Sovereign Gold Bond

Sovereign Gold Bond, abbreviated as SGB, is a government security issued by the Reserve Bank of India (RBI) on behalf of the Government of India. It is denominated in grams of gold and is linked to the price of gold in India. It is also an interest-bearing bond, carrying an interest of 2.5% p.a. paid in two installments every year till maturity.

The bond has an 8-year term with an option for early withdrawal through the RBI after 5 years. It is listed and traded on Indian stock exchanges, allowing eligible investors to buy or sell anytime through their demat accounts. It can also be transferred to other eligible investors without redemption through the RBI.

The scheme was discontinued in 2024 due to being an expensive method of borrowing for the government. Existing bonds were not affected.

History

The scheme was initially announced in the 2015 Union budget. It was approved by the cabinet on 9 September 2015, and was launched by Prime Minister Narendra Modi in an event in New Delhi on 5 November 2015. The event was also attended by the Union Minister for Finance Arun Jaitley, the Minister of State for Finance Jayant Sinha and the Minister of State for Commerce & Industry Nirmala Sitharaman. The Gold Monetisation Scheme, Indian Gold Coins and Sovereign Gold Bonds were all launched in the same event.[1][2][3][4]

The scheme was introduced due to a forex crisis caused by high gold imports. Most of the demand for gold in India is met through imports and it was believed that such a scheme would ultimately help in reducing the country’s current account deficit.[2][5][6]

It was first notified by the Department of Economic Affairs on 14 January 2016 under the Government Securities Act, 2006. The initial subscription allowed investors to buy a minimum of 2 grams, and a maximum of 500 grams. It was open from 18 to 22 January 2016 and attracted ₹245.2 Cr of investments. The bonds initially paid 2.75% interest per year. This was later reduced to 2.5% per year for newer bonds.[7][8] The bonds were sold through banks, post offices and through online securities brokers which would allow investors to hold the bonds in demat form.[9][10][11]

In August 2024, the investors who would have redeemed the bonds issued in August 2016 lost suffered a loss due a fall in the price of gold. This fall was linked to the slash in import duty on gold from 15% to 6% during the 2024 Union budget of India.[12]

After the final redemption of the 2016-I series, it was rumoured that the scheme was turning out to be very expensive for the Indian government, due to an unexpected rise in the prices of gold. The government also felt SGBs have also not served the purpose for which it was launched, which was to bring down gold imports by trying to move demand from physical gold to an electronic form. In addition, the RBI has not issued any new series after February 2024.[13][14] Physical gold purchases were made more attractive, by lowering their import duty from 15% to 6%.[15] After the 2025 Union budget, Minister of Finance Nirmala Sitharaman confirmed that the government had no plans of launching more tranches of SGBs. Economic Affairs Secretary Ajay Seth said that it had turned out to be a high cost method of borrowing for the government compared to traditional bonds and that they had not seen the expected reductions in import of gold. It made no fiscal sense to continue with a scheme that was not beneficial for both the government and the economy.[16][17]

The price for 10 grams of gold increased from Rs 26,300 in 2015 to about Rs 84,450 in March 2025, thus increasing the liability of the government to Rs 1.12 lakh crore, with investors holding about 132 tonnes of gold in SGBs.[18]

In the 2026 Union budget, Nirmala Sitharaman announced that the capital gains exemption would be available only if SGBs were purchased at the time of issue and held till maturity. It would not be available if someone bought these bonds from the secondary market.[19] On the day of this announcement, several series recorded a 10% drop in value, which also coincided with a crash in global price of the metal.[20]

Eligibility

People residing in India, as defined in the Foreign Exchange Management Act, 1999 are eligible to invest in SGBs. These include individuals, Hindu Undivided Families (HUFs), universities, trusts, and charitable institutions. People who become non-residents after buying an SGB can still hold it until maturity or premature redemption.

The bonds are issued in 1-gram denominations and multiples thereof. Each eligible investor can purchase up to 4 kg per financial year. A demat account is optional; bonds can be held in dematerialized form with a securities depository or tracked by the RBI.[21]

Price

The issue price is the average closing price of 999 purity gold from the last 3 business days before the subscription period, as published by the India Bullion and Jewelers Association Limited (IBJA). The redemption price, for both early and maturity redemptions, is the average closing price from the 3 business days before repayment.[22]

Comparison with other forms of gold investments

SGBs, purely as an investment format, can be compared to other forms of investing in Gold.[23]

Comparison of SGB, physical gold, gold ETFs and mutual funds and digital gold in India
SGB Physical gold Gold ETF and mutual funds Digital gold
Storage Stored in government facilities. Very low risk of theft. Risk of theft Stored in vaults. Low risk of theft[24] Stored in vaults. Low risk of theft[25]
Regulated by Reserve Bank of India Not regulated Securities and Exchange Board of India Not regulated
Charges No making charges, GST, or expense ratio Making charges from 8% to 35%. GST of 3%. No expense ratio. No making charges or GST. Expense ratio up to 1% is allowed. No making charges. GST of 3% and commissions are applicable. No expense ratio.
Interest Fixed at 2.5% per annum No interest payments No interest payments No interest payments
Taxation No tax on capital gains if held from issue until maturity. Interest is taxed at slab.[19][26][27] Tax on capital gains Tax on capital gains Tax on capital gains
Liqudity Can be sold on stock exchanges if held in demat form. Can be sold back to the RBI at specified intervals. Can be sold physically to jewelers anytime Units can be sold back to the asset management company Can be liquidated instantly

