Andhra Bank opens gold bonds subscription

Andhra Bank announced the opening of Series-IV of Sovereign Gold Bond Scheme 2019-20 for public subscription at all its branches from September 9 to 13. The Government of India launched the scheme.

The issue price for the scheme is fixed at Rs 3,890 per gram with a discount of Rs 50 per gram if the subscription is done through digital mode.

The price for investors applying through digital mode will be Rs 3,840 per gram. "Andhra Bank customers having internet banking facility can apply online through internet banking for SGB.

The minimum subscription is 1 gram gold and the maximum limit is 4 kg for individual, 4 kg for HUF, 20 kg for trusts per fiscal (April-March)," Andhra Bank said.

"The tenor of the bonds is 8 years with provision of premature cancellation after five years on the interest payment dates.

RBI has notified a Rate of Interest of 2.5 per cent per annum payable on half yearly basis," the bank added.