Andhra Bank announces opening of Sovereign Gold Bond scheme 2019-20 Series-X
Hyderabad/UNI: Public Sector Andhra Bank has announced the opening of Sovereign Gold Bond Scheme (SGBS) 2019-20 series-X as notified by Government of India for public subscription from Monday.
The scheme will be open till March 6, 2020 at all its branches across the country, the bank said in a release here on Saturday.
The bonds will be restricted for sale to resident Indian entities including individuals, HUFs, Trusts, Universities and charitable institutions. The tenor of the bonds is 8 years with provision of premature cancellation after 5 years.
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 will bear interest from the date of issue at the rate of 2.5 per cent per annum on the nominal value. Interest will be paid in half-yearly rests and the last interest will be payable along with principal on maturity, the release said.
The issue price was fixed at Rs 4,260 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 4,210.
Andhra Bank customers having internet banking facility can apply online through internet banking for SGB Bonds and avail the discount, the release added.
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