Issue history

Data of Sovereign Gold Bonds (Tranche wise) issued till 23 April 2024[28]
# Tranche ISIN Issue Date Issue price/unit
(₹) 		Units subscribed
(grams) 		Redemption price/unit
(₹) 		CAGR Returns (Absolute)
(%)[a]
1 2015-I IN0020150085 30 November 2015 2,684 913,571 6,132[29][30] 10.87 (128.46)
2 2016-I IN0020150101 8 February 2016 2,600 2,869,973 6,271[31][32] 11.63 (141.19)
3 2016-II IN0020150119 29 March 2016 2,916 1,119,741 6,601[33][34] 10.75 (126.37)
4 2016-17 Series I IN0020160027 5 August 2016 3,119 2,953,025 6,938[35][36] 10.50 (122.44)
5 2016-17 Series II IN0020160043 30 September 2016 3,150 2,615,800 7,517[37][38] 10.80 (127.21)
6 2016-17 Series III IN0020160076 17 November 2016 3,007 3,598,055 7,788[39][40] 12.63 (159)
7 2016-17 Series IV IN0020160126 17 March 2017 2,943 2,220,885 8,624[41][42] 14.37 (193.03)
8 2017-18 Series I IN0020170018 12 May 2017 2,951 2,027,695 9,486[43][44] 15.72 (221.5)
9 2017-18 Series II IN0020170034 28 July 2017 2,830 2,349,953 9,924[45][46] 16.97 (250.67)
10 2017-18 Series III IN0020170059 16 October 2017 2,956 264,815 12,567[47][48] 19.82 (325.14)
11 2017-18 Series IV IN0020170067 23 October 2017 2,987 378,945 12,704[49][50] 19.82 (325.31)
12 2017-18 Series V IN0020170075 30 October 2017 2,971 174,024 11,992[51][52] 19.04 (303.64)
13 2017-18 Series VI IN0020170083 6 November 2017 2,945 153,356 12,066[53][54] 19.26 (309.71)
14 2017-18 Series VII IN0020170091 13 November 2017 2,934 175,121 12,350[55][56] 19.67 (320.93)
15 2017-18 Series VIII IN0020170109 20 November 2017 2,961 135,666 12,300[57][58] 19.47 (315.4)
16 2017-18 Series IX IN0020170117 27 November 2017 2,964 105,512 12,484[59][60] 19.68 (321.19)
17 2017-18 Series X IN0020170125 4 December 2017 2,961 107,380 12,820[61][62] 20.09 (332.96)
18 2017-18 Series XI IN0020170133 11 December 2017 2,952 81,614 12,801[63][64] 20.11 (333.64)
19 2017-18 Series XII IN0020170141 18 December 2017 2,890 111,218 13,245[65][66] 20.94 (350.78)
20 2017-18 Series XIII IN0020170158 26 December 2017 2,866 131,958 13,563[67][68] 21.43 (362.36)
21 2017-18 Series XIV IN0020170166 1 January 2018 2,881 327,434 13,486[69][70] 21.26 (359.93)
22 2018-19 Series I IN0020180033 4 May 2018 3,114 650,337
23 2018-19 Series II IN0020180249 23 October 2018 3,146 312,258
24 2018-19 Series III IN0020180314 13 November 2018 3,183 409,398
25 2018-19 Series IV IN0020180389 1 January 2019 3,119 207,886
26 2018-19 Series V IN0020180462 22 January 2019 3,214 243,606
27 2018-19 Series VI IN0020180561 12 February 2019 3,326 207,388
28 2019-20 Series I IN0020190073 11 June 2019 3,196 459,789
29 2019-20 Series II IN0020190081 16 July 2019 3,443 535,947
30 2019-20 Series III IN0020190107 14 August 2019 3,499 1,024,837
31 2019-20 Series IV IN0020190115 17 September 2019 3,890 627,892
32 2019-20 Series V IN0020190370 15 October 2019 3,788 455,776
33 2019-20 Series VI IN0020190388 30 October 2019 3,835 693,210
34 2019-20 Series VII IN0020190461 10 December 2019 3,795 648,304
35 2019-20 Series VIII IN0020190537 21 January 2020 4,016 522,119
36 2019-20 Series IX IN0020190545 11 February 2020 4,070 405,957
37 2019-20 Series X IN0020190552 11 March 2020 4,260 757,338
38 2020-21, Series I IN0020200062 28 April 2020 4,639 1,772,874
39 2020-21, Series II IN0020200088 19 May 2020 4,590 2,544,294
40 2020-21, Series III IN0020200104 16 June 2020 4,677 2,388,328
41 2020-21, Series IV IN0020200146 14 July 2020 4,852 4,130,820
42 2020-21, Series V IN0020200161 11 August 2020 5,334 6,349,781
43 2020-21, Series VI IN0020200195 8 September 2020 5,117 3,190,133
44 2020-21, Series VII IN0020200203 20 October 2020 5,051 1,859,518
45 2020-21, Series VIII IN0020200286 18 November 2020 5,177 1,573,457
46 2020-21, Series IX IN0020200377 5 January 2021 5,000 2,869,886
47 2020-21, Series X IN0020200385 19 January 2021 5,104 1,214,048
48 2020-21, Series XI IN0020200393 9 February 2021 4,912 1,227,915
49 2020-21, Series XII IN0020200427 9 March 2021 4,662 3,230,907
50 2021-22, Series I IN0020210053 25 May 2021 4,777 5,318,973
51 2021-22, Series II IN0020210061 1 June 2021 4,842 1,898,475
52 2021-22, Series III IN0020210087 8 June 2021 4,889 1,479,232
53 2021-22, Series IV IN0020210111 20 July 2021 4,807 2,923,762
54 2021-22, Series V IN0020210129 17 August 2021 4,790 2,292,743
55 2021-22, Series VI IN0020210145 7 September 2021 4,732 3,520,341
56 2021-22, Series VII IN0020210178 2 November 2021 4,761 3,248,238
57 2021-22, Series VIII IN0020210228 7 December 2021 4,791 2,480,493
58 2021-22, Series IX IN0020210236 18 January 2022 4,786 2,333,188
59 2021-22, Series X IN0020210319 8 March 2022 5,109 1,539,694
60 2022-23, Series I IN0020220045 28 June 2022 5,091 2,557,864
61 2022-23, Series II IN0020220078 30 August 2022 5,197 3,360,408
62 2022-23, Series III IN0020220110 27 December 2022 5,409 2,811,010
63 2022-23, Series IV IN0020220169 14 March 2023 5,611 3,531,586
64 2023-24, Series I IN0020230069 27 June 2023 5,926 7,769,290
65 2023-24, Series II IN0020230093 20 September 2023 5,923 11,673,960
66 2023-24, Series III IN0020230168 28 December 2023 6,199 12,106,807
67 2023-24, Series IV IN0020230184 21 February 2024 6,263 12,785,729
Total 146961537 (~147 tons)
  1. ^ CAGR calculations do not include interest payments and are post-tax, since capital gains tax arising on redemption of SGB to an individual are exempted.[26]


