Sovereign Gold Bond

Last updated January 28, 2025

Logo of the Sovereign Gold Bond

Sovereign Gold Bond, abbreviated as SGB, is a government security issued by the Reserve Bank of India (RBI) on behalf of the Government of India. It is denominated in grams of gold and is linked to the price of gold in India. It is also an interest-bearing bonds, carrying an interest of 2.5% p.a. paid in two installments in a year.^[1]^[2]

The bond has an 8-year term with an option for early withdrawal through the RBI after 5 years. It is listed and traded on Indian stock exchanges, allowing eligible investors to buy or sell anytime through their dematerialization accounts. It can also be transferred to another eligible investor without redemption through the RBI.^[3]

History

The scheme was introduced due to a forex crisis caused by high gold imports.^[4] It was launched by the Prime Minister of India Narendra Modi in an event in New Delhi on 5 November 2015. The event was also attended by the Union Minister for Finance Arun Jaitley, the Minister of State for Finance Jayant Sinha and the Minister of State for Commerce & Industry Nirmala Sitharaman. The Gold Monetisation Scheme, Indian Gold Coins and Sovereign Gold Bonds were all launched in the same event.

It was first notified by the Department of Economic Affairs on 14 January 2016 under the Government Securities Act, 2006. The initial subscription required a minimum of 2 grams and a maximum of 500 grams. It was open from January 18 to January 22, 2016. The bonds initially paid 2.75% interest per year, later reduced to 2.5% per year.^[5]^[2] The bonds were sold through banks, post offices and through online securities brokers which would allow investors to hold the bonds in demat form.^[6]^[7]

In August 2024, the investors who would have redeemed the bonds issued in August 2016 lost suffered a loss due a fall in the price of gold. This fall was linked to the slash in import duty on gold from 15% to 6% during the 2024 Union budget of India.^[8]

After the final redemption of the 2016-I series, it was rumoured that the scheme was turning out to be very expensive for the Indian government, due to an unexpected rise in the prices of gold. The government also felt SGBs have also not served the purpose for which it was launched, which was to bring down gold imports by trying to move demand from physical gold to an electronic form. In addition, the RBI has not issued any new series after February 2024.^[9]^[10] The government also made physical gold purchases more attractive, by lowering the import duty from 15% to 6%.^[11]

Eligibility

People residing in India, as defined in the Foreign Exchange Management Act, 1999 are eligible to invest in SGBs. These include individuals, Hindu Undivided Families (HUFs), universities, trusts, and charitable institutions. People who become non-residents after buying an SGB can still hold it until maturity or premature redemption.^[3]

The bonds are issued in 1-gram denominations and multiples thereof. Each eligible investor can purchase up to 4 kg per financial year. A demat account is optional; bonds can be held in dematerialized form with a securities depository or tracked by the RBI.^[3]

Price

The issue price is the average closing price of 999 purity gold from the last 3 business days before the subscription period, as published by the India Bullion and Jewelers Association Limited (IBJA). The redemption price, for both early and maturity redemptions, is the average closing price from the 3 business days before repayment.^[12]

Comparison with other forms of gold investments

SGBs, purely as an investment format, can be compared to other forms of investing in Gold.^[13]

Comparison of SGB, physical gold, gold ETFs and mutual funds and digital gold in India
	SGB	Physical gold	Gold ETF and mutual funds	Digital gold
Storage	Stored in government facilities. Very low risk of theft.	Risk of theft	Stored in vaults. Low risk of theft^[14]	Stored in vaults. Low risk of theft^[15]
Regulated by	RBI, and by extension, Government of India	Not regulated	SEBI, and by extension, Government of India	Not regulated
Charges	No making charges, GST, or expense ratio	Making charges from 8% to 35%. GST of 3%. No expense ratio.	No making charges or GST. Expense ratio up to 1% is allowed.	No making charges. GST of 3% and commissions are applicable. No expense ratio.
Interest	Fixed at 2.5% per annum	No interest payments	No interest payments	No interest payments
Taxation	No tax on capital gains. Interest is taxed at slab.^[16]^[17]	Tax on capital gains	Tax on capital gains	Tax on capital gains
Liqudity	Can be sold on stock exchanges if held in demat form. Can be sold back to the RBI at specified intervals.	Can be sold physically to jewelers	Units can be sold back to the asset management company	Can be liquidated instantly

