Mumbai27 minutes ago
- copy link
RBI has fixed the redemption price of Sovereign Gold Bond (SGB) 2017-18 Series-IX at Rs 12,484 per unit. If you had invested Rs 1 lakh in it in 2017, today it has become Rs 4.29 lakh. RBI said that the final redemption date of this tranche will be November 27, 2025.
SGB is issued by RBI on behalf of the Central Government. This is a safe alternative to physical gold, with no worries about storage or purity. In this, one gets benefit when the price of gold increases. 2.5% annual interest is also available. This scheme was started in 2015.
Series-IX of SGB was issued on 27 November 2017
The issue price of Series-IX, issued on November 27, 2017, was Rs 2,964 per gram. After online discount, the price was Rs 2,914 per unit. The tenure was 8 years. Today the redemption price is Rs 12,484 per unit. This price is based on the average closing price of gold on 24, 25 and 26 November 2025.
How will the redemption happen, what will have to be done?
RBI notifies investors one month in advance. On maturity, the proceeds are credited to the bank account. If there is any change in the details, inform the bank, SHCIL or post office immediately.
Central government’s sovereign gold bond scheme closed
The central government had decided to close the Sovereign Gold Bond (SGB) scheme earlier this year. The reason given was that it was becoming very expensive for the government to take loan from this scheme.
Finance Minister Nirmala Sitharaman had confirmed this in the media briefing after the budget on 1 February. When asked about the future of the SGB scheme, he said, “Yes, it is kind of closing down.”
Economic Affairs Secretary Ajay Seth had said – The experience of recent times has been that the government has to incur very expensive debt through SGB. Therefore, the government has now decided to abandon this route. SGB was last issued in February 2023, whose value was Rs 8,008 crore.
A total of SGBs worth Rs 45,243 crore have been issued since 2015.
Source link
[ad_3]