References

  1. ^ Raghavan, Sharad (9 September 2015). "Government clears two gold schemes". The Hindu. ISSN 0971-751X. Archived from the original on 6 June 2023. Retrieved 8 March 2025.
  2. ^ a b "Introduction of Sovereign Gold Bonds Scheme". Prime Minister of India. 9 September 2015. Archived from the original on 15 November 2015. Retrieved 8 March 2025.
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  4. ^ "Ahead of Diwali, Prime Minister Narendra Modi launches three gold schemes". The Indian Express. 6 November 2015. Archived from the original on 6 November 2015. Retrieved 8 March 2025.
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  6. ^ Sabnavis, Madan (20 November 2023). "India wants gold, not gold bonds". Business Line. Archived from the original on 1 December 2023. Retrieved 26 July 2024. Sovereign gold bonds (SGBs) were introduced in the country in FY16 against the backdrop of a forex crisis, which was fuelled partly by high gold imports.
  7. ^ "Notification" (PDF). The Gazette of India. New Delhi. 14 January 2015. pp. 39–40. Archived (PDF) from the original on 25 April 2024. Retrieved 25 April 2024.
  8. ^ "What is Sovereign Gold Bonds Interest Rate & How Its Paid?". ICICI Direct. 22 December 2022. Archived from the original on 8 February 2023. Retrieved 25 April 2024.
  9. ^ Rukhaiyar, Ashish (17 May 2020). "Sovereign Gold Bonds, a substitute for physical gold". The Hindu. ISSN 0971-751X. Archived from the original on 27 July 2024. Retrieved 26 July 2024.
  10. ^ "Sale of Sovereign Gold Bond through post offices in Tiruchi Division". The Hindu. 11 February 2024. ISSN 0971-751X. Archived from the original on 26 July 2024. Retrieved 26 July 2024. The Department of Posts has announced the sale of Sovereign Gold Bonds from February 12 at the Tiruchi Head Post Office, Lalgudi Head Post Office, and 99 sub post offices under the Tiruchi Postal Division.
  11. ^ Nallamuthu, Akhil (20 December 2023). "Sovereign Gold Bond FY24 Series III opens till December 22: Should you invest?". Business Line. Archived from the original on 27 July 2024. Retrieved 26 July 2024.
  12. ^ Jain Kaushal, Teena (24 July 2024). "Budget 2024: Sharp dip in gold prices leaves Sovereign Gold Bond investors high and dry". Business Today (India). Archived from the original on 24 July 2024. Retrieved 27 July 2024.
  13. ^ Iyengar, Suresh P. (15 August 2024). "SGBs turn costly affair for govt, fail to curb imports". Business Line. Archived from the original on 21 August 2024. Retrieved 3 September 2024. The fund-raise through sovereign gold bonds (SGB) has turned out to be a costly proposition for the government as the gold prices have more than doubled compared to the issue price.
  14. ^ "Why are SGBs giving the government second thoughts?". Finshots. 21 August 2024. Archived from the original on 3 September 2024. Retrieved 3 September 2024. The SGB scheme may have turned into a bigger challenge than the government originally planned. And if gold prices keep climbing, we won't be surprised if we just see the end of Sovereign Gold Bonds altogether.
  15. ^ Sinha, Shishir (17 November 2024). "Sovereign gold bonds losing favour with government". The Hindu Business Line. Archived from the original on 17 November 2024. Retrieved 17 November 2024. The fate of SGB seems to have been sealed when the government lowered import duty on gold to 6 per cent from 15 per cent, making physical gold purchases more attractive than investments in SGBs.
  16. ^ Mittal, Meghna (1 February 2025). "Centre discontinues Sovereign Gold Bond scheme due to high cost of borrowing". Moneycontrol. Archived from the original on 4 February 2025. Retrieved 5 February 2025. Finance Minister Nirmala Sitharaman confirmed the decision during the post-Budget media briefing on February 1, when asked about the future of the SGB scheme. "Yes, in a way," she said, acknowledging the discontinuation of the scheme which was launched in 2015 to curb physical gold imports. "These are the decisions which are taken with the purpose of raising borrowings from the market, for the purpose of financing the Budget, and at some point of time, whether this asset class is to be supported or not. The recent past experiences have been that this has been a rather fairly high-cost borrowing for the government. As a result, the government has chosen not to follow that path," Economic Affairs Secretary Ajay Seth explained at the briefing.
