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Gold as an investment is a great market in the country where every household would have at least some form and quantity of gold to ride them in difficult times or just as a pleasure investment. The government, seeing this never ending demand, has come out with a unique scheme of investing in gold bonds instead of the traditional ways of buying gold. The Sovereign Gold Bonds are issued by the RBI on behalf of the Government of India.
Bank of Maharashtra is one of the many banks across the country that is authorized to issue these Sovereign Gold Bonds (SGB) issued by the Reserve Bank of India on behalf of the Government.
About Bank of Maharashtra Gold Deposit Schemes
The potential investors can apply for these Sovereign Gold Bonds at any of the branches of the bank across the country. Bank of Maharashtra SGB is known as Sovereign Gold Bonds 2016-17- Series IV (7th Tranche). Following are some of the features/details of these bonds.
These bonds are designed to be popular among the investors so as to attract maximum subscription and thereby eventually reduce the country’s dependency on import of gold. Hence they come with a variety of benefits at the hands of the investors. Some of such benefits are enlisted here.
The bank has a detailed list of eligible applicants that can subscribe for this scheme. The details of eligibility with regards to Bank of Maharashtra Sovereign Gold Bonds are mentioned below.
To summarize, the eligible applicants under the scheme are the following persons,
The bank has mentioned a list of documents and KYC norms that are required for the purpose of this scheme. The details of the same are,
1. What is the risk in investing in Sovereign Gold Bonds?
The investors face a risk of capital loss in case the market price of the gold declines. The investors are, however, secured in terms of the units of gold that they have paid for.
2. How can the investors apply for the Bank of Maharashtra SGB?
The investors can apply for the scheme through application form ‘Form A’ that will be available at any of the branches of the issuing banks/designated Post Offices/agents. Investors can also download the form from the RBI’s website or through the online application facility provided by the Bank.
3. Can an Investor invest in the scheme up to 500 grams every year?
Yes. The customers can invest each fiscal year in the scheme provided the upper limit of 500 grams per fiscal year is not violated.
4. When is the Holding Certificate issued?
The investors will be issued the Holding Certificate on the date of issuance of the Sovereign Gold Bonds.
5. Can the investors seek help of customer service of the bank for any assistance regarding the scheme?
The investors can definitely seek customer service of the bank for any assistance with regards to the scheme like change of address of the investor, early redemption, nomination/change in nomination, etc.
Andhra Bank Gold Deposit Scheme
Axis Bank Gold Deposit Scheme
Bank Of Baroda Gold Deposit Scheme
Canara Bank Gold Deposit Scheme
Central Bank Of India Gold Deposit Scheme
Federal Bank Gold Deposit Scheme
HDFC Bank Gold Deposit Scheme
ICICI Bank Gold Deposit Scheme
IDBI Bank Gold Deposit Scheme
Indian Overseas Bank Gold Deposit Scheme
IndusInd Bank Gold Deposit Scheme
Karnataka Bank Gold Deposit Scheme
Karur Vysya Bank Gold Deposit Scheme
Kotak Mahindra Bank Gold Deposit Scheme
Lakshmi Vilas Bank Gold Deposit Scheme
Punjab National Bank Gold Deposit Scheme
SBI Gold Deposit Scheme
South Indian Bank Gold Deposit Scheme
Tamilnad Mercantile Bank Gold Deposit Scheme
UCO Bank Gold Deposit Scheme
Vijaya Bank Gold Deposit Scheme
YES Bank Gold Deposit Scheme
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