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March 3, 2024
PI Global Investments
Gold

First gold bond of 2024, SGB Series 2023-24 Series 4, opens for subscription next month. Details here


The first gold bond of 2024, SGB Series 2023-24 Series IV will open for subscription on February 12, 2024. The subscription window, as per the RBI’s notification, is from 12th to 16th February 2024. The bonds will be issued on February 21, 2024. The Reserve Bank of India (RBI) issues the bonds on behalf of the central government.

SGB 2023-24 Series IV

Date of Subscription: February 12 – February 16, 2024

Date of Issuance: February 21, 2024

The tenor of the Sovereign Gold Bond (SGB) is for eight years with an option of premature redemption after 5th year to be exercised on the date on which interest is payable. The maximum limit of subscription is 4 kg for individuals, 4 kg for HUF, and 20 kg for trusts and similar entities per fiscal year.

The investors are compensated at a fixed rate of 2.50 per cent per annum payable semi-annually on the nominal value.

How are the prices of SGBs fixed?

The price of SGBs is fixed in Indian Rupees based on a simple average closing price of gold of 999 purity, published by the India Bullion and Jewellers Association Limited (IBJA) for the last three working days of the week preceding the subscription period.

SGB income tax rules

The interest on SGBs shall be taxable as per the provision of the Income Tax Act, 1961 (43 of 1961). The capital gains tax arising on redemption of SGB to an individual is exempted. The indexation benefits will be provided to long-term capital gains arising to any person on transfer of the SGB.

Where can you buy SGBs?

The SGBs will be sold through Scheduled Commercial banks (except Small Finance Banks, Payment Banks, and Regional Rural Banks), Stock Holding Corporation of India Limited (SHCIL), Clearing Corporation of India Limited (CCIL), designated post offices, and recognised stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange Limited.

Meanwhile, the Reserve Bank of India (RBI) fixed the issue price for the third tranche of the Sovereign Gold Bond scheme – SGB 2023-24 Series III at 6,199 per gram. The issue opened for subscription on December 18, and was available till December 22. The issuance of SGB 2023-24 Series III was done on December 28.

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