Buying Sovereign Gold Bond from SBI 2022 – Steps!

Buying Sovereign Gold Bond (SGB) Definition

Sovereign gold bonds are financial instruments that are issued by the Reserve Bank of India (RBI) and backed by the Government of India. They are issued in exchange for a specific amount of gold, allowing individuals to invest in gold without actually owning physical gold. The value of the bond is based on the current market price of gold, and the bond can be redeemed for the equivalent value of gold at any time.

One of the main advantages of investing in sovereign gold bonds is that they offer a safe and secure way to invest in gold. Physical gold can be lost, stolen, or damaged, but a sovereign gold bond is a secure and easily transferable investment that is backed by the government.

Additionally, gold prices tend to be less volatile than other asset classes, making them a popular choice for individuals looking to preserve and grow their wealth over the long term.

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Here are the key features of sovereign gold bonds

• The bonds have a term of 8 years, with the option to exit in the fifth, sixth, or seventh year on interest payment dates.
• In the case of joint ownership, the investment limit of 4 kilograms is applied only to the first applicant.
• The bonds are issued as government stocks under the Government Securities Act of 2006, and they can be held in demat form.
• The redemption price is determined in Indian rupees based on the average of the previous three working days’ closing prices of gold with a purity of 999, as published by the Indian Bullion and Jewellers Association.
• Investors receive a fixed interest rate of 2.50% per year on the nominal value, paid semi-annually.

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Here are some benefits of investing in sovereign gold bonds

• They offer a safer and more convenient option for investing in gold compared to physical gold.
• The risk of loss or damage to the asset is eliminated, as the bonds are held on the books of the RBI or in demat form.
• The bonds do not come with the same storage costs and risks associated with physical gold.
• There are no issues with making charges or purity, as is often the case with gold jewellery.

Here is who is eligible to invest in sovereign gold bonds

• Any person who is a resident of India as defined by the Foreign Exchange Management Act of 1999.
• Individuals, Hindu Undivided Families (HUFs), trusts, universities, and charitable organizations are all eligible to invest.

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To register for a sovereign gold bond through SBI Net Banking, follow these steps

1. Log in to your SBI Net Banking account using your credentials.
2. From the main menu, select “e-service.”
3. Go to the “Sovereign Gold Bond Scheme” page.
4. Choose “Register,” read and accept the terms and conditions, and then click “Proceed.”
5. Fill out the registration form with the required information.
6. Select a Depository Participant, enter the DP ID and Client ID, and then click the “Submit” button to complete the registration process.

Buying Sovereign Gold Bond Scheme from SBI

Buying sovereign gold bond scheme through SBI Net Banking, follow these steps

1. Log in to your SBI Net Banking account using your login credentials.
2. From the main menu, select “e-service.”
3. Go to the “Sovereign Gold Bond Scheme” page.
4. Select the “Terms and Conditions” and click “Proceed.”
5. Enter the subscription quantity and nominee details.
6. Click the “Submit” button.
7. Enter the OTP received and click the “Confirm” button to complete the purchase.

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