seeing too many people ask about when the next SGB tranche is coming. short answer: it isn’t.
last series was 2023-24 Series IV, subscription window closed February 2024. nothing since. finance minister confirmed in the 2025 budget that there are no plans for new tranches. scheme is effectively over.
for anyone holding existing SGBs though, 2026 is actually a busy year. premature redemption windows, a tax change that kicked in April 1, and a few series hitting final maturity. worth understanding before you make any moves.
I wasn’t surprised when they stopped. When the scheme launched in 2015, gold was around Rs 26,300 per 10 grams. By March 2025 it was touching Rs 84,450. That is a 3x appreciation and the government had to honour every gram of it. 132 tonnes of gold held through SGBs, liability north of Rs 1.12 lakh crore. The economics just stopped making sense compared to issuing regular bonds. And the original intent, to reduce physical gold imports, never really played out either. So here we are.
Not formally abolished, but effectively discontinued. No FY27 issuance calendar has been published and there is no indication one is coming. Existing bonds are unaffected. Maturity and interest payments will continue as scheduled. That said, if you are waiting for new tranches to open so you can subscribe fresh, that window has likely closed for the foreseeable future.
Depends on which series you hold and when you bought.
If you are an original subscriber and your bond has crossed five years, you have premature redemption as an option. RBI has published a calendar for 33 tranches from 2018-19 to 2021-22 that are eligible for early exit between April and September 2026. Some key April dates: 2019-20 Series V on April 15, 2020-21 Series VII on April 20, 2018-19 Series II on April 23, 2020-21 Series I on April 28, 2019-20 Series VI on April 30. The April 20 redemption price was fixed at Rs 15,254 per unit against an issue price of Rs 5,051. That is 202% gain plus 2.5% annual interest on top, paid semi-annually through the holding period.
If you are close to final maturity, redemption is automatic. SGB 2017-18 Series IX matures November 27, 2026 at Rs 12,484 per unit.
If you have no urgent need for the money and are an original subscriber, holding to maturity still makes sense from a tax angle.
The tax change from April 1, 2026 is the part most people are missing. Capital gains exemption at redemption is now restricted to original subscribers who bought at primary issuance and hold until maturity. If you picked up SGBs from the secondary market on NSE or BSE, gains after April 1, 2026 are taxable. Short-term at slab rate, long-term at applicable LTCG. The 2.5% interest was always taxable at slab rate with no TDS, that part has not changed.
Yes. Secondary market purchase means no exemption at redemption after April 1, irrespective of holding period. Only original RBI subscribers retain the full tax-free benefit.
Gold ETF is the practical alternative. No storage hassle, buy and sell on exchange anytime, one unit is roughly one gram. The returns track gold prices just like SGBs but without the 2.5% fixed interest. Tax treatment is now actually similar post the April change. So for new money going into gold, ETF is the cleaner route. The SGB secondary market still exists but you are paying a premium for an instrument that no longer has its main tax advantage.
naya issue nahi aayega, scheme basically over
last one was february 2024
original subscribers: 33 tranches eligible for premature redemption april to sept
april 20 redemption price was rs 15,254 vs rs 5,051 issue price = 202% gain
secondary market buyers: tax lagega now on exit from april 1
2.5% interest always tha taxable, woh nahi badla
new gold investment ke liye: gold ETF better option hai ab