This article offers a brief summary of the key aspects of the Canara Bank‘s Sovereign Gold Bond schemes. Since these details are subject to frequent updates, please refer to the bank’s official website for the most current information on features and interest rates.
Canara Bank – Sovereign Gold Bond Features:
- The Gold bonds are repayable in Indian Rupees after 8 years, with the option for premature withdrawal after the 5th year, paid on the next interest payment date.
- The bond price is determined in Indian Rupees based on the average closing price of 999 purity gold, declared by the India Bullion and Jewellers Association Limited over the preceding 3 working days before the subscription period.
- Investors applying online and paying through Digital Mode receive the Gold Bonds at a reduced rate of Rs 50/- per gram less than the nominal value.
- Interest earned on the Bonds is taxable under the Income Tax Act, 1961 (43 of 1961). However, Capital Gains Tax arising from redeeming the SGB is exempted for individuals.
- Additionally, indexation benefits apply to long-term capital gains from bond transfers.
How to invest?
Click here to invest in the Canara Bank’s Sovereign Gold Bond schemes.
Note: The information presented here is sourced from publicly available data. We cannot be held responsible for any inaccuracies in the details. For the most current and accurate information, please visit the official website of the respective bank/institution.