Money & Banking

Andhra Bank launches Sovereign Gold Bonds 2019-20-Series-IV scheme

V Rishi Kumar Hyderabad | Updated on September 07, 2019 Published on September 07, 2019

Andhra Bank has announced the opening of Sovereign Gold Bond Scheme 2019-20 Series-IV notified by Government of India for public subscription.

The subscription will be open at all its branches spread over the country from September 9 to 13, 2019.

The issue price for the period is fixed at Rs 3,890 per gram with a discount of Rs 50 per gram if subscribed throuqh digital mode.

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 Bonds and avail the discount.

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.

The minimum subscription is 1 gram of gold and the maximum limit of subscription shall be 4 kg for individual, 4 kg for HUF and 20 Kg for trusts and similar entities per fiscal (April to March) notified by the Government from time to time.

The tenor of the bonds is 8 years with provision of premature cancellation after 5 years on the interest payment dates. RBI has notified a rate of interest of 2.50% per annum payable on half yearly basis, according to a statement from Andhra Bank.

Published on September 07, 2019
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