Раннее погашение облигаций RBI: цена погашения серии XII 2020-21 составила 15 355 рупий за единицу

The Reserve Bank of India (RBI) has fixed the premature redemption price of Sovereign Gold Bond (SGB) 2020-21 Series XII at ₹ 15,355 per unit for September 9, 2026. The tranche was originally issued on March 9, 2021, and investors become eligible for premature redemption after five years, subject to the scheme's redemption conditions. The RBI's September 8 press release said the redemption price is based on the simple average of the closing price of 999-purity gold for the three business days preceding the redemption date. For this redemption window, the relevant dates were September 4, September 7 and September 8, 2026. SGB 2020-21 Series XII return The SGB 2020-21 Series XII was issued at ₹ 4,662 per gram for offline applications, while investors applying online received a ₹ 50 discount, taking the issue price to ₹ 4,612 per gram. For an investor who bought the bond online, the capital appreciation can be calculated as follows. Issue price — ₹ 4,612 per gram Premature redemption price — ₹ 15,355 per gram Gain per unit — ₹ 10,743 Absolute return — 232.94% Therefore, a ₹ 1 lakh investment at the online issue price would have purchased around 21.68 grams of gold through the SGB. At the September 9 redemption price of ₹ 15,355 per gram, those units would be worth approximately ₹ 3.33 lakh. This calculation represents the capital appreciation alone and does not include the interest paid on the SGB. For investors who purchased the bonds offline at ₹ 4,662 per gram, a ₹ 1 lakh investment would translate into approximately ₹ 3.29 lakh at the same redemption price, before accounting for interest. SGB interest adds to the return Sovereign Gold Bonds also pay interest, unlike physical gold. Under the SGB scheme, the bonds generally carry a fixed interest rate of 2.5% per annum on the initial investment, with interest paid half-yearly. For the March 2021 tranche, therefore, investors who have held the bonds through the relevant interest-payment periods would have received interest in addition to the appreciation in the gold-linked redemption value. The ₹ 3.33 lakh figure should consequently not be interpreted as the investor's total cash return. It represents the value of the original ₹ 1 lakh investment based solely on the SGB's issue price and the September 9, 2026 redemption price. Why can investors redeem the SGB before eight years? SGBs generally have an eight-year maturity. However, the scheme permits premature redemption after the completion of the fifth year from the date of issue, and such redemption is available on an interest-payment date. For SGB 2020-21 Series XII, issued on March 9, 2021, the RBI has identified September 9, 2026 as the applicable premature redemption date. The redemption price is not necessarily the same as the original issue price or the prevailing price on a single day. Instead, it is linked to the average closing price of 999-purity gold published by the India Bullion and Jewellers Association Ltd (IBJA) for the preceding three business days. What SGB investors should remember The ₹ 15,355 redemption price applies specifically to SGB 2020-21 Series XII. Investors should check the series and issue date of their bonds before assuming that the same price applies to their holdings. The return calculation also excludes taxation and the interest already received by the investor. The actual post-tax return can therefore differ depending on the investor's circumstances and the applicable tax treatment. For an investor who bought this tranche online at ₹ 4,612 per gram, the key takeaway is that the gold-linked value has risen more than threefold, with ₹ 1 lakh becoming about ₹ 3.33 lakh on premature redemption, excluding the 2.5% annual interest.