What changed
Government of India notified two new tranches (Series I and II) under the Sovereign Gold Bond Scheme for FY 2022-23. Subscription windows are set for June 20-24 and August 22-26, 2022, with issuance on June 28 and August 30 respectively. Receiving offices must follow consolidated procedural guidelines issued in October 2021.
What it means for you
Banks and other receiving offices must gear up for two subscription windows, ensuring PAN collection and online submission via Ekuber portal. The circular reinforces existing procedural guidelines, so no new compliance burden but timely readiness is critical. Investors will have limited windows to subscribe, so banks should prepare for potential rush during these periods.
What you must do
- Accept SGB applications in Form A during June 20-24 and Aug 22-26, 2022.
- Collect valid PAN details from every applicant and upload subscription data on Ekuber portal.
- Issue acknowledgment receipt (Form B) to applicants immediately.
- Refer to consolidated procedural guidelines (Oct 22, 2021) for all servicing aspects.
- Ensure online applications include investor email IDs as required.
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 I and II?
Series I subscription runs from June 20 to June 24, 2022, with issuance on June 28. Series II is from August 22 to August 26, 2022, issued on August 30.
What documents must banks collect from SGB applicants?
Banks must collect a valid PAN card from each investor and ensure online applications include the investor's email ID.
Where can banks find the latest procedural guidelines for SGB servicing?
The consolidated procedural guidelines are in RBI circular IDMD.CDD.1100/14.04.050/2021-22 dated October 22, 2021, available on the RBI website.