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Business News/ Money / Personal Finance/  RBI sets price for premature redemption of Sovereign Gold Bonds. Details here

RBI sets price for premature redemption of Sovereign Gold Bonds. Details here

The RBI disclosed the gold redemption price for investors in Sovereign Gold Bonds seeking early redemption of government-issued bonds.

Premature redemption of Sovereign Gold Bonds announced.Premium
Premature redemption of Sovereign Gold Bonds announced.

On October 27, 2023, the Reserve Bank of India (RBI) declared a redemption price of 6,079 per unit for premature redemption of government-issued sovereign gold bonds (SGBs). This price is determined by taking the simple average of the closing gold prices with 999 purity over the three preceding business days from the redemption date, as reported by the India Bullion and Jewellers Association Ltd (IBJA).

“Accordingly, the redemption price for premature redemption due on October 30, 2023, shall be 6,079 per unit of SGB based on the simple average of closing gold price for three business days, i.e., October 25-27, 2023," the RBI said.

According to the SGB scheme, early redemption of gold bonds may be authorised after the fifth year from the date of issuance, coinciding with the interest payment date. These specific bonds were initially issued on October 30, 2017.

In line with this, the RBI statement indicated that the forthcoming premature redemption date for the mentioned tranche is set for October 30, 2023, so that investors may decide accordingly.

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Published: 28 Oct 2023, 12:04 PM IST
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