Mumbai, Nov 26 (PTI) The issue price for Sovereign Gold Bond Scheme 2021-22, which will open for subscription for five days from November 29, has been fixed at Rs 4,791 per gram of gold, the Reserve Bank of India said on Friday. The Sovereign Gold Bond Scheme 2021-22 - Series VIII will be open for subscription from November 29 – December 03, 2021. "The nominal value of the bond...works out to Rs 4,791 per gram of gold," the RBI said. Government of India, in consultation with the RBI, has also decided to offer a discount of Rs 50 per gram on the nominal value to those investors applying online and the payment against the application is made through digital mode. "For such investors, the issue price of Gold Bond will be Rs 4,741 per gram of gold," it added. The issue price of Series VII was Rs 4,761 per gram of gold. The RBI will issue the bonds on behalf of the Government of India. The bonds will be sold through banks (except Small Finance Banks and Payment Banks), Stock Holding Corporation of India Limited (SHCIL), designated post offices, and recognised stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange Limited. The Scheme was launched in November 2015 with an objective to reduce the demand for physical gold and shift a part of the domestic savings -- used for the purchase of gold -- into financial savings. Price of bond is fixed in Indian Rupees on the basis of simple average of closing price of gold of 999 purity, published by the India Bullion and Jewellers Association Limited for the last 3 working days of the week preceding the subscription period. The bonds will be denominated in multiples of gram (s) of gold with a basic unit of 1 gram. The tenor of the bond will be for a period of eight years with exit option after 5th year to be exercised on the next interest payment dates. Minimum permissible investment is 01 gram of gold. The maximum limit of subscription is 4 KG for individual, 4 kg for HUF and 20 kg for trusts and similar entities per fiscal (April-March). The Know-your-customer (KYC) norms will be the same as that for purchase of physical gold. PTI NKD MR MR