Mumbai, July 6: The Reserve Bank of India will issue the fourth instalment of the Sovereign Gold Bond (SGB) scheme on Monday. It will be open for subscription for five days -- between July 6 and July 10 -- at a rate of Rs 4,852 per gram of gold. The RBI had said on Friday that Sovereign Gold Bond Scheme 2020-21-Series IV will be opened for subscription on Monday.

The RBI had said on Friday, "The nominal value of the bond based on the simple average closing price (published by the India Bullion and Jewellers Association) for gold of 999 purity of the last three working days of the week preceding the subscription period...works out to Rs 4,852 per gram of gold." Sovereign Gold Bond Scheme Opened For Subscription For Fy 2020-21 Today; Know Details of SGB.

Apart from this, the government had said that a discount of Rs 50 per gram less than the nominal value will be given to those investors applying online. The decision has been taken in consultation with RBI, which had said, "For such investors, the issue price of a gold bond will be Rs 4,802 per gram of gold." As per the rules, the minimum permissible investment will be 1 gram of gold and the maximum limit of subscription shall be 4 kg for individuals and HUFs. However, trusts and similar entities can invest for 20 kg.

Earlier on April 20, Reserve Bank of India (RBI) opened Series I of the sovereign gold bond scheme for 2020-21 on Centre’s behalf. The issue price for the sovereign gold bond was fixed by the RBI at Rs 4,639 per gram. The government had said that it would issue Sovereign Gold Bonds (SGBs) in six tranches. It had said that the second series of the scheme would be opened between May 11-15, the third series will be opened between June 8-12. The issue price for the bond, which was open for subscription from June 8-12, was Rs 4,677 per gram of gold.

(The above story first appeared on LatestLY on Jul 06, 2020 01:07 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).