RBI Fixes SGB 2021-22 Series VI Redemption Price at Rs 15,334

Under the Sovereign Gold Bond Scheme, premature redemption is permitted after the fifth year from the date of issue, on an interest payment date. The redemption price is based on the simple average of closing prices of 999-purity gold for the three business days preceding the redemption date, as published by the India Bullion and Jewellers Association Ltd (IBJA). Accordingly, the Rs 15,334 per unit price is based on average closing gold prices for September 2, 3 and 4, 2026.

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What this tranche was actually issued at, and the real return: RBI's own August 2021 notification fixed the Series VI issue price at Rs 4,732 per gram, based on the average gold price over the preceding week. Investors who applied online and paid digitally received a Rs 50 per gram discount, bringing their effective issue price down to Rs 4,682 per gram. Measured against Monday's Rs 15,334 redemption price, that works out to a gain of roughly 224 per cent for investors who paid the full nominal price, and about 227.5 per cent for those who availed the digital-payment discount — over a holding period of almost exactly five years.

The RBI also said gold bonds under the scheme may be held by a trust, Hindu Undivided Family (HUF), charitable institution, university, or a resident individual — either in their own capacity, on behalf of a minor child, or jointly with another individual.

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Earlier in April, the central bank had opened a premature redemption window for holders of SGB 2020-21 Series VII, fixing that redemption price at Rs 15,254 per unit, similarly calculated as the average closing price of 999-purity gold over the three preceding business days. Investors in that series, who had subscribed at an original issue price of Rs 5,051 per unit, saw capital gains of over 200 per cent.

Taken together, the two most recent redemption windows point to a consistent pattern: SGB investors who have held their bonds through to the five-year mark have generally realised gains well above 200 per cent, reflecting the sharp rise in gold prices over the 2020–2021 issuance period relative to current levels — though actual post-tax outcomes will vary depending on individual holding specifics and applicable exemptions.