The Sovereign Gold Bond Scheme 2023–24—Series IV—will be open for subscription from Feb. 12 to Feb. 16.
The next installment of sovereign gold bonds will be available for subscription over a five-day period, with a set issue price of Rs 6,263 per gram, according to the Reserve Bank of India release.
The Government of India, in consultation with the Reserve Bank, has decided to offer a discount of Rs 50 per gram less than the nominal to those investors applying online and making the payment against the application through digital mode, the central bank said.
“For such investors, the issue price of gold bonds will be Rs 6,213 per gram of gold,” it said.
The bonds will be sold via scheduled commercial banks, excluding small finance payments and regional rural banks. They will also be available through Stock Holding Corporation of India Ltd., Clearing Corporation of India Ltd. designated post offices, the National Stock Exchange of India Ltd., and BSE Ltd.
Series I was open for subscription on June 19–23 this year, Series II during Sept. 11–15, and Series III during Dec. 18–22.
The sovereign gold bond scheme was launched in November 2015 with the objective of reducing the demand for physical gold and shifting a part of the domestic savings—used for the purchase of gold—into financial savings.
Apart from capital appreciation, the investors receive interest of 2.5% per annum, which is paid semi-annually. These bonds mature in eight years but have a lock-in period of five years.