The Reserve Bank of India has decided to issue next tranche of Sovereign Gold Bonds which is Sovereign Gold Bonds 2016-17 - Series III.

Applications for the Sovereign Gold Bond scheme will be accepted from October 24, 2016 to November 2, 2016. The Bonds will be issued on November 17, 2016.

"The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated Post Offices, and recognised Stock Exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange", the RBI said.

The bond holders will be compensated with an interest rate of 2.50 per cent per annum which is paid semi-annually on the nominal value.

Payment for the bonds can be made through cash payment upto a maximum of Rs 20,000 and higher amount can be made by demand draft or cheque or electronic banking.

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