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SGBs To Be Opened For Subscription Twice In October 2019

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As people prefer buying gold during festivities, the government has decided to issue SGBs twice in the month of October. The savings are now channelized into SGBs as against physical gold due to a host of benefit that come with it including 2.5% interest per annum payable half-yearly, no storage cost as well as no security issues.

 

SGBs To Be Opened For Subscription Twice In October 2019

The interests on Sovereign Gold Bonds are, however, taxable as per the provision of Income Tax Act, 1961 (43 of 1961).

In the month of October 2 SGBs will remain open from October 7-11 and October 21-25.
SGBs can be purchased from the commercial banks, SHCIL and designated post office and recognised stock exchanges.

Only resident individuals, HUFs, Trusts, Universities and Charitable Institutions are allowed to invest in Sovereign Gold Bonds through cash (upto a maximum of Rs 20,000) or demand draft or cheque or electronic banking.

They have a tenure of 8 years but the exit can be made in the instrument after the 5th year on the interest payment dates.

GoodReturns.in

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