Public sector lender, Andhra Bank has launched the Sovereign Gold Bond Scheme Tranche-II, sponsored by the Central Government, for public subscription for five days from January 18 to 22 at all its 2,755 branches. Under the Scheme, eligible persons (individuals, joint persons, associations and trusts) can apply for gold bonds (minimum 2 gm and maximum of 500 gm). The tenor of the bonds is 8 years with provision for premature cancellation after five years. The scheme provides adequate protection against price fluctuations in gold during the period of investment.
Andhra Bank has reported 73.89% rise in its net profit at Rs 251.26 crore for the quarter ended September 30, 2015 as compared to Rs 144.49 crore for the same quarter in the previous year. The bank’s total income has increased by 7.25% to Rs 4744.16 crore for the quarter under review from Rs 4423.62 crore for the corresponding quarter of the previous year.
