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Business EconomyPosted at: Oct 22 2016 1:14PM


Andhra Bank to open third series of SGB scheme from Oct 24

Hyderabad, Oct 22 (UNI) Andhra Bank will open Sovereign Gold Bond (SGB)
Scheme 2016-17 series-III, notified by the Government of India for public
subscription, from October 24 to November 2 at all its 2853 branches spread across the country.
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 (Minimum 1 gram and maximum of 500 grams), a Bank statement said here today.
The tenor of the Bonds is 8 years with provision of premature cancellation after 5 years.
RBI has notified a rate of interest of 2.50 per cent per annum on the initial investment based on nominal value. The nominal price of Gold is arrived based on simple average of closing price gold as published by IBJA in the preceding week to the issue (Monday to Friday).
The issue price is fixed Rs 50 less than the nominal price. The issue price of the Sovereign Gold Bond for this tranche has been fixed Rs 2957 per gram of gold.
The Gold Bond Scheme enables people to invest in gold without physically purchasing the gold and receive money equivalent to the market value of gold as determined by RBI at the time of redemption besides earning interest on the invested amount semi-annually.
The scheme provides adequate protection against the price fluctuation in gold during the period of investment, the statement said and added that the bank request all to avail the benefits of the scheme and approach any of our branches for subscriptions of the Bonds.
Customers who are having Internet banking facility can apply online for SGB Bonds, the statement said.
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Tags: #Andhra Bank to open third series of SGB scheme from Oct 24
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