Issue history

Data of Sovereign Gold Bonds (Tranche wise) issued till 23 April 2024^[18]
S No	Tranche	ISIN	Issue Date	Issue price/unit (₹)	Units subscribed (grams)	Redemption price/unit (₹)	CAGR Returns (Absolute) (%)
1	2015-I	IN0020150085	November 30, 2015	2684	913571	6132^[19]^[20]	10.87 (128.46)
2	2016-I	IN0020150101	February 8, 2016	2600	2869973	6271^[21]^[22]	11.63 (141.19)
3	2016-II	IN0020150119	March 29, 2016	2916	1119741	6601^[23]^[24]	10.75 (126.37)
4	2016-17 Series I	IN0020160027	August 5, 2016	3119	2953025	6938^[25]^[26]	10.50 (122.44)
5	2016-17 Series II	IN0020160043	September 30, 2016	3150	2615800	7517^[27]^[28]	10.80 (127.21)
6	2016-17 Series III	IN0020160076	November 17, 2016	3007	3598055	7788^[29]^[30]	12.63 (160)
7	2016-17 Series IV	IN0020160126	March 17, 2017	2943	2220885
8	2017-18 Series I	IN0020170018	May 12, 2017	2951	2027695
9	2017-18 Series II	IN0020170034	July 28, 2017	2830	2349953
10	2017-18 Series III	IN0020170059	October 16, 2017	2956	264815
11	2017-18 Series IV	IN0020170067	October 23, 2017	2987	378945
12	2017-18 Series V	IN0020170075	October 30, 2017	2971	174024
13	2017-18 Series VI	IN0020170083	November 6, 2017	2945	153356
14	2017-18 Series VII	IN0020170091	November 13, 2017	2934	175121
15	2017-18 Series VIII	IN0020170109	November 20, 2017	2961	135666
16	2017-18 Series IX	IN0020170117	November 27, 2017	2964	105512
17	2017-18 Series X	IN0020170125	December 4, 2017	2961	107380
18	2017-18 Series XI	IN0020170133	December 11, 2017	2952	81614
19	2017-18 Series XII	IN0020170141	December 18, 2017	2890	111218
20	2017-18 Series XIII	IN0020170158	December 26, 2017	2866	131958
21	2017-18 Series XIV	IN0020170166	January 1, 2018	2881	327434
22	2018-19 Series I	IN0020180033	May 4, 2018	3114	650337
23	2018-19 Series II	IN0020180249	October 23, 2018	3146	312258
24	2018-19 Series III	IN0020180314	November 13, 2018	3183	409398
25	2018-19 Series IV	IN0020180389	January 1, 2019	3119	207886
26	2018-19 Series V	IN0020180462	January 22, 2019	3214	243606
27	2018-19 Series VI	IN0020180561	February 12, 2019	3326	207388
28	2019-20 Series I	IN0020190073	June 11, 2019	3196	459789
29	2019-20 Series II	IN0020190081	July 16, 2019	3443	535947
30	2019-20 Series III	IN0020190107	August 14, 2019	3499	1024837
31	2019-20 Series IV	IN0020190115	September 17, 2019	3890	627892
