Home › Circulars › RBI/2021-22/39

SGB 2021-22 Series I-VI: Subscription Schedule & Guidelines

Current · Source: Reserve Bank of India · RBI/2021-22/39 · issued 14 May 2021 · ~2 min read
Quick answerRBI notifies six tranches of Sovereign Gold Bonds for FY 2021-22, with subscription windows from May to September 2021. Banks (excluding RRBs, SFBs, Payment Banks), post offices, SHCIL, and stock exchanges can accept applications. PAN is mandatory for investors.
The rule, in the simplest words
How it plays out — a real example

A branch operations officer in Indore checks the RBI calendar and sees the first SGB subscription window opens on May 17, 2021. She reminds her branch staff to accept applications only from eligible banks (not RRBs or small finance banks) and to always ask for the customer's PAN before processing the form, just as the circular says.

What changed

Government announced SGB 2021-22 Series I through VI with specific subscription and issuance dates. RBI circular provides the calendar and reiterates that receiving offices must follow consolidated operational guidelines issued earlier (April 2020). No new procedural changes; this is a routine issuance notification.

What it means for you

Banks and other receiving offices have a clear schedule for six SGB tranches, enabling them to plan investor outreach and application processing. The circular reinforces existing service obligations and the need to adhere to RBI's consolidated guidelines, ensuring uniform handling across all entities. No additional compliance burden beyond standard SGB operations.

What you must do

Who it affects

All Scheduled Commercial Banks (excluding RRBs, Small Finance Banks, Payment Banks), Designated Post Offices, Stock Holding Corporation of India Ltd (SHCIL), National Stock Exchange of India Ltd & Bombay Stock Exchange Ltd, Investors in Sovereign Gold Bonds

❓ Common questions

What are the subscription dates for SGB 2021-22 Series I?

Series I subscription opens from May 17 to May 21, 2021, with issuance on May 25, 2021.

Which entities are authorized to accept SGB applications?

Scheduled Commercial Banks (excluding RRBs, Small Finance Banks, Payment Banks), designated Post Offices, SHCIL, and recognized stock exchanges (NSE, BSE) can accept applications directly or through agents.

Is PAN mandatory for SGB investment?

Yes, every application must be accompanied by the PAN details issued by the Income Tax Department to the investor.

