The Reserve Bank of India (RBI) has announced good news for investors in Sovereign Gold Bonds. On Wednesday, the central bank fixed the redemption price for two series of gold bonds at Rs 12,801 per unit.
According to the official statement, investors in the SGB 2017-18 Series XI will receive Rs 12,801 per unit as their final payout. These bonds were issued on December 11, 2017, when the issue price was Rs 2,954 per unit.
This means investors are getting back more than four times their purchase price. They have also earned annual interest at 2.5% over the years. The RBI has fixed the same redemption price of Rs 12,801 for investors who want to exit the 2019-20 Series I prematurely. This series matures on December 11, 2025.
Relief for NRIs on Re-KYC
The Securities and Exchange Board of India (SEBI) has given significant relief to non-resident Indians. On Wednesday, SEBI announced that NRIs will no longer be required to be physically present in India during digital verification for updating their KYC. The move aims to simplify the Re-KYC process.