New Delhi: There is a big update for investors who invested in Sovereign Gold Bond (SGB) 2016-17 Series III. The Reserve Bank of India (RBI) has announced the final redemption price and redemption date for the bonds of this series. Under this scheme, investors can now redeem their bonds on 16 November 2024. This bond has given a profit of 160 percent to its investors during the last eight years. The amount invested in the year 2016 has increased two and a half times.

Redemption will be at the rate of Rs 7,788 per unit..
 

People who invested in SGB 2016-17 Series III bonds not only got this return due to the huge rise in gold prices, but they also got an interest of 2.50% every year. This interest is paid every six months and is paid with the final redemption. Under this scheme, investors will get the principal value of the gold bond along with the interest every year.
 

Investment is completed in eight years.
 

According to RBI, bonds under this scheme can be redeemed after 8 years. The redemption price of bonds of this series issued in 2016-17 has been set at the average of the closing price of gold from November 4 to 8, 2024. On this basis, the redemption price has been fixed at Rs 7,788 per unit, whereas the amount invested on November 17, 2016, was Rs 3,007 per unit, which shows an increase of about 160 percent.
 

A good option to invest in gold

Let us tell you that SGB is a government security, which provides investors a secured investment option in the form of gold. The price of bonds purchased under this is set according to the price of gold. Interest on these bonds is paid every half year, and the entire amount is paid in lump sum at the time of maturity. In such a situation, if you also invested in SGthat6-17 Series III in 201 with 6-17, then you are going to get a great return on your investment. This scheme not only gives the benefit of rising gold prices, but also pays interest, which makes the total return even more attractive.