PRATEEK MAURYA | May 14, 2024 |
RBI: Premature redemption under Sovereign Gold Bond
The Reserve Bank of India (RBI) on May 10, 2024 issued the notification regarding premature redemption under Sovereign Gold Bond (SGB) Scheme – Redemption Price for premature redemption due on May 17, 2024 (Series III of SGB 2016-17).
As per the Government of India notification in October 2017 and 2018, you can cash in your Sovereign Gold Bonds (SGB) early after the fifth year, matching the bond’s interest payout date.
Accordingly, the next due date for premature redemption of the above tranche shall be May 17, 2024.
When you redeem your SGB, the price will be based on the average gold price of 999 purity over the previous three business days just before the redemption date, as recorded by the India Bullion and Jewellers Association Ltd (IBJA).
Accordingly, the redemption price for premature redemption due on May 17, 2024 shall be Rs 7193 per unit of SGB based on the simple average of closing gold price for the week i.e. May 06 – May 10, 2024.
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