SGB redemption calendar: SGB investors can redeem these Sovereign Gold Bond tranches between July and September

Investors holding eligible Sovereign Gold Bond (SGB) tranches issued between 2019 and 2021 have multiple opportunities to opt for premature redemption between July and September 2026, according to the Reserve Bank of India's (RBI) latest redemption schedule. The upcoming window covers several SGB series that have completed the mandatory five-year holding period, allowing investors to exit before the bonds' original eight-year maturity.

Under the SGB scheme, investors become eligible for premature redemption only after five years from the date of issue. However, redemption is permitted only on the scheduled interest payment dates, and investors must submit their requests within the window specified by the RBI through the bank, post office or other authorised institution from where the bonds were purchased.

Which SGB tranches are eligible?

The first redemption opportunity during the period is for 2019-20 Series VIII, issued on January 21, 2020. The bonds are eligible for premature redemption on July 21, 2026, while requests can be submitted between June 20 and July 13.

This will be followed by 2019-20 Series IX, redeemable on August 11, 2026, and 2019-20 Series X, redeemable on September 11, 2026.

Among the 2020-21 issuances, investors in Series IV, Series V, Series VI, Series IX, Series X, Series XI and Series XII will also become eligible for redemption during July, August and September.

Similarly, investors holding 2021-22 Series IV, Series V and Series VI can also opt for premature redemption. The final tranche in the current schedule is 2021-22 Series VI, issued on September 7, 2021, which will become eligible for redemption on September 7, 2026. Investors in this tranche can submit their requests between August 7 and August 28, 2026.

Tranche	Issue Date	Date of Premature Redemption	Request Submission Window – From	Request Submission Window – To
2019-20 Series VIII	January 21, 2020	July 21, 2026	June 20, 2026	July 13, 2026
2019-20 Series IX	February 11, 2020	August 11, 2026	July 10, 2026	August 01, 2026
2019-20 Series X	March 11, 2020	September 11, 2026	August 11, 2026	September 01, 2026
2020-21 Series I	April 28, 2020	April 28, 2026	March 28, 2026	April 18, 2026
2020-21 Series II	May 19, 2020	May 19, 2026	April 18, 2026	May 11, 2026
2020-21 Series III	June 16, 2020	June 16, 2026	May 16, 2026	June 06, 2026
2020-21 Series IV	July 14, 2020	July 14, 2026	June 12, 2026	July 04, 2026
2020-21 Series V	August 11, 2020	August 11, 2026	July 10, 2026	August 01, 2026
2020-21 Series VI	September 08, 2020	September 08, 2026	August 07, 2026	August 29, 2026
2020-21 Series VII	October 20, 2020	April 20, 2026	March 20, 2026	April 10, 2026
2020-21 Series VIII	November 18, 2020	May 18, 2026	April 17, 2026	May 08, 2026
2020-21 Series IX	January 05, 2021	July 04, 2026	June 04, 2026	June 24, 2026
2020-21 Series X	January 19, 2021	July 18, 2026	June 18, 2026	July 08, 2026
2020-21 Series XI	February 09, 2021	August 07, 2026	July 09, 2026	July 28, 2026
2020-21 Series XII	March 09, 2021	September 09, 2026	August 07, 2026	August 31, 2026
2021-22 Series I	May 25, 2021	May 25, 2026	April 24, 2026	May 15, 2026
2021-22 Series II	June 01, 2021	June 01, 2026	April 30, 2026	May 22, 2026
2021-22 Series III	June 08, 2021	June 08, 2026	May 08, 2026	May 29, 2026
2021-22 Series IV	July 20, 2021	July 20, 2026	June 19, 2026	July 10, 2026
2021-22 Series V	August 17, 2021	August 17, 2026	July 17, 2026	August 07, 2026
2021-22 Series VI	September 07, 2021	September 07, 2026	August 07, 2026	August 28, 2026

 

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How is the redemption price decided?

The redemption price is not fixed at the time of investment. Before every redemption date, the RBI calculates the value based on the simple average of the closing price of 999 purity gold during the previous three business days, using prices published by the India Bullion and Jewellers Association (IBJA). The central bank announces the final redemption price separately ahead of each redemption date.

Apart from capital appreciation linked to gold prices, SGB investors also receive 2.5% annual interest, paid semi-annually on the original investment amount throughout the holding period.

Previous redemption delivered over 219% returns

The recent redemption of SGB 2020-21 Series III demonstrates how rising gold prices have boosted investor returns. The tranche, issued on June 16, 2020, became eligible for premature redemption on June 16, 2026.

The bond was issued at ₹4,627 per gram for online subscribers and ₹4,677 per gram for offline investors. RBI fixed the premature redemption price at ₹14,774 per gram, resulting in an absolute return of around 219.3% for investors who had purchased the bonds online, excluding the interest earned over six years.

An investor who invested ₹1 lakh at the time of issue would have seen the investment grow to approximately ₹3.19 lakh, apart from the cumulative interest received during the holding period.

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Should investors redeem?

Financial experts say the decision to redeem should depend on an investor's liquidity needs, portfolio allocation and outlook on gold prices. Investors requiring funds or looking to book profits may consider premature redemption, while those seeking continued exposure to gold can hold the bonds until the full eight-year maturity, when they will receive the prevailing gold price along with the final interest payment.

Although the government has discontinued fresh issuances of Sovereign Gold Bonds, existing investors will continue to receive interest and redemption benefits according to the original terms. With gold prices remaining elevated, the upcoming redemption windows offer eligible investors an opportunity to evaluate whether to lock in gains or remain invested for the long term.

Change in SGB taxation from April 1

From April 1, 2026, only investors who subscribe to Sovereign Gold Bonds directly during the RBI's primary issuance and hold them until maturity will enjoy capital gains tax exemption. Investors who buy SGBs from the secondary market will now have to pay applicable capital gains tax on redemption, reducing the tax advantage previously available.

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