www.finmin.nic.in/swarnabharat is the official site to know the Government bond rate.Indian Government started a new scheme called Swarna Bharat. Through this scheme the Indian residents can invest the money in golds.This facility only available for Indian Citizens.
Detail of Swarna Baharat
Detail of Swarna Baharat
- Swarna Bharat is under the control of Indian Government
- Official Web site - www.finmin.nic.in/swarnabharat
- Toll free number - 1800-1800-000
- Interest rate 2.75 Per annum
- The first issue rate is 2684 Rs per gram
- First Application date for open a bond - 5th November 2015
- Last date for first application - 20th November 2015
- The minimum amount can be deposited - 2 Gram
- The maximum amount of gold can be deposited - 500 Gram
- Only selected post offices and banks can apply for the bond.
- The depositors can deposit the gold bars,coins and jewelry not allowed to deposit stones and metals
- The duration of the deposit is 5-7 years
- The Reserve bank of India will issue the Bonds on behalf of the Central Government.
- The scheme have 3 parts Gold Monetisation Scheme, Gold Sovereign Bond Scheme, Gold Coin Scheme and Gold Bullion Scheme
Monetisation Scheme
- The gold monetisation scheme will replace the existing Gold Deposit Scheme, 1999 while the existing deposits will be allowed to run till maturity or premature withdrawal by depositors
- There is no maximum limit for under the scheme
- The depositor can deposit at any time as gold bars, coins, jewellery excluding stones and other metals which must be equal to 30 grams of gold of 995 fineness.
- The gold will be accepted after checking the Purity Testing Centres (CPTC) certified by the Bureau of Indian Standards (BIS) and notified by the central government.
- The depositor will get the deposit certificates, that will be issued by banks in equivalence of 995 fineness of gold. The principal and interest of the deposit under the scheme will be denominated in gold.
- Only selected banks will accept gold deposits under the Short Term (1-3 years) Bank Deposit (STBD) as well as Medium (5-7 years) and Long (12-15 years) Term Government Deposit Schemes.
- Interest on deposits under the scheme will start accruing from the date of conversion of gold deposited into tradable gold bars after refinement or 30 days after the receipt of gold at the CPTC or the bank's designated branch, as the case may be and whichever is earlier.
Gold Sovereign Bond Scheme
- Through this the inverses can invest wisely and earn safely.
- Under the scheme the reservation of India will issue the bonds on behalf of Central Government of India.
- The RBI has fixed the issue price for the first tranche of Sovereign Gold Bond at Rs.2,684 per gram of gold based on simple average of closing price of gold of 999 purity of the previous week (October 26-30, 2015) published by the Indian Bullion and Jewellers Association Ltd.
- The gold bonds will be denominated in multiples of gram(s) of gold with a basic unit of one gram while the minimum investment limit is two grams.
- The maximum subscription is 500 grams per person per fiscal (April-March) and for joint holders, the limit will be applied on the first holder.
- This scheme is applicable for only resident Indian entities including individuals, Hindu undivided families, trusts, universities and charitable institutions.
- The bond tenure will be eight years with exit option beginning the fifth year on wards.
- The rate of interest will be 2.75 percent per annum payable semi-annually on the initial value of investment.
- In this scheme India will make Gold Coins
- Through this India will make first ever national gold coin.
- One part of the Indian made gold coin (Ashok Chakra) will be there
- In first stage coins will make 5 and 10 grams. A 20 gram bar/bullion will also be available.
- Through MMTC outlets 15,000 coins of 5gm, 20,000 coins of 10 gm and 3,750 bullion bars will be available.
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