Bank of Baroda (UK) Ltd announces its intention to wind down and close its UK retail banking activities
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Bank announces Financial Results for quarter ended, 30th June 2023.
NOTIFICATION DATED 27.06.2023 FOR SALE / ASSIGNMENT OF FINANCIAL ASSET (NPA) to ARCs (E-AUCTION ON 14.07.2023)
As per revised RBI directives all our Locker-holders are requested to visit Bank of Baroda, Base Branch.
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Bank of Baroda deposit plans offer convenient solutions to both working individuals as well as senior citizens. These deposits are categorised into deposits with a term period of less than 12 months, more than 12 months and recurring deposits.
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Sovereign Gold Bonds
A sovereign gold bond (SGB) is a government security that is denominated in gold grams. It is a substitute for physical gold. Investors invest in these bonds when the scheme opens and it is redeemed on maturity. The Reserve Bank of India on behalf of the Government of India manages the sovereign gold bond scheme.
Bank of Baroda offers customers the opportunity to invest in the sovereign gold bond scheme through all of its branches in the country.
The minimum investment that can be made in this bond is 1 gram. Each individual or HUF can hold a maximum of 4 kgs every year in such bonds. For trusts, charitable institutions, the maximum limit is 20 kgs.
Interest will be earned on the Sovereign Gold Bonds at the rate of 2.5% annually, paid semi-annually.
The prices of the gold bond are transparent since they are linked to the price of gold in the market.
There is an exit option for investors after the 5th year of the date of issue of the Bond. Repayments will be done on the next interest payment date.
The sovereign gold bond offers joint holders and nominees to the investors.
Bonds held in demat form will be eligible to be traded on the stock exchanges.
Cash, demand draft, cheques, internet banking/bob World are acceptable modes of payment for the sovereign gold bond scheme, India. However, cash is only accepted up to Rs. 20,000.
The issue price for SGB-Series-2023-24-Series-I is Rs 5,926/- per Gram and GOI in consultation with RBI has decided to offer a discount of Rs. 50/- per gram less than the nominal value for the investors applying online.
For such investors, the issue price will be Rs 5,876- per gram.
Mode of Subscription
The issue price for SGB-Series-2023-24-Series-II is Rs 5,923/- per Gram and GOI in consultation with RBI has decided to offer a discount of Rs. 50/- per gram less than the nominal value for the investors applying online. For such investors, the issue price will be Rs 5,873)- per gram.
The schedule of Sovereign Gold Bonds 2023-24 Tranche I, II as announced by Reserve Bank of India is specified as under, provided that the Central Government may, with prior notice, close the Scheme at any time before the period specified below.
The Gold Bonds under this scheme may be held by a Trust, HUFs, Charitable Institutions, University or by a person resident in India, being an individual, in his capacity as such individual, or on behalf of minor child, or jointly with any other individual.
The Gold Bonds shall be issued in the form of stock certificate, as specified in Form ‘C’.
The Gold Bonds shall be eligible to be converted into demat form.
Application form from investors will be received at branches during normal banking hours on the weeks of subscription.
The date of issuance shall be as per the details given above.
The Bonds shall be denominated in units of one gram of gold or multiples thereof. Minimum investment in the Bonds shall be one gram with a maximum limit of subscription per fiscal year (April-March) of 4 kg for individuals, 4 kg for Hindu Undivided Family (HUF) and 20 kg for Trusts and similar entities notified by the government from time to time.
The Bonds shall bear interest from the date of issue at the rate of 2.5 % (fixed rate) per annum on the nominal value. Interest shall be paid in half-yearly rests and the last interest shall be payable along with principal on maturity.
The Bonds shall be repayable on the expiration of eight years from the date of issue of the Bonds. Pre-mature redemption of the Bond is permitted after fifth year of the date of issue of the Bonds and such repayments shall be made on the next interest payment date. The redemption price shall be fixed in Indian Rupees and the redemption price shall be based on simple average of closing price of gold of 999 purity of the previous 3 working days, published by the India Bullion and Jewellers Association Limited.
