RBI issues schedule for premature redemption of SGBs from Oct 2025 to Mar 2026
The RBI has issued the schedule for premature redemption of Sovereign Gold Bonds (SGBs) between October 2025 and March 2026. Investors can redeem eligible tranches within RBI’s specified windows to access liquidity before maturity.
- Aug 26, 2025,
- Updated Aug 26, 2025 1:48 PM IST
The Reserve Bank of India (RBI) has released the timeline for premature redemption of Sovereign Gold Bonds (SGBs) between October 2025 and March 2026. This update is important for investors seeking liquidity before the standard eight-year maturity period. SGBs are government securities issued by the RBI on behalf of the Government of India, denominated in grams of gold. They act as a safe alternative to physical gold. Investors make payments in cash and receive a cash equivalent upon redemption.
Redemption calculation
The redemption price is based on the simple average closing price of 999 purity gold, published by the India Bullion and Jewellers Association (IBJA), over the three working days before redemption. Requests must be submitted within RBI’s specified window via receiving offices, NSDL, CDSL, or RBI Retail Direct.
Eligible Tranches and Windows
The following SGB tranches can be redeemed prematurely during October 2025–March 2026. Applications must be made within the respective submission window.
2018–19 issuances
Series I: Issued May 4, 2018 | Redemption: Nov 4, 2025 | Window: Oct 4 – Oct 27, 2025
Series II: Oct 23, 2018 | Redemption: Oct 23, 2025 | Window: Sep 22 – Oct 13, 2025
Series III: Nov 13, 2018 | Redemption: Nov 13, 2025 | Window: Oct 13 – Nov 3, 2025
Series IV: Jan 1, 2019 | Redemption: Jan 1, 2026 | Window: Dec 1 – Dec 22, 2025
Series V: Jan 22, 2019 | Redemption: Jan 22, 2026 | Window: Dec 22, 2025 – Jan 12, 2026
Series VI: Feb 12, 2019 | Redemption: Feb 12, 2026 | Window: Jan 12 – Feb 2, 2026
2019–20 issuances
Series I: Jun 11, 2019 | Redemption: Dec 11, 2025 | Window: Nov 10 – Dec 11, 2025
Series II: Jul 16, 2019 | Redemption: Jan 16, 2026 | Window: Dec 16, 2025 – Jan 6, 2026
Series III: Aug 14, 2019 | Redemption: Feb 13, 2026 | Window: Jan 14 – Feb 3, 2026
Series IV: Sep 17, 2019 | Redemption: Mar 17, 2026 | Window: Feb 13 – Mar 7, 2026
Series V: Oct 15, 2019 | Redemption: Oct 15, 2025 | Window: Sep 13 – Oct 6, 2025
Series VI: Oct 30, 2019 | Redemption: Oct 30, 2025 | Window: Sep 29 – Oct 20, 2025
Series VII: Dec 10, 2019 | Redemption: Dec 10, 2025 | Window: Nov 7 – Dec 1, 2025
Series VIII: Jan 21, 2020 | Redemption: Jan 21, 2026 | Window: Dec 20, 2025 – Jan 12, 2026
Series IX: Feb 11, 2020 | Redemption: Feb 11, 2026 | Window: Jan 9 – Feb 2, 2026
Series X: Mar 11, 2020 | Redemption: Mar 11, 2026 | Window: Feb 7 – Mar 2, 2026
2020–21 issuances
Series I: Apr 28, 2020 | Redemption: Oct 28, 2025 | Window: Sep 27 – Oct 18, 2025
Series II: May 19, 2020 | Redemption: Nov 19, 2025 | Window: Oct 18 – Nov 10, 2025
Series III: Jun 16, 2020 | Redemption: Dec 16, 2025 | Window: Nov 15 – Dec 6, 2025
Series IV: Jul 14, 2020 | Redemption: Jan 14, 2026 | Window: Dec 12, 2025 – Jan 5, 2026
Series V: Aug 11, 2020 | Redemption: Feb 11, 2026 | Window: Jan 9 – Feb 2, 2026
Series VI: Sep 8, 2020 | Redemption: Mar 7, 2026 | Window: Feb 5 – Feb 25, 2026
Series VII: Oct 20, 2020 | Redemption: Oct 20, 2025 | Window: Sep 19 – Oct 10, 2025
Series VIII: Nov 18, 2020 | Redemption: Nov 18, 2025 | Window: Oct 18 – Nov 10, 2025
Series IX: Jan 5, 2021 | Redemption: Jan 5, 2026 | Window: Dec 5 – Dec 26, 2025
Series X: Jan 19, 2021 | Redemption: Jan 19, 2026 | Window: Dec 19, 2025 – Jan 9, 2026
Series XI: Feb 9, 2021 | Redemption: Feb 9, 2026 | Window: Jan 9 – Jan 30, 2026
Series XII: Mar 9, 2021 | Redemption: Mar 9, 2026 | Window: Feb 6 – Feb 27, 2026
SGBs between April and September 2024
The central bank announced the premature redemption price for the Sovereign Gold Bond (SGB) 2019-20 Series-III, maturing on August 14, at Rs 9,991 per gram. Issued at Rs 3,499 in 2019, it delivers investors a stellar 185% return, plus 2.5% annual interest. SGBs, backed by the government, have an eight-year tenure, with early redemption allowed only after five years on interest payout dates. Returns are linked to gold’s price, averaged over the preceding three days using IBJA data. Recent SGB tranches have delivered extraordinary gains, with some exceeding 200%, underscoring their appeal as a safe, gold-backed investment.