📜 Read the original circular — full text as issued by RBI
Notifications - Reserve Bank of India Skip to main content Selected Selected Change Language हिंदी Search the Website Search Home About Us ▼ About Us Organisation & Functions ▶ Organisation Structure Departments Offices Training Establishment ▶ College of Agricultural Banking Reserve Bank Staff College College of Supervisors RBI's Functions and Working Governors Deputy Governors Executive Directors Communication Policy of RBI Sources of Information ▶ Annual Publications Half-yearly Publications Quarterly Publications Monthly Publications Weekly Publications Occasional Publications SDDS NSDP Data Releases Publications available on Subscription General Information RBI History Museum ▶ The RBI Museum RBI Monetary Museum Notification ▼ Notifications Master Directions Master Circulars Amendment Directions Draft Notifications/Guidelines ▶ Draft Notifications/Guidelines Draft Directions (RE-wise) Index To RBI Circulars Standalone Circulars Circulars Withdrawn Press Releases Speeches & Media Interactions ▼ Speeches Media Interactions Memorial Lectures Podcasts Publications ▼ Biennial Annual Half-Yearly Quarterly Bi-monthly Monthly Weekly Occasional Reports Working Papers Legal Framework ▼ Act Rules Regulations Schemes Research ▼ External Research Schemes RBI Occasional Papers Working Papers RBI Bulletin History DRG Studies KLEMS State Statistics and Finances Statistics ▼ Data Releases Database on Indian Economy Public Debt Statistics Regulatory Reporting ▼ List of Returns Data Definition Validation rules/ Taxonomy List of RBI Reporting Portals FAQs of RBI Reporting Portals Home Notifications Notifications ( 93 kb ) Sovereign Gold Bond Scheme (SGB) 2021-22- Series I/II/III/IV/V/VI RBI/2021-22/39 IDMD.CDD.No.45187/14.04.050/2021-22 May 14, 2021 The Chairman & Managing Director All Scheduled Commercial Banks, (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India Ltd. (SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. Dear Sir/Madam, Sovereign Gold Bond Scheme (SGB) 2021-22- Series I/II/III/IV/V/VI Government of India has vide its Notification No F.No 4.(5)-B (W&M)/2021 dated May 12, 2021 has announced the Sovereign Gold Bond Scheme 2021-22, Series I, II, III, IV, V and VI . Under the scheme there will be a distinct series (starting from Series I) for every tranche. The terms and conditions of the issuance of the Bonds shall be as per the above notification. 2. Date of Issue The date of issuances shall be as per the details given in the calendar below S. No. Tranche Date of Subscription Date of Issuance 1. 2021-22 Series I May 17–21, 2021 May 25, 2021 2. 2021-22 Series II May 24–28, 2021 June 01, 2021 3. 2021-22 Series III May 31-June 04, 2021 June 08, 2021 4. 2021-22 Series IV July 12- 16, 2021 July 20, 2021 5. 2021-22 Series V August 09-13, 2021 August 17, 2021 6. 2021-22 Series VI August 30- September 03, 2021 September 07, 2021 3. Period of subscription. The Subscription of the Gold Bonds under this Scheme shall be open (Monday to Friday) on the dates specified above, provided that the Central Government may, with prior notice, close the Scheme at any time before the period specified above. 4. Application Subscription for the Bonds may be made in the prescribed application form Form A or in any other form as near as thereto, stating clearly the grams (in units) of gold and the full name and address of the applicant. Every application must be accompanied by the ‘PAN details’ issued by the Income Tax Department to the investor(s). Scheduled Commercial Banks (excluding RRBs, Small Finance Banks and Payment Banks) , designated Post Offices (as may be notified) , Stock Holding Corporation of India Ltd (SHCIL) and recognized stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange Ltd. are authorized to receive applications for the Bonds either directly or through agents and render all services to the customers The Receiving Office shall issue an acknowledgment receipt in Form B’ to the applicant. 5. In addition to receipt of application, the Receiving Offices are also entrusted with the responsibility of providing service to the investors of the SGB and are required to be guided by rules and regulations issued by RBI in this regard from time to time. With a view to facilitate availability of all current operative instructions regarding servicing of these bonds at one place, RBI has issued consolidated procedural/operational guidelines vide circular IDMD.CDD.2730/14.04.050/2019-20, dated April 13, 2020 . and the same is available on RBI website. The Receiving Offices shall be guided by these instructions while dealing with all the procedural aspects and providing service to the investors. 6. All other terms and conditions specified in the notification of Government of India in the Ministry of Finance (Department of Economic Affairs) vide Notification F.No.4(2)-W&M/2018 dated March 27, 2018 shall apply to the Bonds. Yours faithfully, (R. 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Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2021-22/39 · issued 14 May 2021. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
🏦 Branch Manager
  • Ensure your branches are ready to accept SGB applications during the specified subscription periods (May 17–Sept 3, 2021).
💻 IT / Systems
  • Verify that all applications include PAN details as mandated.
📜 Compliance
  • Refer to RBI's consolidated procedural guidelines (IDMD.CDD.2730/14.04.050/2019-20 dated April 13, 2020) for full operational instructions.
  • Issue acknowledgment receipts (Form B) to applicants promptly.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are a Branch Manager at a bank this circular applies to (All Scheduled Commercial Banks (excluding RRBs, Small Finance Banks, Payment Banks), Designated Post Offices, Stock Holding Corporation of India Ltd (SHCIL), National Stock Exchange of India Ltd & Bombay Stock Exchange Ltd, Investors in Sovereign Gold Bonds), your first concrete step on “SGB 2021-22 Series I-VI: Subscription Schedule & Guidelines” is: “Ensure your branches are ready to accept SGB applications during the specified subscription periods (May 17–Sept 3, 2021).” (RBI issued this 14 May 2021).

  1. Circular: RBI/2021-22/39 -- SGB 2021-22 Series I-VI: Subscription Schedule & Guidelines
  2. Issued: 14 May 2021
  3. Action required: Ensure your branches are ready to accept SGB applications during the specified subscription periods (May 17–Sept 3, 2021).
  4. Action required: Verify that all applications include PAN details as mandated.
  5. Action required: Refer to RBI's consolidated procedural guidelines (IDMD.CDD.2730/14.04.050/2019-20 dated April 13, 2020) for full operational instructions.
  6. Action required: Issue acknowledgment receipts (Form B) to applicants promptly.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12093&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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