RBI approves early redemption for 2 Sovereign Gold Bonds
Business
The RBI just gave the green light for early redemption on two Sovereign Gold Bond (SGB) series: 2020-21 Series VII and 2018-19 Series II.
This is great news for anyone who's been waiting to cash in, since SGBs are a way to invest in gold without actually buying or storing the metal yourself.
SGB now worth over ₹15,500
Here's why everyone's talking: one of these SGBs is now worth over ₹15,500 per unit, up from an issue price of ₹5,051. That's more than triple the original value thanks to rising gold prices.
New SGBs aren't being issued because of government borrowing costs, so if you already have some, you're in a pretty sweet spot as more early redemptions open up over the next few years.