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Sovereign Gold Bond Scheme: The lottery for investors investing in the Series VIII Scheme of Sovereign Gold Bond 2017-18 has come out. The Reserve Bank of India has fixed the redemption price of this gold bond at Rs 7460 per gram, which is 152 percent more than the issue price issued in November 2017. This means that the investors of this series of bonds are going to get huge benefits from the rise in gold prices.
Premature Redemption Price of Sovereign Gold Bond Scheme issued by the Reserve Bank of India (RBI) on November 20, 2017, Series VIII of 2017-18 (SGB 2017-18 Series VIII – Issue date November 20, 2017) Premature Redemption Price) has been announced. According to RBI rules, investors are given the option of premature redemption from the date on which interest is paid, five years after the issue of Sovereign Gold Bond. Due to 20th November 2024 being a holiday, premature redemption of Sovereign Gold Bond of this series has been allowed from Tuesday 19th November 2024.
RBI has fixed the redemption price of this series of Sovereign Gold Bond Scheme at Rs 7460 per gram. Whereas investors had invested in this gold bond in November 2017 at a price of Rs 2961 per gram. That means, the investors who had invested in this series of Sovereign Gold Bond are going to get a return of 152 percent on their investment. This does not include the 2.50 percent annual interest which is paid twice a year during the tenure of the bond.
According to RBI, the redemption price of Sovereign Gold Bond has been decided on the basis of the closing price of gold in the three trading sessions before the date of redemption. India Bullion and Jewelers Association Ltd has declared the average closing price of gold of 999 purity and this price has been decided on the basis of that. Under this, the redemption price of 2017-18 Series VIII Sovereign Gold Bond on 19 November 2024 has been fixed at Rs 7460, which is the average price of the closing price of gold on 13 November, 14 November and 18 November 2024.
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