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RBI Sovereign Gold Bond

Discussion in 'IPO' started by real_buzz, Jan 26, 2016.

  1. real_buzz Moderator

    The Reserve Bank of India, in consultation with the Government of India, has decided to issue second tranche of Sovereign Gold Bonds. Applications for the bond will be accepted from January 18, 2016 to January 22, 2016. The Bonds will be issued on February 8, 2016.
    It may be recalled that Honourable Finance Minister had announced in Union Budget 2015-16 about developing a financial asset, Sovereign Gold Bond, as an alternative to purchasing metal gold. Accordingly, the first tranche was open for subscription from November 05 to November 20, 2015.
    Issue Highlights:

    Issue RBI Sovereign Gold Bond
    Issue Opens January 18, 2016
    Issue Closes January 22, 2016
    Minimum Investment Rs. 5,200 (2 grams * Rs. 2600)
    Maximum Investment Rs. 13,00,000 (500 grams * Rs. 2600)
    Issue Price Rs. 2600 based on previous week's simple average closing price for Gold for 999 purity
    Interest 2.75% (Fixed rate) p.a. on the initial investment paid half yearly
    Tenor 8 years
    Denomination Units of 1 gram of Gold and in multiples thereof
    Redemption The bonds shall be repayable on the expiration of 8 years from the date of issue. Premature Redemption: From the 5th year of the date of issue on the interest payment date
    Loan Facility The bonds may be used as a collateral for loans
    Nomination Available
    Payment Options Cash / Cheque / Demand Draft / Electronic Transfer
    Cheque to be drawn on SBI Sovereign Gold Bond Scheme 2016
    Category of Investor The bonds will be restricted for sale to Resident Indian Entities including individuals, HUFs, trusts, universities, and to the charitable institutions.
    Limit of investment Minimum subscription 2 grams and maximum investment 500 grams per investor per annum
    Mode Demat and Physical both
    Interest Option Half yearly interval, will be served directly in to the account mentioned in the application form or in the account linked with the demat a/c.
    Maturity period 8 years from date of issue
    Premature redemption On the coupon dates from the 5th year of issuance.
    Tradability Trading of these bonds on exchanges shall be notified.

    Please note:
    You can apply online in RBI Sovereign Gold Bond Scheme till 12.45PM on January 22, 2016. After cut off time applications shall not be accepted.

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