Инвесторы облигаций Sovereign Gold Bonds 2021-22 Series VI смогут выйти из сделки с прибылью более чем в 227%

Investors who bought Sovereign Gold Bonds (SGBs) 2021-22 Series VI are set to get an opportunity to exit their investment at a significantly higher value than the original issue price. The Reserve Bank of India (RBI) has fixed the premature redemption price for the series at ₹ 15,334 per unit, with the redemption date falling on 7 September 2026. The SGB 2021-22 Series VI was issued on 7 September 2021. Investors who purchased the bonds online and paid digitally received a ₹ 50 discount and paid ₹ 4,682 per gram, while the issue price for other investors was ₹ 4,732 per gram. At ₹ 15,334, the redemption value is more than three times the discounted online issue price. SGB Series VI gives over 227% price return For an investor who bought the bonds online at ₹ 4,682 per unit, the increase in value works out to ₹ 10,652 per unit. That translates into an absolute price gain of about 227.5% over the original issue price. For example, an investor who put ₹ 1 lakh into the SGB at the discounted issue price would have purchased about 21.36 units. At the RBI's redemption price of ₹ 15,334, those units would be worth approximately ₹ 3.28 lakh. This calculation does not include the interest earned during the holding period. SGBs carry a fixed interest rate of 2.5% per annum, calculated on the original investment amount. Interest is paid twice a year. Therefore, investors who have held the bonds since 2021 would have received additional interest income over and above the appreciation in the value of their gold -linked investment. Investors who bought the bonds at the regular issue price of ₹ 4,732 would see a slightly lower percentage price gain, although their redemption value would remain ₹ 15,334 per unit. How did RBI arrive at ₹ 15,334? The premature redemption price of an SGB is not linked to the price at which the bond was originally issued. It is determined using the prevailing price of gold. According to the RBI's mechanism, the redemption price is based on the simple average of the closing price of 999-purity gold for the three preceding business days, as published by the India Bullion and Jewellers Association (IBJA). For the 7 September redemption, the relevant gold prices were those published for 2, 3 and 4 September 2026. Their average resulted in the ₹ 15,334 per-unit redemption price. This means SGB investors benefit from increases in gold prices through the value of their bonds, while also receiving the fixed interest component. Should investors redeem their SGB now? The 7 September date marks the eligibility for premature redemption. It does not mean investors must necessarily exit their holdings. SGBs have an original maturity of eight years, while premature redemption is permitted after five years from the date of issue on specified interest-payment dates. For Series VI investors, the decision will therefore depend on their investment objective. Those looking to lock in the substantial appreciation in gold may use the premature redemption facility. Investors who want to retain gold exposure for longer can continue holding the bonds until maturity. Investors should also remember that premature redemption through the RBI follows the prescribed redemption price. Selling an SGB through the stock exchange is different and depends on the market price and liquidity at the time of sale.