The Reserve Bank of India has released the premature redemption schedule for Sovereign Gold Bonds (SGBs) between October 2025 and March 2026, allowing investors in India to exit select tranches issued from 2018 to 2021. The move reflects India’s ongoing gold-linked debt management strategy amid rising gold prices.
The Reserve Bank of India published a calendar that shows specific dates for the early redemption of Sovereign Gold Bonds (SGBs) issued between May 2018 and March 2021. The release of gold bond tranches from the cited period triggered the possibility of a phased exit for the Indian investors after the mandatory holding period of five years was completed.
The main periods for redemptions, as per the schedule, are:
| Tranche (Series) | Issue Date | Redemption Date | Submission Window |
| 2018-19 Series II | Oct 23, 2018 | Oct 23, 2025 | Sep 22 – Oct 13, 2025 |
| 2018-19 Series III | Nov 13, 2018 | Nov 13, 2025 | Oct 13 – Nov 3, 2025 |
| 2018-19 Series IV | Jan 1, 2019 | Jan 1, 2026 | Dec 1 – Dec 22, 2025 |
| 2019-20 Series V | Oct 15, 2019 | Oct 15, 2025 | Sep 13 – Oct 6, 2025 |
| 2019-20 Series VI | Oct 30, 2019 | Oct 30, 2025 | Sep 29 – Oct 20, 2025 |
| 2019-20 Series VII | Dec 10, 2019 | Dec 10, 2025 | Nov 7 – Dec 1, 2025 |
| 2020-21 Series I | Apr 28, 2020 | Oct 28, 2025 | Sep 27 – Oct 18, 2025 |
| 2020-21 Series II | May 19, 2020 | Nov 19, 2025 | Oct 18 – Nov 10, 2025 |
| 2020-21 Series III | Jun 16, 2020 | Dec 16, 2025 | Nov 15 – Dec 6, 2025 |
| 2020-21 Series VII | Oct 20, 2020 | Oct 20, 2025 | Sep 19 – Oct 10, 2025 |
| 2020-21 Series VIII | Nov 18, 2020 | Nov 18, 2025 | Oct 18 – Nov 10, 2025 |
| 2020-21 Series IX | Jan 5, 2021 | Jan 5, 2026 | Dec 5 – Dec 26, 2025 |
| 2020-21 Series XII | Mar 9, 2021 | Mar 9, 2026 | Feb 6 – Feb 27, 2026 |
Early redemption can only be availed after five years from the issue date, and the requests must be submitted through the receiving offices, NSDL, CDSL, or the RBI Retail Direct platform.
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Financial Insight
The SGB scheme, which was initiated in 2015, continues to be the main pillar of India’s efforts to decrease the demand for physical gold while channeling household savings into formal financial instruments.
India has raised around 146.96 tonnes of gold worth USD 8.67 billion through 67 tranches till March 31, 2025, out of which 18.81 tonnes were already redeemed.
Moreover, the escalating global geopolitical tensions have led to a rise in gold prices, thereby increasing the redemption-related expenses for the Indian government. The analysts are of the view that the higher payouts through SGBs may affect India's borrowing strategy, which is largely dependent on government securities and treasury bills.
This calendar not only gives investors the needed clarity but also aligns with the broader debt management objectives.
The investor's decision to either redeem or hold the investment will greatly depend on the gold price movements and the portfolio strategies. With gold continuing to be a safe haven asset, the timing of the redemption could have a significant influence on the returns.
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