Sovereign Gold Bond Series VII opens on October 25, here's all details

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Sovereign Gold Bond Series VII opens on October 25, here's all details
© Nishant Kumar Sovereign Gold Bond Series VII opens on October 25, here’s all details

The seventh tranche of sovereign gold bonds (SGBs) issued by the RBI (Reserve Bank of India) for FY 2021-22 will open on October 25, Ministry of Finance said on October 23.

The SGB will be open for subscription for 5 days from 25 to October 29, 2021 and the certificate of bond(s) will be issued on November 02, 2021. The government has fixed the price at Rs 4,765 per gram of gold.

ALSO READ: Sovereign Gold Bond Series VI opens on August 30: What is it, who can buy, benefits, discounts and other details

In consultation with the Reserve Bank of India (RBI), the government will also provide a discount of Rs 50 per gram less than the nominal value for those investors applying online. This discount is also applicable for payment against the application is made through digital mode.

“For such investors, the issue price of Gold Bond will be Rs 4,715 per gram of gold,” the RBI said.

Considered to be substitutes for holding physical gold, SGBs are government securities denominated in grams of gold.

Earlier, the RBI in August 30, 2021, had issued the sixth tranche of of SGB at Rs 4,732 per gram of gold. During that time too, the central bank had given a rebate of Rs 50 for investors applying online.

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