On Friday, the government fixed the price for new series of Sovereign Gold Bonds (SGBs) that opens on Monday for purchase at Rs 2,934 per gram. The extended subscription period for SGBs from October 9 to December 27 is in light of the festive season and as demand for gold sees an increase in Kerala.
Investors can subscribe to SGBs every week from Monday to Wednesday and the settlement or the issuance of the bonds has to be made on the first working day of the following week.
In a statement finance ministry said, "For the next subscription period November 7 to 9, 2017, the issue price shall be Rs 2,934 per gram with settlement on November 16, 2017".
Retail investors are allowed a maximum investment of 500 gm and institutional investors can apply for a maximum 4 kgs. Minimum investment allowed for individuals is 1 gm.
For online purchase of SGBs, investors are offered a discount of Rs. 50 per gram