The RBI notes that Sovereign Gold Bonds serve as an efficient alternative to physical gold, eliminating concerns around storage and security while offering assured interest income. Since their launch in 2015, 67 tranches have been issued, and demand has grown steadily due to gold’s consistent price rise. Between April and September 2025, 34 SGB series are due for premature redemption, providing liquidity opportunities for investors. Several recent redemptions—such as SGB 2017-18 Series II and SGB 2018-19 Series V—offered returns exceeding 200%. With gold in a long bull run, SGBs remain one of the most rewarding government-backed savings options available.
Tranche Issue Date Date of Premature Redemption Request Window From Request Window To 2019-20 Series IV Sep 17, 2019 Sep 17, 2025 Aug 18, 2025 Sep 8, 2025 2019-20 Series X Mar 11, 2020 Sep 11, 2025 Aug 12, 2025 Sep 1, 2025 2020-21 Series VI Sep 8, 2020 Sep 8, 2025 Aug 8, 2025 Aug 29, 2025
Key benefits of SGBs:
A fixed annual interest of 2.5%, credited semi-annually
Capital appreciation linked to gold prices
Though the usual tenure is eight years, investors can exit after the fifth year, but only on RBI’s notified redemption dates.
Investor advisory
The RBI has urged bondholders to strictly adhere to the submission windows, as requests outside the specified dates will not be processed. Redemption proceeds will be credited directly to the registered bank account, so investors should confirm their details are current.
New SGB issues
Amid surging gold prices, the central government discontinued the Sovereign Gold Bond (SGB) scheme in the Union Budget 2025. Gold has risen over 25% since the beginning of the year, with the rally expected to persist on account of global uncertainties, market volatility, and geopolitical risks. Current drivers of this momentum include US tariff concerns, sustained central bank gold purchases, and heightened safe-haven demand.
The Reserve Bank of India (RBI) has released the timeline for premature redemption of Sovereign Gold Bonds (SGBs) between October 2025 and March 2026. This update is important for investors seeking liquidity before the standard eight-year maturity period. SGBs are government securities issued by the RBI on behalf of the Government of India, denominated in grams of gold. They act as a safe alternative to physical gold. Investors make payments in cash and receive a cash equivalent upon redemption.
Redemption calculation
The redemption price is based on the simple average closing price of 999 purity gold, published by the India Bullion and Jewellers Association (IBJA), over the three working days before redemption. Requests must be submitted within RBI’s specified window via receiving offices, NSDL, CDSL, or RBI Retail Direct.
Eligible Tranches and Windows
The following SGB tranches can be redeemed prematurely during October 2025–March 2026. Applications must be made within the respective submission window.
