Money & Banking

Andhra Bank to sell Sovereign Gold Bonds during January 13-17

Our Bureau Hyderabad | Updated on January 11, 2020 Published on January 11, 2020

Andhra Bank will open Sovereign Gold Bond Scheme 2019-20 – Series-VIII as notified by Government of India for public subscription at all its branches from 13th January 13, 2020. It will continue till January 17, 2020.

The issue price has been fixed at Rs 4,016 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 3,966. Andhra Bank customers having Internet banking facility can apply online.

The bonds under this Scheme may be held by a person resident in India (as defined under Clause-V of Section 2 of FEMA Act, 1999) being an individual, in his capacity as such individual, or on behalf of minor child, or jointly with any other individual.

The bond may also be held by a Trust, HUFs, Charitable Institution and University. The minimum investment in the bonds will be one gram with a maximum limit of subscription per fiscal year of 4 kg for individuals, 4 kg for HUF and 20 kg for trusts and similar entities notified by the Government from time to time.

The bonds shall 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.

The Bonds shall bear interest from the date of issue at the rate of 2.50 per cent (fixed rate) per annum on the nominal value. Interest shall be paid in half-yearly rests and the last interest shall be payable along with principal on maturity, according to a release.

Published on January 11, 2020
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