COIMBATORE: People of Tamil Nadu have lapped up the Sovereign Gold Bond (SGB) scheme, and made the TN circle of the India Post secure the first place in the sale of gold bonds, conducted under the scheme’s series VIII.
According to India Post data, as many as 2,628 SGB schemes were booked in TN circle and 42,037 grams of gold was sold between November 29 and December 3. The data further reveals that Namakkal division topped the chart in TN, by selling 10,387 grams. President of Coimbatore Jewellery Manufacturers’ Association, B Muthuvenkatram told TNIE, “People of TN consider investment in gold as the right choice as it would bail them during a crisis.”
He pointed out that many in the State who lost jobs during the Covid-19 pandemic had pledged their gold to manage their expenses. Dr B Kiruthika, a consumer staying in Singanallur, told TNIE, “I purchased 10 grams of gold bond at the face value of `4,797 per gram. There are a lot of benefits in the SGB — it is safe to save gold as a bond instead of physical gold; there is a 2.5 per cent interest rate per year depending on grams and even if the gold rate increases, the customers can get the same gold value. Additionally, they can get a loan using the bond during emergencies.”
Retired postal employee N Hariharan, said, “Consumers have faith in the department due to its reliability. Rural women maintain accounts in post offices considering their children’s future. As consumers can purchase bonds from 1 gram to 4 kg, the department should provide more awareness among rural consumers.”
‘SGB has many benefits’
President of Coimbatore Jewellery Manufacturers’ Association, B Muthuvenkatram pointed out that many in the State who lost jobs during the Covid-19 pandemic had pledged their gold to manage their expenses. Dr B Kiruthika, a consumer, said, “I purchased 10 grams of gold bond at the face value of `4,797 per gram. There are a lot of benefits in the SGB — it is safe to save gold as a bond instead of physical gold; there is a 2.5 per cent interest rate per year depending on grams and even if the gold rate increases, the customers can get the same value. They can get a loan using the bond during emergencies.”