The Union government on Friday fixed the Sovereign Gold Bond rate at Rs 2,934 per gram. The statement released said, “the price of the new series of Sovereign Gold Bonds (SGBs), opening for purchase on Monday, has been fixed at Rs 2,934 per gram.” In consultation with the Reserve Bank of India, the government has decided to offer a discount of Rs 50 per gram to investors applying online and making payments digitally. The Ministry of Finance statement said, “For the next subscription period November 7-9, 2017, the issue price shall be Rs 2,934 per gram with settlement on November 16, 2017”.
The subscription opens from Monday to Wednesday every week between October 9 and December 27. The settlement is to be made on the first business day of the following week. This round is part of the SGB calender announced till December and is spread over 12 weeks. The first tranche under the current schedule closed on October 11.
As reported by PTI, under the scheme, the bonds are denominated in units of one gram of gold and multiples thereof. Minimum investment in the bonds is one gram, with a maximum limit of 500 grams per person, per fiscal year (April to March).