Andhra Bank has announced the opening of Sovereign Gold Bond Scheme Tranche-II for public subscription from January 18 to 22 for a period of 5 days at all its 2,755 branches spread all over the country.
Under the Gold Bond Scheme, eligible persons (Individuals, Joint persons, Associations and Trusts) can apply for gold bonds (Minimum 2 grams and maximum of 500 grams). The tenor of the Bonds is 8 years with provision of premature cancellation after 5 years.
RBI has notified a Rate of Interest of 2.75% per annum and a rate of Rs 2,600 per gm for subscriptions under SGB Tranche-II. 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 and the interest on the invested amount will be paid semi-annually.
The scheme provides adequate protection against the price fluctuation in gold during the period of investment. All are requested to avail the benefits of the scheme and approach any of our branches for subscriptions of the Bonds, according to a release here today. (NSS)