Terms and conditions for Sovereign Gold Bonds
- Sovereign Gold Bonds (“SGBs”) are government securities denominated in grams of gold. ICICI Bank is not liable or responsible for performance of the product.
- Permanent Account Number (PAN) of the customer is mandatory to invest in SGBs.
- Investment in SGBs is only available to a person resident in India.
- SGBs are denominated in units of one gram of gold and multiples thereof. Minimum investment in the SGBs is one gram and maximum is 4 kg for individuals per financial year.
- ICICI Bank shall not process the request in case of insufficient funds in the customer’s account.
- For application made through online mode for SGB, only single mode of holding will be allowed.
- In case of Joint account funding, the SGBs will be issued in the name of the Primary account holder only.
- The nominee under the account through which application is made for SGBs, will automatically become a nominee under the Sovereign Gold Bond provided the nominee's date of birth is updated in Banks records.
- Minor accounts are not eligible for application through online mode.
- The primary account holder details under the account through which application is made for SGBs, will be taken as primary applicant under Sovereign Gold Bond. Lien will be marked in the same account for amount equivalent to the units subscribed towards application of SGB till the funds are remitted to Reserve Bank of India (RBI).
- The account details under this account will be updated in RBI records towards investment made under Sovereign Gold Bond and same will be recorded for receiving interest and maturity proceeds upon redemption
- Bank will not be held liable if the customer’s application is rejected on account of breach of the permissible limit towards units subscribed for the financial year.
I hereby declare that I understand and accept the following:
- My aggregate investment in Sovereign Gold Bonds does not exceed 4 kg of gold during the financial year.
- The Information furnished in this application is true and complete
- The nominee under the account through which application is made for SGBs, will automatically become a nominee under the Sovereign Gold Bond.
- I have read, understood and accept ‘Details of Information for the Investors as well as Rights and Duties of Investors’ as prescribed by RBI.