Andhra Bank has opened the sale of Sovereign Gold Bond (SGB) Scheme Tranche-V as part of 2016-17 series-II notified by the Government of India for public subscription from September 1-9, 2016 at all its branches.
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 one gram and maximum of 500 grams). Tenor of the bonds is eight years with a provision for premature cancellation after 5 years.
The Gold Bond Scheme enables people to invest in gold without physically buying 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.
