Comments
Andhra Bank has opened the sale of Sovereign Gold Bond (SGB) Scheme Tranche-V as part of 2016-17 series-II notified by the Government of India for public subscription from September 1-9, 2016 at all its branches.
The bonds will be restricted for sale to resident Indian entities, including individuals, HUFs, Trusts, Universities and Charitable Institutions who can apply for gold bonds (minimum one gram and maximum of 500 grams).
Tenor of the bonds is eight years with a provision for premature cancellation after 5 years.
RBI has notified a rate of interest of 2.75 per cent per annum. Issue price of the Sovereign Gold Bond for this tranche has been fixed at Rs 3,150 per gram of gold.
The Gold Bond Scheme enables people to invest in gold without physically buying the gold and receive money equivalent to the market value of gold as determined by RBI at the time of redemption besides earning interest on the invested amount semi-annually.
The scheme provides adequate protection against price fluctuation in gold during the period of investment.
Customers having Internet banking facility can apply online for SGB Bonds.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.