32	2019-20 Series V	IN0020190370	October 15, 2019	3788	455776
33	2019-20 Series VI	IN0020190388	October 30, 2019	3835	693210
34	2019-20 Series VII	IN0020190461	December 10, 2019	3795	648304
35	2019-20 Series VIII	IN0020190537	January 21, 2020	4016	522119
36	2019-20 Series IX	IN0020190545	February 11, 2020	4070	405957
37	2019-20 Series X	IN0020190552	March 11, 2020	4260	757338
38	2020-21, Series I	IN0020200062	April 28, 2020	4639	1772874
39	2020-21, Series II	IN0020200088	May 19, 2020	4590	2544294
40	2020-21, Series III	IN0020200104	June 16, 2020	4677	2388328
41	2020-21, Series IV	IN0020200146	July 14, 2020	4852	4130820
42	2020-21, Series V	IN0020200161	August 11, 2020	5334	6349781
43	2020-21, Series VI	IN0020200195	September 8, 2020	5117	3190133
44	2020-21, Series VII	IN0020200203	October 20, 2020	5051	1859518
45	2020-21, Series VIII	IN0020200286	November 18, 2020	5177	1573457
46	2020-21, Series IX	IN0020200377	January 5, 2021	5000	2869886
47	2020-21, Series X	IN0020200385	January 19, 2021	5104	1214048
48	2020-21, Series XI	IN0020200393	February 9, 2021	4912	1227915
49	2020-21, Series XII	IN0020200427	March 9, 2021	4662	3230907
50	2021-22, Series I	IN0020210053	May 25, 2021	4777	5318973
51	2021-22, Series II	IN0020210061	June 1, 2021	4842	1898475
52	2021-22, Series III	IN0020210087	June 8, 2021	4889	1479232
53	2021-22, Series IV	IN0020210111	July 20, 2021	4807	2923762
54	2021-22, Series V	IN0020210129	August 17, 2021	4790	2292743
55	2021-22, Series VI	IN0020210145	September 7, 2021	4732	3520341
56	2021-22, Series VII	IN0020210178	November 2, 2021	4761	3248238
57	2021-22, Series VIII	IN0020210228	December 7, 2021	4791	2480493
58	2021-22, Series IX	IN0020210236	January 18, 2022	4786	2333188
59	2021-22, Series X	IN0020210319	March 8, 2022	5109	1539694
60	2022-23, Series I	IN0020220045	June 28, 2022	5091	2557864
61	2022-23, Series II	IN0020220078	August 30, 2022	5197	3360408
62	2022-23, Series III	IN0020220110	December 27, 2022	5409	2811010
63	2022-23, Series IV	IN0020220169	March 14, 2023	5611	3531586
64	2023-24, Series I	IN0020230069	June 27, 2023	5926	7769290
65	2023-24, Series II	IN0020230093	September 20, 2023	5923	11673960
66	2023-24, Series III	IN0020230168	December 28, 2023	6199	12106807
67	2023-24, Series IV	IN0020230184	February 21, 2024	6263	12785729
	TOTAL				146961537