  17. ^ Sinha, Shishir (3 February 2024). "Sovereign gold bonds benefitted individuals but not the economy, says DEA Secretary Ajay Seth". The Hindu Business Line. Archived from the original on 4 February 2025. Retrieved 5 February 2025. This may be good for people with higher levels of saving who want to diversify. But from the economy perspective, there is a hardly any gain. We import very significant part of our total consumption or the investment. This is a negative for the economy but for that individual investor, it is diversification and some returns coming up. Expectation at the time of launching the scheme was that it will moderate the import requirement. If it were to be a sizable amount out of our total import bill, it makes sense. We import about 800 tonnes in a year. If reductions were to be order of 40-50 tonnes, it makes the case. What if it is 5 or 10 tonnes? It is neither here nor there. Also, there is not much foreign exchange savings. On the other hand, this is among the costliest borrowings for the government. Otherwise, borrowings are available at 7 per cent here while the cost of gold bond is 12-15 per cent. So, neither the economy nor the government is gaining. Of course, individuals are gaining. At this point of time, it doesn't make economic or fiscal sense to continue with this. That's why no fresh issuance of gold bond has been done. But I'd just like to make one point – whatever commitment has already been made to gold bond holders will be met 100 per cent in terms of redemption and tax treatment.
  18. ^ Natti, Sunitha (10 March 2025). "Escaping the bear, falling to the lion: Indian government's golden blunder". The New Indian Express. Archived from the original on 27 March 2025. Retrieved 13 March 2025.
  19. ^ a b "SGB Taxation: From zero tax to Rs 2.60 lakh capital gains tax on Rs 10 lakh investment, how new Budget proposal will cost investors dearly". The Economic Times. 3 February 2026. ISSN 0013-0389. Archived from the original on 3 February 2026. Retrieved 3 February 2026.
  20. ^ Dubey, Navneet (2 February 2026). "SGBs fall 10% as Budget 2026 tightens tax exemption rules". Moneycontrol. Archived from the original on 2 February 2026. Retrieved 3 February 2026.
  21. ^ "Sovereign Gold Bond Scheme". Reserve Bank of India. 4 February 2019. Archived from the original on 9 April 2024. Retrieved 25 April 2024.
  22. ^ Kulkarni, Sneha (15 February 2024). "New Sovereign Gold Bond tranche: Is SGB Series IV 2023-24 issue price highest ever offered?". The Economic Times. ISSN 0013-0389. Archived from the original on 24 February 2024. Retrieved 25 April 2024.
  23. ^ "What are Sovereign Gold Bonds (SGBs)?". Zerodha Support. Archived from the original on 8 December 2023. Retrieved 25 April 2024.
  24. ^ Kriplani, Jash (9 November 2021). "Explained: All about how gold ETFs give investors the purest yellow metal". Moneycontrol. Archived from the original on 9 November 2021. Retrieved 25 April 2024. Fund houses appoint custodians to handle the physical gold who, in turn, appoint a vaulting agency to store the gold in vaults.
  25. ^ Das, Vipul (22 April 2023). "Digital Gold in Emerging Markets: What are the opportunities and challenges for investors?". Live Mint. Archived from the original on 22 April 2023. Retrieved 25 April 2024. Your investment in digital gold is securely held in a monitored vault under the control of reputable trustees.
  26. ^ a b "Sovereign Gold Bond Scheme (SGB)". Union Bank of India. Archived from the original on 3 October 2023. Retrieved 25 April 2024.
  27. ^ Das, Basundha (11 February 2024). "Sovereign Gold Bond Series IV FY24: How are SGBs taxed? Details here". Business Today (India). Archived from the original on 11 February 2024. Retrieved 20 July 2024. The interest earned from Sovereign Gold Bonds is subject to taxation as per the regulations of the IT Act, 1961. However, when an individual redeems the SGB, they are exempted from paying capital gains tax. Additionally, investors enjoy indexation benefits on long-term capital gains, whether they choose to transfer the bond to another person or not.
  28. ^ "Data of Sovereign Gold Bonds (Tranche wise) issued till April 23, 2024". Reserve Bank of India. 23 April 2024. Archived from the original on 25 April 2024. Retrieved 26 April 2024.
  29. ^ Ray, Abeer (30 November 2023). "SGB 2015-I series set for redemption on November 30 with 128% profit on investment; all you need to know". Live Mint. Archived from the original on 30 November 2023. Retrieved 15 May 2024. Redemption Value: ₹6,132 per gram
  30. ^ Sharma, Shweta (24 November 2023). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Price for final redemption of SGB 2015-I due on November 30, 2023 - RBI". Reserve Bank of India. Archived from the original on 15 May 2024. Retrieved 15 May 2024. Accordingly, the price for the final redemption due on November 30, 2023 shall be ₹6132/- (Rupees Six thousand one hundred thirty-two only) per unit of SGB based on the simple average of closing price of gold for the week November 20-24, 2023.
  31. ^ Kaul, Abhinav (9 February 2024). "Sovereign Gold Bond 2016-I matures; gives 13.6% return and outperforms gold funds". Moneycontrol. Archived from the original on 10 May 2024. Retrieved 15 May 2024. According to a recent Reserve Bank of India (RBI) notification, the price for the final redemption was Rs 6,271 per unit of SGB, which is based on the simple average closing price of gold for the week of January 29-February 2, 2024.
