Andhra Bank, one of the leading public sector banks in the country has reportedly launched a sovereign gold bond scheme Tranche-IV for subscription from July 18 to July 22, 2016. The minimum investment is 1 gram and maximum 500 grams. The Government of India (GOI) sponsored bonds will be available at all the 2,826 branches of the bank across India.
The tenure of the bond is eight years with provision for premature cancellation after five years. Notified rate of interest is 2.75% per annum. 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 bank has posted a fall of 72.14% in its net profit at Rs 51.60 crore for the quarter ended March 31, 2016 as compared to Rs 185.24 crore for the same quarter in the previous year. However, total income of the bank has increased by 9.05% at Rs 5124.37 crore for quarter under review as compared to Rs 4699.16 crore for the quarter ended March 31, 2015.
