
The latest issue price per gram of the sovereign gold bond released in February this year was Rs 5109. It was preceded by the SGB Scheme 2021-22 (Series IX) with an issue price of Rs 4786 .
Under the SGB scheme, investors are remunerated at a fixed rate of 2.50% per annum payable semi-annually on par.
SGB can be used as collateral for loans. These bonds can also be traded on the market.
The SGB maturity period is 8 years. However, users can prepay after the fifth year on the date the interest is payable. When redeeming, the price paid to the customer is the simple average of the closing price of 999 purity gold, for the previous three working days published by IBJA Ltd.