According to RBI’s press release, “Accordingly, the due dates for the fourth and third premature redemption of the above installments will be September 29, 2022 and September 30, 2022, respectively.”
Sovereign Gold Bond makes it easy for you to invest in gold without worrying about physical gold. Users hold investments in demat form, and have the option to redeem them on or before maturity.
How redemption is calculated
The simple average of the closed gold price for 999 purity for the first week (Monday to Friday) from the date of redemption announced by the India Bullion and Jewelers Association Limited, will serve as the basis for the redemption value of SGB (IBJA). ,
Consequently, based on the simple average of the closing price of gold for the week of September 19-23, 2022, the redemption price for the initial redemption due on September 29 and 30, 2022 will be Rs. 4,952 per unit SGB.
Minimum and maximum amount to invest in Sovereign Gold Bond
Minimum amount to invest in sovereign gold bond One village with a maximum of 4,000 grams per financial year for individual/Hindu divided households and 20,000 grams for trusts and similar institutions as specified by the Government from time to time.
What is the redemption process?
According to RBI, this is the process involved in redemption
The investor will be informed about the upcoming maturity of the bond one month prior to maturity.
On the date of maturity, the maturity amount will be credited to the bank account as per the details on record.
If there is a change in any of the details, such as Account Number, Email ID, the investor should immediately inform the Bank/SHCIL/PO.
trading of bonds
According to HDFC bank website, “Bonds are tradable on stock exchanges from the date notified by RBI. Bonds can also be sold and transferred in accordance with the provisions of the Government Securities Act. However, the client will have to contact his broker for trading related requirements.
Here are the important sovereigns gold bond Frequently Asked Questions (SGB) wise IDBI Bank Website
1. What is the interest rate and how will the interest be paid?
The bonds carry interest at the rate of 2.50 percent (fixed rate) per annum on the amount of the initial investment. The interest will be credited to the bank account of the investor half yearly and the final interest will be payable on maturity along with the principal.
2. Who are the authorized agencies selling SGB?
The bonds are sold through scheduled commercial banks and designated post offices either directly or through their agents like NBFCs, NSC agents etc.
3. Do I need to apply through my bank?
It is not necessary for the customer to apply through the bank where he/she has an account. A customer can apply through another bank or post office.
4. If I apply, am I assured of allotment?
If the customer fulfills the eligibility criteria, presents a valid identity document and submits the application amount on time, he/she will get the allotment.
5. When will the holding certificate be issued to the customers?
Holding Certificate will be issued to the customers on the date of issue of SGB. Holding Certificate can be obtained from the issuing Banks/Post Offices/Agents or can be obtained directly from Reserve Bank of India over email, if the email address is provided in the application form.