RBI announces first premature redemption under sovereign gold bond scheme

11-05-2022 15:15 PM

RBI stated yesterday that In terms of GOI Notification F.No.4(8) - W&M/2017 dated April 20, 2017 (SGB 2017-18, Series I - Issue date May 12, 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 May 12, 2022. Further, the redemption price of SGB shall be based on the simple average closing gold price of 999 purity, of the week (Monday-Friday), preceding the date of redemption, as published by the India Bullion and Jewellers Association Ltd (IBJA).

Accordingly, the redemption price for the first premature redemption due on May 12, 2022 shall be Rs 5,147/- (Rupees Five thousand one hundred forty-seven only) per unit of SGB based on the simple average of closing gold price for the week May 02-06, 2022.

Courtesy: Business Standard

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