Mysore/Mysuru: The Postal Department has introduced Sovereign Gold Bond Scheme (SGB) for the year 2021-22, in which the members of the public can invest at their nearby Post Office from Nov. 29 till Dec. 3.

The investment in SGB will not have GST. Though it is an investment on gold, buying it from the store will not have making and wastage charges. Public should visit the Post Office and submit PAN card, Address proof, one passport size photo and a copy of the first page of the Bank Passbook and provide Demand Draft or the payment for the Investment can be paid from the Post Office Savings Account.

 The minimum investment is one gram of gold and individuals and undivided Hindu families can invest upto 4 kg while Trusts and such other bodies can invest upto 20 kg in a financial year.

The Bond period is 8 years. After the expiry of the Bond period, the Post Office will return the money for the invested quantity of gold as per the market rate that prevails then. An annual fixed interest of 2.5 percent will also be paid on the investment. The Bond tenure is 8 years with exit option after 5th, 6th or 7th year. On maturity, an amount equivalent to the market price of gold is given.

For more details about the Sovereign Gold Bond Scheme, the members of the public can visit their nearest Post Office or call Ph:  0821-2417308 or 2417307 or Mob: 98451-07947, according to a press release.