What changed
The Government of India, via notification dated December 15, 2022, introduced two new tranches (Series III and IV) under the Sovereign Gold Bond Scheme 2022-23. RBI circular dated December 16, 2022, communicates the subscription and issuance dates for these series to scheduled commercial banks and other receiving offices.
What it means for you
Banks must be ready to accept SGB applications during the specified windows and ensure compliance with the updated consolidated procedural guidelines issued by RBI. This is a routine issuance cycle, but banks should verify that their systems and staff are aligned with the latest instructions to avoid service disruptions.
What you must do
- Prepare to accept SGB applications for Series III from Dec 19-23, 2022, and Series IV from Mar 6-10, 2023.
- Ensure all applications include valid PAN details and, for online submissions, investor email IDs uploaded on the Ekuber portal.
- Refer to the consolidated procedural guidelines (circular IDMD.CDD.1100/14.04.050/2021-22 dated Oct 22, 2021, updated Oct 4, 2022) for servicing instructions.
- Issue acknowledgment receipts (Form B) to applicants and maintain service standards as per RBI rules.
Who it affects
Scheduled commercial banks, Designated post offices, Stock Holding Corporation of India Ltd, Clearing Corporation of India Ltd, National Stock Exchange of India Ltd, Bombay Stock Exchange Ltd
What are the subscription dates for SGB Series III and IV?
Series III subscription is open from December 19 to December 23, 2022, with issuance on December 27, 2022. Series IV subscription runs from March 6 to March 10, 2023, with issuance on March 14, 2023.
What documents are required for SGB applications?
Every application must include valid PAN details issued by the Income Tax Department. For online applications, the investor's email ID must be provided and uploaded on the RBI's Ekuber portal along with subscription details.
Where can banks find the latest procedural guidelines for SGB servicing?
RBI has issued consolidated procedural guidelines via circular IDMD.CDD.1100/14.04.050/2021-22 dated October 22, 2021 (updated as on October 4, 2022), available on the RBI website. Banks must follow these instructions for all procedural aspects and investor services.