If I invest in new issue G sec Bond example 706GS2028 need to pay 106.72 RS and bond face value 100 RS who will get this 6.72 RS premium in case of new issue .
As you are buying in primary issue, any premium / discount with face value goes to RBI (govt).
However, in this case premium is not entire Rs. 6.72.
This bond was issued on Apr 10, and is already has interest accrued upto 16th July, so part of that money above face value is accrued interest.
Also, as these securities are issued based on auction, actual price discovered in auction is not know, so Zerodha generally blocks a higher amount. Actual price of issue will be known only post issue (and in this case it should be close to 100 + accrued interest)
Thanks now I got why they block higher amounts and how bond will get exactly specified yield… 
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Where did u see this option to buy bonds from. In coin app