Andhra Bank gold bond subscription begins

Andhra Bank gold bond subscription begins

Agency News

Hyderabad, Sept 7 :  Andhra Bank on Saturday announced the opening of Sovereign Gold Bond Scheme (SGBS) 2019-20 – Series-IV for public subscription at all its branches from Monday to September 13.

"The issue price for the period – from Sept 9,10, 13- was fixed at Rs 3,890 per gram with a discount of Rs 50 per gram if subscribed through digital mode," the bank said in a statement here.

The price for investors applying through digital mode will be Rs 3,840.

Andhra Bank customers having internet banking facility can apply online through internet banking for SGB Scheme for avail the discount.

The bonds would be restricted for sale to resident Indian entities, including individuals, Hindu Undivided families (HUF), trusts, universities and charitable institutions who can apply for gold bonds.

The minimum subscription is 1 gm and the maximum  4 kg for individuals and HUFs and 20 kg for trusts and similar entities per fiscal notified by the government from time to time.

The tenor of the bond is eight years with provision of premature cancellation after five years on the interest payment dates.

Reserve Bank of India  notified a rate of interest of 2.5 per cent per annum on the initial half yearly basis. (UNI)