Gold Bond Scheme: Buy yellow metal, claim income tax exemption too, but there is a catch!

Gold Bond Scheme: Gold price on the Multi Commodity Exchange (MCX) is currently trading at Rs 49,256 per 10 gm levels while if we add near Rs 2,000 premium into it, then the retail gold price in the Indian Sarafa Bazaar will be around Rs 51,000 per 10 gm. However, those who want to invest in this safe haven metal, corona cases are rising throughout the world, at a price lower from its current market price, they have just one day left. The gold bond scheme, launched by the Central Government as the 4th series of Sovereign gold bond scheme 2020-21, has been made available from 6th July 2020 and the last date is 10th July 2020. 

The Modi government has already fixed the gold price in this scheme at Rs 4,852 per gram, which means at Rs 48,520 per 10 gm, which is almost Rs 730 below the gold price at MCX. An investor who buys this gold bond online will get a Rs 50 per gm rebate too, which means they can get Rs 500 per 10 gm rebate on online buying of gold bond. They will have to pay just Rs 48,020 per 10 gm on online buying of the gold bond - Rs 1,230 per 10 gm less than the MCX yellow metal price.

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Where to buy gold bond

Those who want to take advantage of this Gold Bond Scheme can buy gold bond from banks, Stock Holding Corporation of India Limited (SHCIL), some post offices and from the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

As per the Reserve Bank of India (RBI) guidelines, one can buy maximum of 500 gm gold in this gold bond scheme while the minimum investment is worth 1 gm gold price i.e. Rs 4,852. One can claim income tax exemption on investment in this gold bond scheme and for investing in this scheme, one can get bank loan as well.