Final day to request early withdrawal of SGB 2016-17 Series IV. Will you earn any interest?

The price for an early withdrawal from the Sovereign Gold Bond (SGB) programme 2016–17 (Series IV) has been set by the Reserve Bank of India (RBI) at Rs 5,077. You can learn anything about its early salvation by reading this.

The 2016-17 Series IV tranche of the Sovereign Gold Bond Scheme (SGB) cannot be prematurely redeemed or withdrawn after this date on Friday, September 16. This is owing to the fact that September 17, 2022, has been set as the second due date for the redemption.

The Reserve Bank of India (RBI) states that the investor must visit the relevant bank or post office at least one day prior to the coupon payment date in order for the request for premature redemption to be considered. As a result, today is the last day to seek the same.

According to a statement from the Reserve Bank of India (RBI), the cost for early withdrawal of the aforementioned tranche has been set at Rs 5,077 per unit.

How is the purchase price determined?

The simple average of the closing gold price for 999 purity for the week (Monday through Friday) preceding the redemption date, as reported by the India Bullion and Jewellers Association Ltd., serves as the basis for the redemption price of SGB (IBJA).

What will investors receive as a return on this redemption?

The SGB 2016–17, Series IV price per gramme of gold was Rs 2,893. Therefore, the absolute return would be 75.49 percent (Redemption price of Rs 5,077 — issuance of Rs 2,893/100) if investors choose to withdraw their money too soon.

This will be in addition to the scheme’s 2.5% semi-annual interest payout.

When is early redemption permitted?

The bond has an eight-year term, although after five years from the date of issuance and on coupon payment days, early encashment or redemption of the bond is permitted.

The Sovereign Gold Bond Scheme (SGB) 2016–17 Series IV tranche’s second due date for premature redemption is thus September 17, 2022, or today.

How should investors go about making an early redemption?

Investors can contact the relevant bank, SHCIL offices, post office, or agent before the coupon payment date in the event of an early redemption.

The customer’s bank account, which was supplied when applying for the bond, will be credited with the profits.

Investor must quickly notify the bank/SHCIL/PO of any changes to any details, such as account numbers or email addresses.

Also Read: 

Dhani One Freedom Card-Apply Online | Charges & Review

Also Read:  Axis Bank Buzz Credit Card | Flipkart Benefits

About loanpersonal

Check Also

Pension Plan Monthly Scheme- Invest in this Government Scheme to receive a monthly pension of Rs.9,000. Find Application details Here

Pension Plan Monthly Scheme: Invest in this Government Scheme to receive a monthly pension of Rs.9,000. Find Application details Here.

PMVVY Scheme of the Modi government. The Modi administration is in charge of the Pradhan …

Leave a Reply

Your email address will not be published.