RBI/depository shall inform the investor about the date of maturity of the Bond one month before its maturity.
*The loan against SGBs would be subject to decision of the lending bank/institution, and cannot be inferred as a matter of right by the SGB holder.
Interest on the Bonds shall be taxable as per the provisions of the Income Tax Act, 1961 (43 of 1961). The capital gains tax arising on redemption of SGB to an individual has been exempted. The indexation benefits will be provided to long term capital gains arising to any person on transfer of bond.
Joint holders and nominees (of first holder) are permitted. In case of joint holding, the investment limit of 4 kgs will be applied to the first applicant only.
Nomination of and its cancellation shall be made in Form ‘D’ and Form ‘E’, respectively.
An individual non-resident Indian may get the security transferred in his name on account of his being a nominee of a deceased investor provided that:
The Bonds issued in the form of stock certificate shall be transferable by execution of an instrument of transfer as in Form ‘F’.
The Bonds shall be eligible for trading on date notified by the Reserve Bank of India. (It may be noted that only bonds held in demat form with depositories can be traded in stock exchanges).
Every application must be accompanied by the ‘PAN details’ issued by the Income Tax Department to the investors (individuals and other entities). KYC Documents such as Voter ID, Aadhaar Card/PAN or TAN/Passport will be required.
Cancellation of application permitted till the closure of the issue, i.e. until Friday of the particular week of subscription. Part cancellation of submitted request for purchase of gold bonds is not permitted.
As the bonds are government securities, lien marking etc. will be as per the extant legal provisions of Government Securities Act, 2006 and rules framed there under.
All branches of Bank of Baroda in India are authorized to issue SGB.
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Frequently Asked Questions (FAQs)
A sovereign gold bond (SGB) is a government security that is denominated in gold grams. Bonds issued by GOI that hold the value of Gold denominated in grams in the form of bond.
One should buy SGB rather than physical gold because there is no risk of theft, damage or storage. The benefits are:-
No, there is no risks in investing in SGBs.
Trust, HUFs, Charitable Institutions, University or resident Indian are eligible to invest in the SGBs.
Yes, joint holding will be allowed under mode of operation Anyone or Survivor, Either or Survivor.
No, minor cannot invest in SGB. But an individual, in his capacity as such individual, or on behalf of minor child, can invest.
The investors can get the application form through any BoB branch or website.
No, there should be only one Investor ID for one subscriber.
The limit for investment is: Minimum -1gm Maximum Subscription - Individual 4 kg HUF – 4 kg Trusts – 20 kg
Yes, every application must be accompanied by the ‘PAN details’ issued by the Income Tax Department to the investor(s).
Yes, an investor/trust can buy 4 Kg/20 Kg worth of SGB every year.
In case of joint holding, the limits of 4Kg shall be applicable to the first applicant only.
Earns interest @ 2.5% payable half yearly to the holder of SGB unlike physical gold.
After completion of settlement the customers will be issued Holding Certificate.
Yes, it is through Net Banking & Mobile Banking , SGB can be applied.
The bonds are sold as per the decision by RBI.
The redemption amount will get through operative SB account.
The lock-in period of the bond is 8 years, although a customer becomes eligible for early redemption after completion of 5 years. The customer can apply for redemption only when RBI comes up with the redemption window for the specific tranche which is around the interest due date.
Yes, one can use these securities as collateral for loans.
Earns interest @ 2.5% payable H.Y to the holder of SGB unlike physical gold.
Yes, you can trade these bonds if bond is purchased or converted in DEMAT form.
As per the guidelines issued by RBI, on the death of the SGB Holder, the name of the nominee will be substituted as the bond holder in place of the deceased holder and a fresh certificate will be issued under proper authentication.
No, one cannot get the part repayment of these bonds at the time of exercising put option.
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