Premature redemption under Sovereign Gold Bond (SGB) Scheme- (Reserve Bank of India) (10 Nov 2022)

MANU/RPRL/0521/2022

Banking

1. In terms of GOI Notification F. No. 4(25) - W&M/2017 dated October 06, 2017 (SGB 2017-18 Series VII - Issue date November 13, 2017) on Sovereign Gold Bond Scheme, premature redemption of Gold Bond may be permitted after fifth year from the date of issue of such Gold Bond on the date on which interest is payable. Accordingly, the first due date of premature redemption of the above tranche shall be November 11, 2022 (November 12 and November 13, 2022 being Saturday and Sunday respectively).

2. Further, the redemption price of SGB shall be based on the simple average of closing gold price of 999 purity of previous three business days from the date of redemption as published by the India Bullion and Jewellers Association Ltd (IBJA). Accordingly, the redemption price for premature redemption due on November 11, 2022 (November 12 and November 13, 2022 being Saturday and Sunday respectively) shall be ₹ 5133/- (Rupees Five thousand one hundred thirty-three only) per unit of SGB based on the simple average of closing gold price for three business days i.e., November 07, 09 and 10, 2022.

Tags : PREMATURE REDEMPTION SCHEME PRICE