Chennai

Post office gold bond scheme gains patronage

The Department of Posts is gaining more investors for its sovereign gold bond scheme, which was introduced as an alternative to physical gold. The scheme is offered in tie-up with the Reserve Bank of India (RBI).

Post offices across the State received investment for nearly 33.46 kg of gold across the State in the recent series. Officials of the Postal Department said post offices open the sale for five days whenever RBI announces the tranche.

In the five series announced so far this fiscal, the post offices brought in investment to the tune of ₹35.49 crore and nearly 73,930g.

The department too got revenue of nearly ₹35 lakh for more subscription to the scheme.

“Many customers moved to investment in the scheme as most of them found this to be a safe option during the pandemic,” said an official. The department has gained investment for nearly 485 kg of gold since the scheme was launched in 2015.

While the maturity period of the bond would be eight years, customers have an option to close after fifth year of investment. Interest of 2.5% per year would be provided for the initial value of gold when the investment is made. The value of gold is calculated based on the rates a few days before the subscription, the official added.


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Printable version | Dec 8, 2021 10:09:56 PM | https://www.thehindu.com/news/cities/chennai/post-office-gold-bond-scheme-gains-patronage/article36312557.ece

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