Sovereign Gold Bonds (SGBs) are an excellent alternative to physical gold investment. You can experience capital appreciation while simultaneously earning interest on these bonds. The Government of India (GoI) issued these bonds, which minimise numerous hazards associated with physical gold.
On September 11, the latest tranche of the Sovereign Gold Bond Scheme 2023-24 – Series II became available for subscription, and it will remain available until Friday, September 15. The price of one gram of gold is Rs 5,923. For investors who apply online and pay against the application using digital methods, the issuance price of the Gold Bonds would be Rs 50 per gram less than the nominal value.
The bond’s nominal value is based on the simple average of the last three working days of the week preceding the subscription period, that is September 6, 7, and 8, 2023, as published by the India Bullion and Jewellers Association Ltd (IBJA).
Here are some top bank websites for information on how to invest in SGBs
Sovereign Gold Bonds via State Bank of India (SBI): Steps To Invest
Step 1: To access your SBI online banking account, first log in.
Step 2: Then click on ‘eServices’ tab and go to ‘Sovereign Gold Bond’.
Step 3: Select on the ‘terms and conditions’ section and click on ‘proceed’.
Step 4: Fill out the application form as instructed. (Keep in mind that this is a one-time registration.)
Step 5: Once registration is done, click on submit.
Step 6: Then key in the subscription quantity and nominee information in the purchase form.
Step 7: Finally, click on ‘submit’.
Apart from SBI, the Sovereign Gold Bonds can also be purchased through net banking at ICICI Bank, PNB, and Canara Bank.
Sovereign Gold Bonds via ICICI Bank (Net Banking): Steps To Buy
– Log in to your ICICI net banking account using credentials.
– On the homepage, look for and select Invest and Insure.
– Then select the Sovereign Gold Bond section.
– Read all the details and instructions given. Subsequently, make the payment.
Sovereign Gold Bonds via PNB: Steps To Buy
Step 1: Log in to PNB net banking using your correct credentials.
Step 2: Under other services, look for and click on the ‘Purchase SGB’ section.
Step 3: To proceed further, click on the ‘Agree’ tab.
Step 4: Then enter the customer ID, account number and other mandatory details. To save to option, click on ‘Ok’.
Step 4: Enter the number of gold units you wish to buy and the depository type. Click on ‘Continue’ to proceed further.
Step 5: Remember to enter the transaction password and click ‘Submit’.
Step 6: On the next page click on ‘Okay’ after verifying all the details.
Step 7: Towards the end of the process, you will receive an acknowledgement receipt. Save it for future purposes.
Sovereign Gold Bonds via Canara Bank: Steps To Buy
– Login to your net banking profile using credentials.
– Under the ‘Services’ section, click on ‘Apply for SGB’.
– Then click on Subscribe. Following that select the required details from the dropdown list and enter the amount as well as units.
– To save the above option, click on ‘Submit’.
– Cross-check all the details and click ‘Submit’.
The SGBs have an eight-year maturity tenure, offering an annual interest rate of 2.5 per cent.