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| Andhra Bank opens SGB scheme 2019-20 Series-V |
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Hyderabad: Public Sector Andhra Bank has announced the opening of Sovereign Gold Bond (SGB) Scheme 2019-20 Series-V notified by Government of India for public subscription. The subscription will be open at all its branches spread over the country from October 7 to 11, 2019, the bank said in a statement here on Saturday.
The issue price for the period is fixed at Rs 3,788 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 3,738. Andhra Bank customers having Internet banking facility can apply online through internet banking for SGB Bonds and avail the discount.
The bonds under the scheme, 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 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. 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 and the interest payable on half-yearly basis, the statement added.
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