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Federal bank is one of the oldest private sector banks in the country and is a scheduled commercial bank having its headquarters in Kochi, India. The bank is one of the authorized distributors of the Sovereign Gold Bonds issued by the Reserve Bank of India on behalf of the Government of India. These bonds are a financial asset aimed and launched to be a favorable alternative to physical gold.
About Federal bank of India Gold Deposit Schemes
The interest on the Federal Bank-Sovereign Gold bonds is paid at an interest rate of 2.50% (fixed rate) annually on the initial investment made at the time of subscription to the scheme.
The scheme entitles the investor to receive interest payment on half yearly basis which will be credited in the account of the holder that the investor has provided at the time of subscription.
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 at the hands of the investor under the Income Tax Act, 1961.
The eligible applicants for this scheme are the following persons resident in India
Applicants can download the Sovereign Bond Application Form or the Sovereign Bond Nomination Bond as required form the bank’s website. They can submit the same after duly filling it at the nearest branch of the bank.
The documents required by the bank for application purpose are very basic and similar to those required in line with the KYC norms.
Applicants must submit the basic KYC documents like Voter ID/ Aadhaar card/ PAN or TAN/ Passport.
Customers can contact the customer care of the bank or the website of the RBI to get the further details of the documents required in order to apply for the scheme.
1. Does the scheme permit joint holding of the bond?
The scheme has the provision for the customers to jointly hold a bond(s) as per the guidelines of the scheme in this regard.
2.What is the price at which these bonds are sold?
Price of bond is to be fixed in Indian Rupees on the basis of the previous week's (Monday – Friday) simple average price for gold of 999 purity published by the India Bullion and Jewellers Association Ltd. (IBJA). The Reserve Bank of India disseminates the issue price. The price of gold for the relevant tranche is to be published by the RBI on its website two days prior to the issue opens.
3. What is the procedure followed for redemption of these bonds?
The issuing bank has to advise the investor one month before maturity regarding the upcoming maturity of the bond. On the date of maturity, the investor will receive the maturity proceeds in the form of a credit to the bank account provided by him/her at the time of application. In case there are changes in any details like account number, email ids, nomination, etc. the investor has to intimate the bank promptly
4.Are the Sovereign Bonds subject to a tax deductible at source?
No. The sovereign bonds are not subject to any tax deductible at source.
5. Is the investor allowed to redeem part holdings?
Yes. The scheme has a provision for the investors to redeem a part of their holding in multiples of 1 gram.
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