Investing In Sovereign Gold Bonds Made Easy: SBI, ICICI, PNB, And Canara Bank

Sovereign Gold Bonds (SGBs) are an excellent way to invest in gold without the hassle of physical possession. These government-issued bonds not only provide capital appreciation but also offer interest earnings, making them an attractive option for investors. They also eliminate many of the risks associated with physical gold ownership.

The latest tranche of the Sovereign Gold Bond Scheme 2023-24 - Series II, which opened for subscription on September 11, will be available until September 15. The price of one gram of gold for this tranche is set at Rs 5,923. Investors who apply online and make payments through digital methods will receive the bonds at a price that's Rs 50 per gram lower than the nominal value.

The nominal value of these bonds is determined based on the simple average of gold prices during the three working days preceding the subscription period, which, in this case, were September 6, 7, & 8, 2023, as published by India Bullion And Jewellers Association Ltd (IBJA).

Now, let's explore how you can invest in SGBs through some of the top banks:

Investing in Sovereign Gold Bonds via State Bank of India (SBI)

Log in to your SBI online banking account.
Click on the 'eServices' tab and navigate to 'Sovereign Gold Bond.'
Review and accept the terms and conditions.
Complete the application form (this is a one-time registration).
Submit your registration.
Enter the subscription quantity and nominee details in the purchase form.
Finally, click 'submit.'

Apart from SBI, you can also purchase Sovereign Gold Bonds through net banking at ICICI Bank, PNB, and Canara Bank.

Investing in Sovereign Gold Bonds via ICICI Bank (Net Banking)

- Log in to ICICI net banking account.
- Look for and select 'Invest and Insure' on the homepage.
- Find Sovereign Gold Bond section and follow provided instructions to make payment.

Investing in Sovereign Gold Bonds via PNB

- Log in to your PNB net banking using your credentials.
- Under 'Other Services,' locate and click on 'Purchase SGB.'
- Agree to the terms to proceed.
- Provide your customer ID, account number, and other necessary details.
- Enter the number of gold units you want to purchase and select the depository type.
- Confirm your transaction with your transaction password and click 'Submit.'
- After verifying the details, click 'Okay' to complete the process and receive an acknowledgment receipt.

Investing in Sovereign Gold Bonds via Canara Bank

- Sign in to your net banking profile.
- In the 'Services' section, click 'Apply for SGB.'
- Choose 'Subscribe' and select the required details from the dropdown list, including the amount and units.
- Click 'Submit' to save your preferences.
- Double-check all details and click 'Submit' to confirm your investment.
- Sovereign Gold Bonds have an eight-year maturity tenure and offer an annual interest rate of 2.5 percent, making them a smart choice for gold investors.