Raksha Bandhan 2020: Buy gold at cheap price in this new scheme by Modi government

Gold and silver prices have risen sharply in the last few days. Gold prices are rising day by day as investors focus on gold due to increased uncertainty in other sectors during the economic crisis caused by the COVID-19 pandemic.

Currently, Shravan month is in progress and Rakshabandhan festival is on Monday 3rd August. On this the Central Government has given the opportunity to the people to buy cheap gold.

The details of this scheme brought by Modi government are as follows.

The central government is launching the Sovereign Gold Bond Scheme once again from August 3. Under this scheme, the price of gold has been fixed at Rs 5,334 per gram.

Meanwhile, those who make online payments to invest in the gold purchase scheme will be given a discount of Rs 50 per gram. Therefore, the price of gold for online payers will be Rs 5,284 per gram. So you get 10 grams of gold.

If you look at the market, the current gold price is more than Rs 54,000 per gram. Under the Modi government's scheme, you can buy gold in the form of bonds.

A minimum purchase limit of 1 gram and a maximum of 4 kg gold has been set for the purchase of this bond. So you don't have to worry about the purity and safety of gold.

The term of the bond, which is subject to the Reserve Bank, is eight years. It has the option to opt out on the date of payment of interest after five years.

The purpose of this government's bond scheme is to reduce the physical demand for gold. Currently, you can buy gold through this bond scheme from August 3 to August 7. Meanwhile, the scheme will be re-launched by the government in September.