New Redemption Price: The government launched the Sovereign Gold Bond Scheme in the year 2015. Under this, the final redemption price of the gold bonds issued in 2016 has been fixed by the RBI.
New Redemption Price: After the reduction of custom duty in the budget recently, there was a big drop in the price of gold. Meanwhile, those who invested in sovereign gold bonds have been given a gift by the government. RBI has announced the final redemption price for the sovereign gold bonds issued on August 5.
Will you get this much return?
When these gold bonds were issued by the Reserve Bank, their price was Rs 3,119 per gram. Now when RBI has fixed its redeem price at Rs 6,938 per gram, investors will get a return of up to 122 percent. Its final redemption date has been fixed as August 15.
How was the redeem price decided?
RBI informed that the maturity amount of gold bond has been decided on the basis of the average price obtained by calculating the price of gold between 29 July and 2 August. Its price is decided according to the closing price of 99.9 percent pure gold.
How much fixed return is received?
Under this scheme, investors are given a fixed return of 2.75 percent. In such a situation, investors have got a total return of 144 percent during eight years. This means a CAGR of 12 percent.
Can this scheme be closed?
According to a news from Money Control, after the government reduces the custom duty on gold, the demand for the Sovereign Gold Bond Scheme may decrease. At the same time, sources believe that this scheme is becoming expensive for the government. This is the reason why the government is planning to close this scheme or reduce it.
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