RBI has announced Premature redemption date/price for Sovereign Gold Bond 2018-19 VI Series
Premature redemption under Sovereign Gold Bond (SGB) Scheme – Redemption Price for premature redemption due on August 12, 2024 (Series VI of SGB 2018-19).
RBI has notified 12th August as next due date of premature redemption of Sovereign Gold Bond Scheme 2018-19 Series VI.
In 2018, Ministry of Finance had notified Sovereign Gold Bond Scheme 2018-19. Minimum subscription limit to bonds was one gram and maximum limit of subscription per financial year was 4 KG for individuals/HUF and 20 KG for trusts and other similar entities.
The VI series was issued on 12.02.2019 and the redemption period of the gold Bonds was eight years. The premature redemption of Gold Bond was permitted after fifth year from the date of issue of such Gold Bond on the date on which interest is payable.
Accordingly, the RBI has announced that the next due date of premature redemption of the VI Series shall be August 12, 2024.
The redemption price of Gold Bonds 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 August 12, 2024 has been fixed as ₹ 6927/- (Rupees Six thousand Nine hundred and twenty seven only) per unit of Bond based on the simple average of closing gold price for the three business days i.e., August 07 to 09, 2024.
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