The government will launch the sixth tranche of Sovereign Gold Bonds (SGB) scheme on 24th of October in which people can buy securities worth up to 500 grams. Finance Ministry in a statement said, the government in consultation with the Reserve Bank, has decided to issue Sovereign Gold Bonds 2016-17 - Series III and applications for the bonds will be accepted from 24th of October to 2nd of next month. It said, the gold bond will be issued on 17th of November.

The bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices and

recognised stock exchanges. Sovereign Gold Bond, an alternative mode of investment to physical gold, was launched in November last year. It provides investors a choice to diversify portfolio without the need to buy the metal in physical form.

The (SGB) investors will be compensated at a fixed rate of 2.50 per cent per annum payable semi-annually on the nominal value of investment. The tenor of the bonds will be for a period of 8 years with exit option from 5th year to be exercised on the interest payment dates. So far, the government has come out with five tranches of the SGB.

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