Banking News

Postponement of issue date of Sovereign Gold Bonds 2015

The first trench of Sovereign Gold Bonds, 2015 was open for subscription with effect from November 05, 2015 to November 20, 2015. The Reserve Bank in its communique dated November 24, 2015, said that it has been decided to shift the issue date from November 26, 2015, to November 30, 2015. The communique states that the decision to postpone the issue date is taken to enable smooth uploading of large numbers of applications received by banks and post offices to RBI’s E-Kuber System ( particularly by the post offices).

As the settlement date is shifted to November 30, 2015, RBI circular in this regard clarifies that applicants will be paid interest at prevailing savings bank rate from the date of realization of payment to the new settlement date i.e.Novemebr 30, 2015. The Bonds shall bear interest at the rate of 2.75% (fixed rate) p.a. on the amount investment, the SB rate of interest applicable only for the period between realization dates to the settlement date.

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