Sovereign Gold Bond Scheme Series VII Opens On 2 December

The Ministry of Finance notified the date and issue price for the roll of the next series of the sovereign gold bond scheme. Series VII of Sovereign Gold Bond Scheme 2019-20 will open on 2-6 December 2019 with the issue price set at Rs 3,795 per gram. The settlement date for the series will be 10 December 2019.

Further, the Government of India in consultation with the Reserve Bank of India has decided to allow a discount of Rs 50 per gram from the issue price to those investors who apply online and the payment is made through digital mode.

"For such investors the issue price of Gold Bond will be Rs 3,745 per gram of gold," the ministry's statement said.

SGBs are government securities that are denominated in grams of gold and form as substitutes to holding physical gold. These are issued by RBI (Reserve Bank of India) on behalf of the government.

Investors who wish to participate can purchase these bonds in cash from scheduled commercial banks or designated post offices. These could also be purchased from a bank's website.