  32. ^ Prasad, Ajit (2 February 2024). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of SGB 2016-I due on February 08, 2024 - RBI". Reserve Bank of India. Archived from the original on 15 May 2024. Retrieved 15 May 2024. Accordingly, the redemption price for the final redemption due on February 08, 2024 shall be ₹6271/- (Rupees Six thousand two hundred and seventy-one only) per unit of SGB based on the simple average of closing price of gold for the week January 29-February 02, 2024.
  33. ^ Kulkarni, Sneha (27 March 2024). "Sovereign Gold Bond (SGB): Final redemption price of SGB 2016 Series II announced". The Economic Times. ISSN 0013-0389. Archived from the original on 23 March 2024. Retrieved 15 May 2024. The final redemption amount, which is due on March 28, 2024, is Rs 6601 for each SGB unit.
  34. ^ Prasad, Ajit (22 March 2024). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of SGB 2016 Series II due on March 28, 2024 (March 29, 2024 being a holiday) - RBI". Reserve Bank of India. Archived from the original on 15 May 2024. Retrieved 15 May 2024. Accordingly, the redemption price for the final redemption due on March 28, 2024 (March 29, 2024 being a holiday) shall be ₹6601/- (Rupees Six thousand Six hundred and One only) per unit of SGB based on the simple average of closing price of gold for the week March 18-22, 2024.
  35. ^ Das, Neelanjit (5 August 2024). "Sovereign Gold Bond 2016-17 Series I final redemption today: Investors to gain 122%; check SGB redemption price". The Economic Times. ISSN 0013-0389. Archived from the original on 6 August 2024. Retrieved 3 September 2024. As per the RBI press release, the final redemption price of this SGB series has been set at Rs 6,938 per unit of SGB.
  36. ^ Prasad, Ajit (2 August 2024). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of SGB 2016-17 Series I due on August 5, 2024". Reserve Bank of India. Archived from the original on 3 September 2024. Retrieved 3 September 2024. Accordingly, the redemption price for the final redemption due on August 05, 2024 shall be ₹6938/- (Rupees Six thousand nine hundred and thirty eight only) per unit of SGB based on the simple average of closing price of gold for the week July 29 - August 02, 2024.
  37. ^ Kulkarni, Sneha (28 August 2024). "Sovereign Gold Bonds redemption: This SGB series is up for final redemption in September; check details". The Economic Times. ISSN 0013-0389. Archived from the original on 30 September 2024. Retrieved 12 October 2024. The redemption price for the final redemption due on September 30, 2024 shall be Rs 7,517 per unit of SGB based on the simple average of closing price of gold for the week September 23 – September 27, 2024.
  38. ^ Prasad, Ajit (27 September 2024). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of SGB 2016-17 Series II due on September 30, 2024". Reserve Bank of India. Retrieved 12 October 2024. Accordingly, the redemption price for the final redemption due on September 30, 2024 shall be ₹7,517/- (Rupees Seven thousand five hundred and seventeen only) per unit of SGB based on the simple average of closing price of gold for the week September 23 – September 27, 2024.
  39. ^ Kulkarni, Sneha (13 November 2024). "Sovereign Gold Bond: Final redemption price of SGB 2016-17 Series III announced; check details". The Economic Times. ISSN 0013-0389. Archived from the original on 11 November 2024. Retrieved 20 November 2024. As per an RBI notification dated November 8, 2024, the redemption price for the final SGB redemption due on November 16, is Rs 7,788 per unit of SGB based on the simple average of closing gold price for the week November 04-08, 2024.
  40. ^ Prasad, Ajit (8 November 2024). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of SGB 2016-17 Series III due on November 16, 2024 (November 17, 2024 being a holiday)". Reserve Bank of India. Archived from the original on 20 November 2024. Retrieved 20 November 2024. Accordingly, the redemption price for the final redemption due on November 16, 2024 (November 17, 2024 being a holiday) shall be ₹ 7,788/- (Rupees Seven thousand seven hundred and eighty-eight only) per unit of SGB based on the simple average of closing gold price for the week November 04-08, 2024.
  41. ^ Kulkarni, Sneha (17 March 2025). "Sovereign Gold Bond: Final redemption of SGB 2016-17 Series IV; investors to make 193% profit at maturity; check details". The Economic Times. ISSN 0013-0389. Archived from the original on 10 April 2025. Retrieved 4 May 2025. The final redemption price is Rs 8,634 per gram based on the simple average closing gold price for the three business days i.e., March 11, March 12, and March 13, 2025.
