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State Bank of India offers Sovereign Gold Bond which is considered to be the most profitable form of gold investment. This investment scheme is issued tranches and therefore it is not necessarily available all year round. The first batch of the gold bond was issued in November 2015. Post offices along with SBI are the primary channels selling gold bonds considering the wide outreach that each carries.
About State Bank of India Gold Deposit Schemes
Some of the key features of sovereign gold bonds offered by SBI are as follows:
Benefits of SBI Sovereign gold bond are as follows:
Sovereign gold bonds are issued twice in a year and there is no specific timeline for the same.
The Sovereign Gold Bond can be bought from any SBI branch. To subscribe to the gold bond, investors must use the Kuber core banking system of RBI. The following are the steps to buy gold from SBI:
SBI Sovereign Gold Bond earns interest unlike gold ETF and physical gold. Every 6 months, interest is payable on the bond and is credited directly to the account information provided. The RBI will pay interest directly without any middle intervention or involvement of SBI. Interest is calculated on the initial investment made in the Sovereign Gold Bond Scheme. The final instalment of interest earned will be paid with the maturity amount.
1. What are the risks associated with investing in SGBs?
If the market price of gold declines and the market value of gold is low at the time of redemption, then there is a risk of capital loss. The investor will not lose in terms of the units of gold purchased.
2.Can I buy 500 grams worth of SGBs every fiscal year?
Yes, you can buy the maximum limit of SGBs every fiscal year. The limit is only on a yearly basis.
3.I have applied for SGBs, does this mean guaranteed allotment?
After applying for SGB, if you meet the eligibility criteria and provide a valid identification document along with the application money on time, you can be assured of your allotment.
4.When will I be issued a Holding Certificate?
Certificate of Holding is issued on the date of issuance of the SGB. Certificate of Holding can be collected from the issuing banks/SHCIL offices/Post Offices/Designated stock exchanges/agents or obtained directly from RBI on email if the email address is provided in the application form.
5. What do I have to do if I want to exit my investment?
In case of premature redemption, investors can approach the concerned bank/SHCIL offices/Post Office/agent thirty days before the coupon payment date. Request for premature redemption can only be entertained if the investor approaches the concerned bank/post office at least one day before the coupon payment date. The proceeds will be credited to the customer’s bank account provided at the time of applying for the bond.
6. What is the benefit of the SGB upon redemption?
On the maturity date, you will receive the following:
State Bank of India account holders can avail a number of schemes related to gold loans and investments. Apart from purchasing gold coins, an investor can also buy Sovereign Gold Bonds and Gold Mutual Fund Schemes. Sovereign gold bonds are an ideal choice for investors who are looking for safe avenues of investment.
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