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Bank of Baroda is one of the authorized banks to issue Sovereign Gold Bonds that are government securities issued by RBI on behalf of the Government of India. The bank currently issues the Sovereign Gold Bonds -2019-20 in the Series of V/VI/VII/VIII/IX/X in six tranches for a period from October 2019 to March 2020.
Following are the details of the dates of issuance and subscription of the Sovereign Gold bonds issued by the Bank.
2019-20 Series V
Oct 7-11, 2019
Oct 15, 2019
2019-20 Series VI
Oct 21-25, 2019
Oct 30, 2019
2019-20 Series VII
Dec 2-6, 2019
Dec 10, 2019
2019-20 Series VIII
Jan 13-17, 2019
Jan 21, 2020
2019-20 Series IX
Feb 3-7, 2020
Feb 11, 2020
2019-20 Series X
Mar 2-6, 2020
Mar 11, 2020
About BANK OF BARODA Gold Deposit Schemes
Some of the features of the Sovereign Gold Bonds offered by Bank of Baroda are detailed here.
The other conditions pertaining to the above limits are,
The bank’s sovereign gold scheme has a lot of benefits for the investors, some of them are enlisted below.
The interest on the Sovereign Gold bonds issued by the bank is subject to a rate of interest of 2.50% annually on nominal value
The interest payment is made half yearly in case of these bonds.
The bank has a policy to pay the last interest along with the payment of the principal amount at the time of maturity of these bonds.
The interest accrued on the bonds is not tax free and shall be taxable under section 43 of the Income Tax Act, 1961.
The eligible applicants for this scheme are the following persons resident in India
For this purpose, the scheme defines the term ‘person resident in India’ in line with clause (v) of section 2 of the Foreign Exchange Management Act, 1999.
The bank has mentioned a list of documents that are required for the purpose of this scheme. The details of the same are,
1. How many tranches of the Bank of Baroda Sovereign Gold Bond Scheme are available?
Bank of Baroda offers 6 tranches of the Sovereign Bond Scheme in the second half of the fiscal year between October 2019 and March 2020.
2. What is the form number for the Holding Certificate issued by the bank?
The bank issues Holding Certificate against the investment made under the given scheme in the FORM C.
3. Who is eligible for the discount offered on the issue price of the bond?
The investors who apply for the scheme online are eligible for a discount of Rs. 50 per gram of gold.
4. What are the receiving offices that are authorized to receive the applications for this scheme?
The receiving offices for the purpose of this scheme that are authorized to receive applications for the Bonds either directly or through agents are,
5. What are the details of the payment options under the scheme?
The payment shall be accepted in INR through cash up to a maximum of Rs. 20,000 or Demand Drafts or Cheque or Electronic banking. In case the payment is made through cheque or demand draft, the same has to be drawn in favour of the Branch.
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