  42. ^ Prasad, Ajit (13 March 2025). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of SGB 2016-17 Series IV due on March 17, 2025 - RBI". Reserve Bank of India. Archived from the original on 4 May 2025. Retrieved 4 May 2025. Further, the redemption price of SGB shall be based on the simple average of closing price of gold 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 final redemption due on March 17, 2025, shall be ₹8,624/- (Rupees Eight Thousand Six Hundred Twenty-Four only) per unit of SGB based on the simple average of closing gold price for the week March 10 -13, 2025. (March 14, 2025 being a holiday).
  43. ^ Kulkarni, Sneha (7 May 2025). "Sovereign Gold Bond 2017-18 Series I final redemption announced: What is the SGB's final redemption price and date of redemption?". The Economic Times. Retrieved 31 May 2025. According to the Reserve Bank of India press release dated May 2, 2025, the redemption price for the final redemption due on May 09, 2025 (May 12, May 11 and May 10 being holidays) shall be Rs.9486/- per unit of SGB
  44. ^ Prasad, Ajit (2 May 2025). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of SGB 2017-18 Series I due on May 09, 2025 (May 12, May 11 and May 10 being holidays) - RBI". Reserve Bank of India. Retrieved 2 August 2025. Accordingly, the redemption price for the final redemption due on May 09, 2025 (May 12, May 11 and May 10 being holidays) shall be ₹9486/- (Rupees Nine Thousand Four Hundred and Eighty-six only) per unit of SGB based on the simple average of closing gold price for the week April 28, 2025 – May 02, 2025.
  45. ^ Kulkarni, Sneha (28 July 2025). "250% return for SGB investors: RBI issues final redemption price for maturity of Sovereign Gold Bonds 2017-18 Series II". The Economic Times. Archived from the original on 26 July 2025. Retrieved 29 July 2025. The Reserve Bank of India has announced the redemption price for Sovereign Gold Bond 2017-18 Series-II at Rs 9,924 per gram, with final redemption due on July 28, 2025. Investors in this series, issued at Rs 2,830 per gram in 2017, have earned a return of 250.67% over eight years, excluding interest.
  46. ^ Prasad, Ajit (25 July 2025). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of SGB 2017-18 Series-II due on July 28, 2025 - RBI". Reserve Bank of India. Retrieved 2 August 2025. Accordingly, the redemption price for the final redemption due on July 28, 2025, shall be ₹9,924/- (Rupees Nine Thousand Nine Hundred Twenty-Four only) per unit of SGB based on the simple average of closing gold price for the week July 21- 25, 2025.
  47. ^ Kulkarni, Sneha (16 October 2025). "338% return on SGBs: RBI announces final redemption price, date for Sovereign Gold Bond 2017-18 Series-III; check details". The Economic Times. Archived from the original on 17 October 2025. Retrieved 17 October 2025. The absolute return comes to Rs 12,567 -Rs 2,866 = Rs 9,701 (without factoring in the interest). In percentage terms, it is 9,701 ÷ 2,866 × 100 = 338%.
  48. ^ Prasad, Ajit (15 October 2025). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of SGB 2017-18 Series-III due on October 16, 2025". Reserve Bank of India. Archived from the original on 7 December 2025. Retrieved 7 December 2025. Accordingly, the redemption price for final redemption due on October 16, 2025, shall be ₹12,567/- (Rupees Twelve Thousand Five Hundred and Sixty-Seven Only) per unit of SGB based on the simple average of closing price of gold of 999 purity for the three business days i.e., October 13, 2025, October 14, 2025, and October 15, 2025.
  49. ^ Kulkarni, Sneha (23 October 2025). "325% return on SGBs: RBI announces final redemption price, date for Sovereign Gold Bond 2017-18 Series-IV; check details". The Economic Times. ISSN 0013-0389. Archived from the original on 7 December 2025. Retrieved 7 December 2025. The redemption price for the final redemption due on October 23, 2025, will be Rs 12,704 per unit of SGB.
  50. ^ Prasad, Ajit (22 October 2025). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of 2017-18 Series-IV due on October 23, 2025 - RBI". Reserve Bank of India. Archived from the original on 7 December 2025. Retrieved 7 December 2025. Further, the redemption price of SGB shall be based on simple average of closing price of gold 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 final redemption due on October 23, 2025, shall be ₹12,704/- (Rupees Twelve Thousand Seven Hundred and Four only) per unit of SGB based on the simple average of closing price of gold for the three business days i.e., October 17, 2025, October 20, 2025, and October 22, 2025.
  51. ^ Kulkarni, Sneha (31 October 2025). "Over 4X Return in 8 Years: RBI announces redemption price, date for SGB 2017-18 series; bonds deliver 311% return". The Economic Times. ISSN 0013-0389. Retrieved 7 December 2025.
