Hyderabad , Nov 30 : Andhra Bank on Saturday announced the opening of Sovereign Gold Bonds (SGB) 2019-20 Series – VII scheme, notified by the Government, for public subscription at all its branches spread over the country.
The issue price during the sale period from December 2 to 6 , 2019, has been fixed at Rs 3,795 per gram, with a discount of Rs 50 per gram if subscribed in the digital mode.
Hence, the price for investors applying through the digital mode will be Rs 3,745 per gram, the bank said in a release here.
The minimum investment will be one gram with a maximum subscription limit in each fiscal year being 4 kg per individual and HUF and 20 kg for trusts.
The bonds will be payable on expiry of eight years from the date of issue, with an interest rate of 2.50 per cent (fixed) per annum on the nominal value.
Interest will be paid in half-yearly rests and the last interest will be paid along with principal on maturity.
Pre-mature redemption of the bonds is permitted after fifth year of the date of issue of the bonds and such repayments will be made on the next interest payment date, the release added. (Agencies)
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