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Business EconomyPosted at: Jun 3 2019 7:23PM


Andhra Bank announces opening of SGBS 2019-20 Series-1 for public subscription

Hyderabad, Jun 3 (UNI) Andhra Bank on Monday announced the opening of Sovereign Gold Bond Scheme (SGBS) - 2019-20 – Series-I for public subscription at all its branches across the country from June 3 to 7.

The issue price for the period – June 3 to 7- was fixed at Rs 3,196 per gram with a discount of Rs 50 per gram if subscribed through digital mode, the Bank said in a statement here.

The price for investors applying through digital mode will be Rs 3146.

Andhra Bank customers having internet banking facility can apply online for SGB Bonds and avail the discount.

The Bonds 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 was 1 gram of gold and the maximum limit of subscription will be 4 kg for individual.

About 4 kg for HUF and 20 kg for trusts and similar entities per fiscal (April-March ) was notified by the Government from time to time, the statement said.

The tenor of the Bonds is for eight years with provision of premature cancellation after 5 years on the interest payment dates. RBI has notified a rate of interest of 2.50 per cent per annum payable on half yearly basis, the statement added.
UNI KNR CS 1925
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