  52. ^ Prasad, Ajit (29 October 2025). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of 2017-18 Series-V due on October 30, 2025 - RBI". Reserve Bank of India. Archived from the original on 7 December 2025. Retrieved 7 December 2025. 2. Further, the redemption price of SGB shall be based on simple average of closing price of gold 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 final redemption due on October 30, 2025, shall be ₹11,992/- (Rupees Eleven Thousand Nine Hundred and Ninety Two only) per unit of SGB based on the simple average of closing price of gold for the three business days i.e., October 27, 2025, October 28, 2025, and October 29, 2025.
  53. ^ Kulkarni, Sneha (4 December 2025). "SGB turns Rs 1 lakh investment into Rs 4.41 lakh: Gold bond series delivers 341% return on final redemption date". The Economic Times. ISSN 0013-0389. Retrieved 7 December 2025.
  54. ^ Prasad, Ajit (4 November 2025). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of 2017-18 Series-VI due on November 06, 2025 - RBI". Reserve Bank of India. Archived from the original on 7 December 2025. Retrieved 7 December 2025.
  55. ^ Kulkarni, Sneha (13 November 2025). "SGB investors earn 329% return: Final redemption price for Sovereign Gold Bond 2017-18 Series-VII announced; check details". The Economic Times. ISSN 0013-0389. Retrieved 7 December 2025.
  56. ^ Prasad, Ajit (12 November 2025). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of 2017-18 Series-VII due on November 13, 2025 - RBI". Reserve Bank of India. Retrieved 7 December 2025. 2. Further, the redemption price of SGB shall be based on simple average of closing price of gold 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 final redemption due on November 13, 2025, shall be ₹12,350/- (Rupees Twelve Thousand Three Hundred and Fifty only) per unit of SGB based on the simple average of closing price of gold for the three business days i.e., November 10, 2025, November 11, 2025, and November 12, 2025.{{cite web}}: CS1 maint: url-status (link)
  57. ^ "SGB returns: RBI confirms final payout for 2017 gold bond series; long-term holders gain over 340%". The Times of India. 4 December 2025. ISSN 0971-8257. Retrieved 7 December 2025.
  58. ^ Prasad, Ajit (19 November 2025). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of SGB 2017-18 Series-VIII due on November 20, 2025 - RBI". Reserve Bank of India. Retrieved 7 December 2025. 2. Further, the redemption price of SGB shall be based on simple average of closing price of gold 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 final redemption due on November 20, 2025, shall be ₹12,300/- (Rupees Twelve Thousand Three Hundred only) per unit of SGB based on the simple average of closing price of gold for the three business days i.e., November 17, 2025, November 18, 2025, and November 19, 2025.
  59. ^ Kulkarni, Sneha (28 November 2025). "This gold bond turned Rs 1 lakh investment into Rs 4.29 lakh on final redemption". The Economic Times. ISSN 0013-0389. Retrieved 7 December 2025.
  60. ^ Prasad, Ajit (26 November 2025). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of 2017-18 Series-IX due on November 27, 2025 - RBI". Reserve Bank of India. Retrieved 7 December 2025. 2. Further, the redemption price of SGB shall be based on simple average of closing price of gold 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 final redemption due on November 27, 2025, shall be ₹12,484/- (Rupees Twelve Thousand Four Hundred and Eighty Four only) per unit of SGB based on the simple average of closing price of gold for the three business days i.e., November 24, 2025, November 25, 2025, and November 26, 2025.{{cite web}}: CS1 maint: url-status (link)
  61. ^ Kulkarni, Sneha (4 December 2025). "SGB turns Rs 1 lakh investment into Rs 4.41 lakh: Gold bond series delivers 341% return on final redemption date". The Economic Times. ISSN 0013-0389. Retrieved 7 December 2025. The final redemption price of 2017-18 Series-X will be Rs 12,820 per unit of SGB. The redemption price of SGB is based on a simple average of the closing price of gold 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 final redemption price for the gold bond series due on December 04, 2025, is Rs 12,820 per unit of SGB based on a simple average of the closing price of gold for the three business days, i.e., December 01, 2025, December 02, 2025, and December 03, 2025.
  62. ^ Prasad, Ajit (3 December 2025). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of SGB 2017-18 Series-X due on December 04, 2025 - RBI". Reserve Bank of India. Retrieved 7 December 2025. 2. Further, the redemption price of SGB shall be based on simple average of closing price of gold 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 final redemption due on December 04, 2025, shall be ₹12,820/- (Rupees Twelve Thousand Eight Hundred and Twenty only) per unit of SGB based on the simple average of closing price of gold for the three business days i.e., December 01, 2025, December 02, 2025, and December 03, 2025.{{cite web}}: CS1 maint: url-status (link)
