Suggest you to read through this answer which has details on what are these gold bonds. Government of India is using the stock exchanges for the issue of 2nd tranche of sovereign gold bonds. So similar to IPO's you can apply for these gold bonds in the next few days.
Who should apply?
Anyone who intends to invest into physical gold (coins, biscuit, jewellery) or gold ETF's.
Government is paying a fixed 2.5% per year return on invested value. Yep, correct, a fixed return similar to investing into an FD. This scheme is being floated to encourage people to move away from buying physical gold, which is one of the main reasons for India's widening current account deficit.
Since it is in demat form, no worry of storage costs or security.
When buying gold ETF's, there is a management fees. No such fees when investing into sovereign gold bonds.
These gold bonds will start trading on the exchanges soon. So similar to selling stocks you can decide to exit it whenever you want, if you don't decide to hold on till the end of the bond tenure.
Guaranteed by government of India.
Check this link on FAQ on investing into SGB
The issue dates are still not announced. Should be between 2nd and 3rd week of July. So this is similar to a stock IPO.
If you are a Zerodha client, you can visit here: https://zerodha.com/gold/ to apply. The money will be debited from your trading account 1 or 2 days before close of the issue. You can visit the same link to edit/delete as well.