RBI fixes Sovereign Gold Bond rate at Rs 2,945/gm

Mumbai: The purchase price for the Sovereign Gold Bond(SGB) series opening on Monday has been fixed at Rs 2,945 per gram, the Reserve Bank said on Saturday. The subscription for bonds runs from Monday to Wednesday every week.

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

"For such investors, the issue price of the Gold Bond will be Rs 2,895 per gram of gold," the central bank said while announcing the issue price for Sovereign Gold Bond 2017 -18 Series-VI.

For the subscription period from October 30 to November 1, the nominal value of the bond works out to Rs 2,945 per gram, the RBI said.

The issue price for Series-V was Rs 2,971 for every gram.

This is part of the SGB calender announced till December spread over 12 weeks. According to the calender, it will be open for subscription from Monday to Wednesday of every week starting from October 9 until December 27. The first tranche under this closed on October 11.

The settlement will be made on the first business day of the next week for the applications received during a given 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 subscription of 500 grams per person per fiscal year (April-March).