Government fixes sovereign Gold bond rate at Rs 2,890/gram

The government has fixed Rs 2,890 per gram as price of new series of sovereign gold bonds (SGBs) opening on Monday.

The government, in consultation with the Reserve Bank, has decided to offer a discount of Rs 50 per gram to investors applying online and making payments digitally.

"For the next subscription period December 11-13 of the Series III of Sovereign Gold Bonds 2017-18, the issue price shall be Rs 2,890 per gram with settlement on December 18," a finance ministry statement said today.

The issue price will be Rs 2,840 a gram for investors applying online and the payment through digital mode.

The current round of bonds is part of the SGB calender announced till December and is spread over 12 weeks.

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.

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 financial year (April to March).

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