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The Government of India has come out with a very attractive gold bond scheme that enables the eligible investors earn interest and a host of other benefits on purchase of gold not in the traditional form (jewellery, ornaments, coin, bars) but in the form of Sovereign bonds. These bonds are issued by the Reserve Bank of India on behalf of the Government of India.
Central bank of India is among the many authorized banks in the country that can issue such bonds and also assist the investors in post subscription customer service.
About Central bank of India Gold Deposit Schemes
The Government has launched these bonds with the idea to attract more and more investors and eventually move them away from the traditional way that the gold is purchased and thereby reducing the nation’s gold imports. In order to achieve this, these bonds come with a variety of features and benefits that make it lucrative to the ultimate investor.
Some of the features and benefits of these bonds are,
The interest on the Sovereign Gold bonds issued by the bank is subject to a rate of interest of 2.50% annually on initial investment at the time of subscription.
The interest payment schedule for these bonds is half yearly.
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 that can invest in these bonds are the resident Indians. This includes
The bank does not have a detailed list of documents that may be required at the time of application for these bonds or later after subscription. However, the documents required by the bank will be in line with the documents required by RBI guidelines for such bonds.
1. What is the maximum limit of investment in the Sovereign Gold Bonds in the hands of a Trust?
The Scheme states that a Trust and other similar entities as notified by the government from time to time can invest a maximum of 20 kgs in a single fiscal year i.e. from April to March.
2.Who is eligible to invest in the scheme?
The scheme is open for investment to all the resident Indian entities.
3. At what rate will the bonds be redeemed at the time of maturity?
These bonds will be redeemed at prevailing market price at the time of maturity.
4.When is the interest on these bonds paid?
The interest on the bonds is paid on half yearly basis as per the guidelines of the scheme.
5. Can the investor apply for loans using these bonds as collateral?
The scheme facilitates the investors to apply for a loan from any banks or financial institutions using these bonds as a collateral requirement for such loans.
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