Sovereign Gold Bond (SGB) Premature Redemption in Post Office

 Sovereign Gold Bond (SGB) Premature Redemption in Post Office

 Sir/Madam,

With reference to the trailing mail, kindly find the notification issued by RBI attached herewith for the repayment of the SGB certificates. (Premature redemption as well as for maturity).

This is in connection to the para 13 in the notification issued by the RBI dated 13 April, 2020 (RBI/2019-20/213 IDMD.CDD.2730/14.04.050/2019-20 April 13, 2020).

As per the guidelines in the para 13,

For maturity of SGB on expiration of 8 years of period – No need to submit the documents for maturity claim.

For premature redemption – (can be availed only after completion of 5 years from date of issue of bonds) - Investor needs to submit the application for the same.

In both the cases, the amount liable will directly be credited to the bank account of the investor by RBI.

For premature redemption- (Process to be followed by the concerned post offices):-

1. Investors need to submit the premature redemption claim at least 30 days before the interest credit month/date. 

(We need to scrutinize the details, hence that much period is required).

 

2. Documents to be submitted:-

1) Letter for premature redemption

2) Original bond (Certificate of Holding)

3) Bank account details (Passbook first page Xerox) same details as provided for interest credit should be provided.

4) PAN card/ADHAAR card self attested Xerox

3. The receiving office should scan the documents and mail the same to the nodal office for further process. (At least 20 days before the interest credit month/date.

4. In the subject of the mail for the same – “URGENT- REDEMPTION DOCUMENTS _INVESTOR NAME _ INVESTOR NAME_INVESTOR ID” so as to identify the top priority mails.

5. In case of the DEMAT bonds, the request is to be submitted through the concerned depository and not through the post offices.

6. Please confirm from investor previous SGB interest has been credited into investor bank account before premature SGB.

With Regards,

Director,

(SGB Cell)

Mumbai GPO-400001.

Ph.022-22651013 / 022-22626100