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Central postal region creates record in gold bond sale across the country

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Trichy: The central region saw the maximum sale of sovereign gold bonds in the country during the period of Akshya Tritiya which fell on April 28, according to data released by the postal department.
The region recorded a sale of 19.30 kilograms of gold worth Rs 5.60 crore in just seven days under the 'sale of sovereign gold bonds' scheme, said postmaster general, central region D Veena Kumari.
Post offices under the central region sold the highest volume of gold bonds when compared to other postal regions across the country, said Veena Kumari on Monday, after inaugurating the sale of
As the bonds can be used as collateral for loans and the maturity period is fixed as eight years, unlike any other savings schemes offered by various private institutions, more numbers of customers are coming forward to opt for gold bond schemes. A total of 3,201 applicants have invested their money for this scheme, she added.
"Instead of buying physical gold, buying gold bonds in digital format at the prevailing market rate of gold is the best way of investment. At maturity, it will be redeemed at the prevailing rate of gold at that point in time. Besides it will also give 2.50% interest per annum. That is paid on half yearly basis. Moreover there is no hidden charges like making charges," said an investor S Murali, of KK Nagar.
Though the maturity period of these bonds has been fixed at eight years from the date of issue of bonds, investors can have pre-mature redemption from the 5th year of the date of issue, Murali added.
According to officials, people can approach at all post offices under the central region in Trichy to get the bonds. Special counters have also been opened at 24 head post offices. Investors can buy the bonds worth a minimum of 1 gram to 500 grams per financial year. The issue price of the bond is Rs 2,780 per gram, after deducting the discount of Rs 50 per gram, they added.

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