sovereign gold bond series IIGovernment of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds 2017-18 – Series II. Applications for the bond will be accepted from July 10, 2017 to July 14, 2017. The Bonds will be issued on July 28, 2017. The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices and recognized stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange. The features of the Bond are given below:

PRODUCT NAME Sovereign Gold Bond Scheme 2017-18 Series II
ISSUANCE To be issued by Reserve Bank of India on behalf of Government of India
ELIGIBILITY ·         All Resident Indians

·         HUFs

·         Trusts

·         Universities

·         Charitable Institutions

KYC DOCUMENTATION Know-your-customer (KYC) norms will be the same as that for purchase of physical gold:

·         Voter ID

·         Aadhaar Card/PAN

·         TAN /Passport

DENOMINATION The Bonds will be denominated in multiples of gram of gold with a basic unit of 1 gram.
MINIMUM SIZE Minimum permissible investment will be 1 gram of gold.
MAXIMUM LIMIT The maximum amount subscribed by an entity will not be more than 500 grams per person per fiscal year (April-March). A self declaration to this effect will be obtained.
INTEREST RATE The investors will be compensated at a fixed rate of 2.50 per cent per annum payable semi-annually on the nominal value.

 

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