2018–19 issuances
Series I: Issued May 4, 2018 | Redemption: Nov 4, 2025 | Window: Oct 4 – Oct 27, 2025
Series II: Oct 23, 2018 | Redemption: Oct 23, 2025 | Window: Sep 22 – Oct 13, 2025
Series III: Nov 13, 2018 | Redemption: Nov 13, 2025 | Window: Oct 13 – Nov 3, 2025
Series IV: Jan 1, 2019 | Redemption: Jan 1, 2026 | Window: Dec 1 – Dec 22, 2025
Series V: Jan 22, 2019 | Redemption: Jan 22, 2026 | Window: Dec 22, 2025 – Jan 12, 2026
Series VI: Feb 12, 2019 | Redemption: Feb 12, 2026 | Window: Jan 12 – Feb 2, 2026
2019–20 issuances
Series I: Jun 11, 2019 | Redemption: Dec 11, 2025 | Window: Nov 10 – Dec 11, 2025
Series II: Jul 16, 2019 | Redemption: Jan 16, 2026 | Window: Dec 16, 2025 – Jan 6, 2026
Series III: Aug 14, 2019 | Redemption: Feb 13, 2026 | Window: Jan 14 – Feb 3, 2026
Series IV: Sep 17, 2019 | Redemption: Mar 17, 2026 | Window: Feb 13 – Mar 7, 2026
Series V: Oct 15, 2019 | Redemption: Oct 15, 2025 | Window: Sep 13 – Oct 6, 2025
Series VI: Oct 30, 2019 | Redemption: Oct 30, 2025 | Window: Sep 29 – Oct 20, 2025
Series VII: Dec 10, 2019 | Redemption: Dec 10, 2025 | Window: Nov 7 – Dec 1, 2025
Series VIII: Jan 21, 2020 | Redemption: Jan 21, 2026 | Window: Dec 20, 2025 – Jan 12, 2026
Series IX: Feb 11, 2020 | Redemption: Feb 11, 2026 | Window: Jan 9 – Feb 2, 2026
Series X: Mar 11, 2020 | Redemption: Mar 11, 2026 | Window: Feb 7 – Mar 2, 2026
2020–21 issuances
Series I: Apr 28, 2020 | Redemption: Oct 28, 2025 | Window: Sep 27 – Oct 18, 2025
Series II: May 19, 2020 | Redemption: Nov 19, 2025 | Window: Oct 18 – Nov 10, 2025
Series III: Jun 16, 2020 | Redemption: Dec 16, 2025 | Window: Nov 15 – Dec 6, 2025
Series IV: Jul 14, 2020 | Redemption: Jan 14, 2026 | Window: Dec 12, 2025 – Jan 5, 2026
Series V: Aug 11, 2020 | Redemption: Feb 11, 2026 | Window: Jan 9 – Feb 2, 2026
Series VI: Sep 8, 2020 | Redemption: Mar 7, 2026 | Window: Feb 5 – Feb 25, 2026
Series VII: Oct 20, 2020 | Redemption: Oct 20, 2025 | Window: Sep 19 – Oct 10, 2025
Series VIII: Nov 18, 2020 | Redemption: Nov 18, 2025 | Window: Oct 18 – Nov 10, 2025
Series IX: Jan 5, 2021 | Redemption: Jan 5, 2026 | Window: Dec 5 – Dec 26, 2025
Series X: Jan 19, 2021 | Redemption: Jan 19, 2026 | Window: Dec 19, 2025 – Jan 9, 2026
Series XI: Feb 9, 2021 | Redemption: Feb 9, 2026 | Window: Jan 9 – Jan 30, 2026
Series XII: Mar 9, 2021 | Redemption: Mar 9, 2026 | Window: Feb 6 – Feb 27, 2026
SGBs between April and September 2024
The central bank announced the premature redemption price for the Sovereign Gold Bond (SGB) 2019-20 Series-III, maturing on August 14, at Rs 9,991 per gram. Issued at Rs 3,499 in 2019, it delivers investors a stellar 185% return, plus 2.5% annual interest. SGBs, backed by the government, have an eight-year tenure, with early redemption allowed only after five years on interest payout dates. Returns are linked to gold’s price, averaged over the preceding three days using IBJA data. Recent SGB tranches have delivered extraordinary gains, with some exceeding 200%, underscoring their appeal as a safe, gold-backed investment.
The RBI notes that Sovereign Gold Bonds serve as an efficient alternative to physical gold, eliminating concerns around storage and security while offering assured interest income. Since their launch in 2015, 67 tranches have been issued, and demand has grown steadily due to gold’s consistent price rise. Between April and September 2025, 34 SGB series are due for premature redemption, providing liquidity opportunities for investors. Several recent redemptions—such as SGB 2017-18 Series II and SGB 2018-19 Series V—offered returns exceeding 200%. With gold in a long bull run, SGBs remain one of the most rewarding government-backed savings options available.
Tranche Issue Date Date of Premature Redemption Request Window From Request Window To 2019-20 Series IV Sep 17, 2019 Sep 17, 2025 Aug 18, 2025 Sep 8, 2025 2019-20 Series X Mar 11, 2020 Sep 11, 2025 Aug 12, 2025 Sep 1, 2025 2020-21 Series VI Sep 8, 2020 Sep 8, 2025 Aug 8, 2025 Aug 29, 2025
Key benefits of SGBs:
A fixed annual interest of 2.5%, credited semi-annually
Capital appreciation linked to gold prices
Though the usual tenure is eight years, investors can exit after the fifth year, but only on RBI’s notified redemption dates.
Investor advisory
The RBI has urged bondholders to strictly adhere to the submission windows, as requests outside the specified dates will not be processed. Redemption proceeds will be credited directly to the registered bank account, so investors should confirm their details are current.
New SGB issues
Amid surging gold prices, the central government discontinued the Sovereign Gold Bond (SGB) scheme in the Union Budget 2025. Gold has risen over 25% since the beginning of the year, with the rally expected to persist on account of global uncertainties, market volatility, and geopolitical risks. Current drivers of this momentum include US tariff concerns, sustained central bank gold purchases, and heightened safe-haven demand.