Sovereign Gold Bond Scheme from Kotak Mahindra Bank are RBI issued securities which are denominated in grams of gold. Since these are substitutes of physical gold people have to invest in these bonds in cash and after redemption receive only cash.
In 2015, the Government of India announced the Sovereign Gold Bond Scheme which was opened for subscription from November 2015.
The issuer will be the Reserve Bank of India, on behalf of the Government of India.
The price of issue for this scheme was fixed at Rs. 2,684 per gram, and was decided upon the earlier week’s closing price.
So what is the gold bond scheme and who issues these bonds? The Sovereign Gold Bonds are securities issued by the government in the measure of gold in grams.
They work as substitutes for physical gold. The individuals who invest in these bonds, will make their investments in cash and on maturity will receive cash only, when these bonds are redeemed.
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