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Indian investors are known to consider investing in gold as one of the most traditional and conventional commodities. A couple of years ago, the Government of India came up with Sovereign Gold Bond Schemes as a substitute to offer a way of investment in Gold which has many more benefits for the traditional and the new set of investors.
One of the biggest benefits associated with this particular scheme is that it is transparent and is regulated by the Reserve Bank of India. A Sovereign Gold Bond scheme is an ideal option in cutting down on the storage value of gold and saving the money that is spent on making charges. Since these sovereign gold bonds are government securities, they are much safer than physical gold.
Sovereign gold bonds are issued every month from October 2019 to March 2020. Under this scheme, the issues are offered in tranches by the Reserve Bank of India in consultation with the Government of India.
Sovereign Gold Bonds are the safest way to buy and store gold since it is "E-gold", no physical lockers are required to store it. Bonds are issued by Govt. of India, so it's also the safest way to hold gold. You also get an assured 2.50% p.a. interest every 6 months too.
About UCO Bank Gold Deposit Schemes
Some of the key features of sovereign gold bonds offered by UCO bank are as follows:
Benefits of UCO bank Sovereign gold bonds are as follows:
Under Sovereign Gold Bond Schemes, there is a fixed rate set by the government. This allows everybody eligible to earn interest on the investment. The current rate specified by the authorities is 2.50% per annum and the interest is paid semi-annually (every six months). This interest rate can be changed as per the policies of the government.
The following documents are required to be furnished by investors as proof of identity while applying for a UCO bank sovereign gold bond. Both, original as well as the photocopy of documents have to be presented at the time of loan application.
1.Can a Minor invest in SGB?
Yes, a minor can apply through his / her guardian. No direct application can be made in this case.
2.If I apply, am I assured of allotment?
Yes, if you make all the compliances correctly you can be sure about the allotment. Such compliances are:
3.How can I exit my investment in SGB?
For premature withdrawal investors can file a request before 30 days of coupon date to requisite: The time period can further be reduced on request but shall in no case be lesser than one day before the coupon date. On successful processing of the application, payment would be a credit to the registered bank account of the investor.
4.What are the minimum and maximum limit for investment?
The Bonds are issued in denominations of one gram of gold and in multiples thereof. The minimum investment in the Bond shall be one gram with a maximum buying limit of 500grams per person per fiscal year (April – March). In case of joint holding, the limit applies to the first applicant.
5.Can I take a loan against Sovereign Gold Bonds?
Yes, you can take a loan by using these bonds as securities. These bonds can be used as collaterals at banks, financial institutions and other non-banking financial companies.
6.Can I buy 500 grams worth of SGB every year?
Yes. One can buy 500 grams worth of gold every year as the ceiling has been fixed on a fiscal year (April-March) basis.
Investing in Sovereign Gold bonds through UCO bank can have long term benefits and good returns. It is a good investment in comparison to solid gold form since a significant amount is not lost in making charges when your purpose is not to use the jewellery immediately rather, accumulate funds for future goals.
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