Sovereign Gold Bond Scheme SGB 2016-17 Series III Final Redemption On November 16: How Much Money Will You Get?

New Delhi: You may go for final redemption of the Sovereign Gold Bond Scheme 2016-17 Series III issued November 2016.

"SGB 2016-17 Series III - Issue date November 17, 2016) on Sovereign Gold Bond Scheme, the Gold Bond shall be repayable on the expiration of eight years from the date of issue of the Gold Bonds. Accordingly, the final redemption date of the above tranche shall be November 16, 2024 (November 17, 2024 being a holiday," the RBI has said.

Sovereign Gold Bond Scheme: How Much Money Will You Get?

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 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.

What is Sovereign Gold Bond Scheme?

Sovereign Gold Bond Scheme are government securities denominated in grams of gold. They are substitutes for holding physical gold. Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity. The Bond is issued by Reserve Bank on behalf of Government of India.

How Is Sovereign Gold Bond Scheme being sold?

The bonds will be sold through scheduled commercial banks (except Small Finance Banks and Payment Banks), Stock Holding Corporation of India Limited (SHCIL), designated post offices, and recognised stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange Limited.

Who can buy Sovereign Gold Bond Scheme?

The Bonds will be restricted for sale to resident individuals, HUFs, Trusts, Universities and Charitable Institutions.