Note: CAGR calculations do not include interest payments and are post-tax, since capital gains tax arising on redemption of SGB to an individual has been exempted.^[16]

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References

↑ Rukhaiyar, Ashish (17 May 2020). "Sovereign Gold Bonds, a substitute for physical gold". The Hindu . ISSN 0971-751X. Archived from the original on 27 July 2024. Retrieved 26 July 2024.
1 2 "What is Sovereign Gold Bonds Interest Rate & How Its Paid?". ICICI Direct . 22 December 2022. Archived from the original on 8 February 2023. Retrieved 25 April 2024.
1 2 3 "Sovereign Gold Bond Scheme". Reserve Bank of India . 4 February 2019. Archived from the original on 9 April 2024. Retrieved 25 April 2024.
↑ Sabnavis, Madan (20 November 2023). "India wants gold, not gold bonds". Business Line . Archived from the original on 1 December 2023. Retrieved 26 July 2024. Sovereign gold bonds (SGBs) were introduced in the country in FY16 against the backdrop of a forex crisis, which was fuelled partly by high gold imports.
↑ "Notification" (PDF). The Gazette of India . New Delhi. 14 January 2015. pp. 39–40. Archived (PDF) from the original on 25 April 2024. Retrieved 25 April 2024.
↑ "Sale of Sovereign Gold Bond through post offices in Tiruchi Division". The Hindu . 11 February 2024. ISSN 0971-751X. Archived from the original on 26 July 2024. Retrieved 26 July 2024. The Department of Posts has announced the sale of Sovereign Gold Bonds from February 12 at the Tiruchi Head Post Office, Lalgudi Head Post Office, and 99 sub post offices under the Tiruchi Postal Division.
↑ Nallamuthu, Akhil (20 December 2023). "Sovereign Gold Bond FY24 Series III opens till December 22: Should you invest?". Business Line . Archived from the original on 27 July 2024. Retrieved 26 July 2024.
↑ Jain Kaushal, Teena (24 July 2024). "Budget 2024: Sharp dip in gold prices leaves Sovereign Gold Bond investors high and dry". Business Today (India) . Archived from the original on 24 July 2024. Retrieved 27 July 2024.
↑ Iyengar, Suresh P. (15 August 2024). "SGBs turn costly affair for govt, fail to curb imports". Business Line . Archived from the original on 21 August 2024. Retrieved 3 September 2024. The fund-raise through sovereign gold bonds (SGB) has turned out to be a costly proposition for the government as the gold prices have more than doubled compared to the issue price.
↑ "Why are SGBs giving the government second thoughts?". Finshots. 21 August 2024. Archived from the original on 3 September 2024. Retrieved 3 September 2024. The SGB scheme may have turned into a bigger challenge than the government originally planned. And if gold prices keep climbing, we won't be surprised if we just see the end of Sovereign Gold Bonds altogether.
↑ Sinha, Shishir (17 November 2024). "Sovereign gold bonds losing favour with government". The Hindu Business Line . Archived from the original on 17 November 2024. Retrieved 17 November 2024. The fate of SGB seems to have been sealed when the government lowered import duty on gold to 6 per cent from 15 per cent, making physical gold purchases more attractive than investments in SGBs.
↑ Kulkarni, Sneha (15 February 2024). "New Sovereign Gold Bond tranche: Is SGB Series IV 2023-24 issue price highest ever offered?". The Economic Times . ISSN 0013-0389. Archived from the original on 24 February 2024. Retrieved 25 April 2024.
↑ "What are Sovereign Gold Bonds (SGBs)?". Zerodha Support . Archived from the original on 8 December 2023. Retrieved 25 April 2024.
↑ Kriplani, Jash (9 November 2021). "Explained: All about how gold ETFs give investors the purest yellow metal". Moneycontrol . Archived from the original on 9 November 2021. Retrieved 25 April 2024. Fund houses appoint custodians to handle the physical gold who, in turn, appoint a vaulting agency to store the gold in vaults.
↑ Das, Vipul (22 April 2023). "Digital Gold in Emerging Markets: What are the opportunities and challenges for investors?". Live Mint . Archived from the original on 22 April 2023. Retrieved 25 April 2024. Your investment in digital gold is securely held in a monitored vault under the control of reputable trustees.
1 2 "Sovereign Gold Bond Scheme (SGB)". Union Bank of India . Archived from the original on 3 October 2023. Retrieved 25 April 2024.
↑ Das, Basundha (11 February 2024). "Sovereign Gold Bond Series IV FY24: How are SGBs taxed? Details here". Business Today (India) . Archived from the original on 11 February 2024. Retrieved 20 July 2024. The interest earned from Sovereign Gold Bonds is subject to taxation as per the regulations of the IT Act, 1961. However, when an individual redeems the SGB, they are exempted from paying capital gains tax. Additionally, investors enjoy indexation benefits on long-term capital gains, whether they choose to transfer the bond to another person or not.
↑ "Data of Sovereign Gold Bonds (Tranche wise) issued till April 23, 2024". Reserve Bank of India . 23 April 2024. Archived from the original on 25 April 2024. Retrieved 26 April 2024.
↑ Ray, Abeer (30 November 2023). "SGB 2015-I series set for redemption on November 30 with 128% profit on investment; all you need to know". Live Mint . Archived from the original on 30 November 2023. Retrieved 15 May 2024. Redemption Value: ₹6,132 per gram
