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Axis Bank is one of the authorized banks to issue Sovereign Gold Bonds. These bonds are government securities that are denominated in gold grams and are issued by the Reserve Bank of India on behalf of the Government of India. Such sovereign bonds can be easily bought through exchanges at the time of new issuance or through secondary markets.
Axis bank has currently suspended/closed the subscription for the gold bonds till RBI issues a notification for fresh tranche of Series X of Sovereign Gold Bond 2019-20.
The summary details of the scheme, though, are mentioned here.
About AXIS BANK Gold Deposit Schemes
Rate of interest for the bonds is 2.5% per annum and is fixed in nature with a half yearly payment schedule.
Such interest is taxable under the Income Tax Act, 1961 in the hands of the investor.
The scheme provides for the payment of the final interest along with the principal amount at the time of maturity/redemption of these bonds.
The eligible applicants that can invest in these bonds are all the resident Indians. This includes
The list of documents required for this scheme are in accordance with the basic KYC norms of any bank/deposit schemes as laid down by RBI. Apart from those, the investors are required to adhere to the following,
Apart from the Sovereign Gold Bond Scheme, Axis Bank also has the Gold Scheme where the customers can buy Gold or Silver Mohurs directly from any of the branches of the bank across the country. The other Gold Scheme of the bank allows the customers to seek loans ranging from Rs. 25,000 to Rs. 20,00,000 against their gold ornaments. The details of both the schemes of the bank are provided here.
Features and benefits of Gold and Silver Mohurs
Customers can avail loans against their gold ornaments by pledging them with the bank and earn loyalty points as well at up on sanctioning of the same.
The features of these loans are mentioned below.
1. How can a person apply for the gold loan?
Customers can apply for the gold loan by sending an SMS ‘IGL” to 5676782 or by applying the same online at the bank’s website.
2. Does the bank have any foreclosure charges for the gold loan?
the Bank does not charge any foreclosure charges for the gold loans.
3. Can any person purchase the gold or silver mohurs offered by the bank?
The applicant has to be an existing customer of the bank to be eligible for purchase of the gold and silver mohurs offered by the bank.
4. Is the interest on Sovereign Gold Bonds received in gold?
No. Investors will receive the interest on the Sovereign Gold Bonds in the form of INR only and not in the form of gold.
5. What is the tenure of the Sovereign Gold Bonds?
the tenure of the bonds is 8 years with a minimum lock in period of % years after which the customers are eligible for part/pre-redemption of the bonds.
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