  63. ^ Khandpur, Manisha Lal (10 December 2025). "SGB 2017–18 Series XI matures on Dec 11: Rs 1 lakh investment now worth over Rs 4.3 lakh as RBI sets redemption price". Moneycontrol. Archived from the original on 10 December 2025. Retrieved 5 January 2026. As per the rules, the redemption value is calculated using the simple average of the closing price of 999-purity gold, published by the India Bullion and Jewellers Association (IBJA), for the three business days preceding the redemption date—December 8, 9, and 10. Based on this, the RBI has fixed the final redemption price at Rs 12,801 per gram.
  64. ^ Prasad, Ajit (10 December 2025). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of SGB 2017-18 Series-XI due on December 11, 2025 - RBI". Reserve Bank of India. Archived from the original on 5 January 2026. Retrieved 5 January 2026. 2. Further, the redemption price of SGB shall be based on simple average of closing price of gold 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 final redemption due on December 11, 2025, shall be ₹12,801/- (Rupees Twelve Thousand Eight Hundred and One only) per unit of SGB based on the simple average of closing price of gold for the three business days i.e., December 08, 2025, December 09, 2025, and December 10, 2025.
  65. ^ "SGB 2017–18 Series XII to matures today: Investors set for four-fold gain as Gold Bond delivers 366% return". Moneycontrol. 18 December 2025. Archived from the original on 18 December 2025. Retrieved 5 January 2026. An investor who bought Sovereign Gold Bond (SGB) 2017–18 Series XII at the issue price of Rs 2,890 per unit in December 2017 will receive Rs 13,245 per unit on final redemption on December 18, 2025. This translates into an absolute gain of Rs 10,355 per unit, or a return of about 366% from price appreciation alone—over 4.5 times the original investment. For instance, an investor holding 10 units would have invested Rs 28,900 in 2017 and will now receive Rs 1,32,450 on redemption, earning a capital gain of Rs 1,03,550. This is over and above the 2.5% annual interest paid semi-annually during the eight-year tenure, with the added benefit that capital gains on maturity are tax-free for individual investors.
  66. ^ Prasad, Ajit (17 December 2025). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of SGB 2017-18 Series-XII due on December 18, 2025 - RBI". Reserve Bank of India. Archived from the original on 5 January 2026. Retrieved 5 January 2026. 2. Further, the redemption price of SGB shall be based on simple average of closing price of gold 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 final redemption due on December 18, 2025, shall be ₹13,245/- (Rupees Thirteen Thousand Two Hundred and Forty-Five only) per unit of SGB based on the simple average of closing price of gold for the three business days i.e., December 15, 2025, December 16, 2025, and December 17, 2025.
  67. ^ Khandpur, Manisha Lal. "SGB 2017–18 Series XIII final exit today: Investors to earn nearly 5x return; Check price and details". Moneycontrol. Archived from the original on 26 December 2025. Retrieved 5 January 2026. As per the government notification issued under the Sovereign Gold Bond Scheme, the SGB 2017–18 Series XIII — originally issued on December 26, 2017 — will mature on December 26, 2025. Sovereign Gold Bonds have a maturity period of eight years, after which investors receive the redemption amount directly in their linked bank accounts. Redemption price fixed at Rs 13,563 per unit
  68. ^ Prasad, Ajit (24 December 2025). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of SGB 2017-18 Series-XIII due on December 26, 2025 - RBI". Reserve Bank of India. Archived from the original on 5 January 2026. Retrieved 5 January 2026. 2. Further, the redemption price of SGB shall be based on simple average of closing price of gold 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 final redemption due on December 26, 2025, shall be ₹13,563/- (Rupees Thirteen Thousand Five Hundred and Sixty-Three only) per unit of SGB based on the simple average of closing price of gold for the three business days i.e., December 22, 2025, December 23, 2025, and December 24, 2025.
  69. ^ Khandpur, Manisha Lal (1 January 2026). "Gold investors ring in 2026 with massive gains: RBI announces SGB 2017–18 Series XIV redemption; check details". Moneycontrol. Archived from the original on 5 January 2026. Retrieved 5 January 2026. The redemption price of SGBs is calculated based on the simple average of the closing price of 999 purity gold for the previous three business days, as published by the India Bullion and Jewellers Association Ltd (IBJA). The final redemption price for January 1, 2026, has been fixed at Rs 13,486 per unit of SGB
  70. ^ Prasad, Ajit (31 December 2025). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of SGB 2017-18 Series-XIV due on January 01, 2026 - RBI". Reserve Bank of India. Archived from the original on 5 January 2026. Retrieved 5 January 2026.


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