↑ Sharma, Shweta (24 November 2023). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Price for final redemption of SGB 2015-I due on November 30, 2023 - RBI". Reserve Bank of India . Archived from the original on 15 May 2024. Retrieved 15 May 2024. Accordingly, the price for the final redemption due on November 30, 2023 shall be ₹6132/- (Rupees Six thousand one hundred thirty-two only) per unit of SGB based on the simple average of closing price of gold for the week November 20-24, 2023.
↑ Kaul, Abhinav (9 February 2024). "Sovereign Gold Bond 2016-I matures; gives 13.6% return and outperforms gold funds". Moneycontrol . Archived from the original on 10 May 2024. Retrieved 15 May 2024. According to a recent Reserve Bank of India (RBI) notification, the price for the final redemption was Rs 6,271 per unit of SGB, which is based on the simple average closing price of gold for the week of January 29-February 2, 2024.
↑ Prasad, Ajit (2 February 2024). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of SGB 2016-I due on February 08, 2024 - RBI". Reserve Bank of India . Archived from the original on 15 May 2024. Retrieved 15 May 2024. Accordingly, the redemption price for the final redemption due on February 08, 2024 shall be ₹6271/- (Rupees Six thousand two hundred and seventy-one only) per unit of SGB based on the simple average of closing price of gold for the week January 29-February 02, 2024.
↑ Kulkarni, Sneha (27 March 2024). "Sovereign Gold Bond (SGB): Final redemption price of SGB 2016 Series II announced". The Economic Times . ISSN 0013-0389. Archived from the original on 23 March 2024. Retrieved 15 May 2024. The final redemption amount, which is due on March 28, 2024, is Rs 6601 for each SGB unit.
↑ Prasad, Ajit (22 March 2024). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of SGB 2016 Series II due on March 28, 2024 (March 29, 2024 being a holiday) - RBI". Reserve Bank of India . Archived from the original on 15 May 2024. Retrieved 15 May 2024. Accordingly, the redemption price for the final redemption due on March 28, 2024 (March 29, 2024 being a holiday) shall be ₹6601/- (Rupees Six thousand Six hundred and One only) per unit of SGB based on the simple average of closing price of gold for the week March 18-22, 2024.
↑ Das, Neelanjit (5 August 2024). "Sovereign Gold Bond 2016-17 Series I final redemption today: Investors to gain 122%; check SGB redemption price". The Economic Times . ISSN 0013-0389. Archived from the original on 6 August 2024. Retrieved 3 September 2024. As per the RBI press release, the final redemption price of this SGB series has been set at Rs 6,938 per unit of SGB.
↑ Prasad, Ajit (2 August 2024). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of SGB 2016-17 Series I due on August 5, 2024". Reserve Bank of India . Archived from the original on 3 September 2024. Retrieved 3 September 2024. Accordingly, the redemption price for the final redemption due on August 05, 2024 shall be ₹6938/- (Rupees Six thousand nine hundred and thirty eight only) per unit of SGB based on the simple average of closing price of gold for the week July 29 - August 02, 2024.
↑ Kulkarni, Sneha (28 August 2024). "Sovereign Gold Bonds redemption: This SGB series is up for final redemption in September; check details". The Economic Times . ISSN 0013-0389. Archived from the original on 30 September 2024. Retrieved 12 October 2024. The redemption price for the final redemption due on September 30, 2024 shall be Rs 7,517 per unit of SGB based on the simple average of closing price of gold for the week September 23 – September 27, 2024.
↑ Prasad, Ajit (27 September 2024). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of SGB 2016-17 Series II due on September 30, 2024". Reserve Bank of India . Retrieved 12 October 2024. Accordingly, the redemption price for the final redemption due on September 30, 2024 shall be ₹7,517/- (Rupees Seven thousand five hundred and seventeen only) per unit of SGB based on the simple average of closing price of gold for the week September 23 – September 27, 2024.
↑ Kulkarni, Sneha (13 November 2024). "Sovereign Gold Bond: Final redemption price of SGB 2016-17 Series III announced; check details". The Economic Times . ISSN 0013-0389. Archived from the original on 11 November 2024. Retrieved 20 November 2024. As per an RBI notification dated November 8, 2024, the redemption price for the final SGB redemption due on November 16, is Rs 7,788 per unit of SGB based on the simple average of closing gold price for the week November 04-08, 2024.
↑ Prasad, Ajit (8 November 2024). "Final redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for final redemption of SGB 2016-17 Series III due on November 16, 2024 (November 17, 2024 being a holiday)". Reserve Bank of India . Archived from the original on 20 November 2024. Retrieved 20 November 2024. Accordingly, the redemption price for the final redemption due on November 16, 2024 (November 17, 2024 being a holiday) shall be ₹ 7,788/- (Rupees Seven thousand seven hundred and eighty-eight only) per unit of SGB based on the simple average of closing gold price for the week November 04-08, 2024.