Sovereign gold bonds open for subscription on October 12: Here's what you need to know

The issue date for the seventh tranche of sovereign gold bonds is October 20. The government will conduct issuance of the bonds in five more tranches during the FY21.

The Reserve Bank of India (RBI) has fixed the issue price of the seventh tranche of sovereign gold bonds (SGBs) at Rs 5,051 per gram. The subscription date for the series is October 12-16.

The issue date for the seventh tranche is October 20. The government will conduct issuance of the bonds in five more tranches during the FY21.

SGBs, first introduced in 2015, are government securities denominated in grams of gold. They are issued by the central bank on behalf of the central government.

On October 7, gold prices fell by Rs 757 to Rs 50,287 per 10 gram in the Mumbai retail market.

Here's all you need to need to know about SGBs:

> They are issued at an interest rate of 2.5 percent, which is payable on a half-yearly basis, for a tenor of eight years. There is no capital gains tax charged on redemption of SGBs after maturity.

> The minimum investment is one gram, while the maximum is 4 kg for individuals, 4 kg for Hindu undivided families (HUFs) and 20 kg for trusts and similar entities.

> The government announced six tranches in April for the 2020-21 fiscal year, and six more tranches in October.

> SGBs can be purchased at scheduled commercial banks (except small finance banks and payment banks), Stock Holding Corporation of India (SHCIL), designated post offices, and recognised stock exchanges such as the NSE and the BSE.

> Those who apply digitally get a discount of Rs 50 per gram.

Here are the subscription dates for the remaining tranches:

> 2020-21 Series VIII: November 9 - 13

> 2020-21 Series IX: December 28, 2020-January 1, 2021

> 2020-21 Series X: January 11-15

> 2020-21 Series XI February 1- 5

> 2020-21 Series XII March 1- 5

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