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RBI announces dates for early SGB redemptions

The RBI recently announced dates allowing investors to withdraw their Sovereign Gold Bonds investments before maturity.

SGBs are government securities issued to those interested in buying gold on paper and can be used as an effective substitute for physical gold.

The RBI allows investors to prematurely redeem their investments after the fifth year from the date on which they were first issued.

Investors can opt for early encashment before five years by trading their bonds on the stock exchange.

Early redemption requests will be considered only if the investor reports to the responsible bank or post office at least one day before the payment date.

When will the early redemption requests be considered?

The interest on bonds is taxable under the provisions of the Income Tax Act 1961.

SGB ​​withdrawals are exempt from capital gains tax, but long-term capital gains from bond transfers are eligible for price indexation.

To redeem SGB investments early, investors must go to the nearest bank or post office and apply for their redemption.

The maturity proceeds on the sale of these bonds would then be credited to the bank mentioned in the records.

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Sovereign gold bonds: RBI announces dates for early SGB redemptions

The RBI announced that the SGB investments can now be prematurely redeemed between April 1, 2023 and September 30, 2023.

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