• Mon. Jun 24th, 2024

Andhra Bank has opened its Sovereign Gold Bond (SGB) Scheme 2019-20 Series-VII notified by Government of India for public subscription at all of its branches spread over the country from December 2 to 6, 2019.

The issue price for the period is fixed at Rs 3,795 per gram with a discount of Rs 50 per gram if subscribed through digital mode.

The price for investors applying through digital mode will be Rs 3,745. Andhra Bank customers having internet banking facility can apply online through internet banking for SGB and avail the discount.

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The bank said, the bonds may be held by a person resident in India, being an individual or on behalf of minor child or jointly with any other individual. The bond may also be held by Trust, Hindu Undivided Families, Charitable Institution and University.

The minimum investment in the bonds shall be one gram with a maximum limit of subscription per fiscal year of 4kg for individuals, 4kg for Hindu Undivided Families and 20 kg for Trusts and similar entities.

The bond will be repayable on the expiration of eight years from the date of issue of the bonds. Pre-mature redemption of the bond is permitted after fifth year of the date of issue of the bonds and such repayments shall be made on the next interest payment date.

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The bonds will bear interest from the date of issue at the rate of 2.5 per cent (fixed rate) per annum on the nominal value. Interest will be paid in half-yearly rests and the last interest can be payable along with principal on maturity.

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