Select post offices to sell bonds from Nov. 6
This festive season, people have another place to invest in gold, that too in the form of bonds – post offices.
Select post offices in the city will start selling sovereign gold bonds from November 6. This follows the Central government’s announcement in the budget session to reduce gold import. The bonds will be launched by Prime Minister Narendra Modi on Thursday and the sale will begin from Friday.
The launch of the scheme will provide investors an easier option as it does not require storage.
The scheme was announced to help in reducing the demand for physical gold and shifting portion of investment through gold bonds. Investors can buy these bonds worth a minimum of two grams to 500 grams. The price of the bond will be fixed based on the previous week’s physical gold cost and investors will also get a 2.75 per cent of interest per year.
An official in the postal department said while the maturity period of the bond is eight years, customers have a choice to exit from the fifth year.
Investors can also submit this as collateral for loans. As of now, the bonds will be made available for a limited period of 15 days from Friday.
In Chennai city region, they will be available at 50 head and sub-post offices, including those in Adyar, Vadapalani, Padi Washermanpet, and Ayanavaram
Source : thehindu.com
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