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Andhra Bank is a mid sized public sector bank that’s owned by the Government of India. The bank has a number of products and services for the customers to take care of their banking needs in this ever changing and growing world. The Government, as part of its initiative to reduce the country’s dependency on the imports of gold, has introduced Sovereign Gold Bonds that are a financial asset as an alternative to the conventional ways to buying gold.
About Andhra Bank Gold Deposit Scheme
The Bank had recently announced the opening of subscription for Sovereign Gold Bonds 2019-2020 Scheme. The scheme is available for subscription at all the branches of the bank across the country and comes with multiple benefits for the investors.
Some of the features and benefits of the Andhra Bank Sovereign Gold Bonds are detailed below.
The interest on the Andhra Bank Sovereign Gold bonds is payable at an interest rate of 2.50% (fixed rate) annually on the nominal value of the bonds.
Such interest is paid half yearly as per the guidelines of the Reserve Bank of India with respect to interest on the bonds and it will be credited in the account of the holder that the investor has provided at the time of subscription.
The interest accrued on the bonds is taxable at the hands of the investor under the IT Act, 1961.
According to the scheme, the last interest is paid along with the payment of the principal amount at the time of maturity of these bonds.
The bank does not provide an explicit list of eligible applicants at its website. However, looking at the details of the scheme as hosted on the website of RBI, the eligible applicants for this scheme are the following persons resident in India
The Reserve Bank of India has mentioned a list of documents that are required for the purpose of this scheme. The details of the same are,
1. What is the minimum investment that a person can make under the scheme?
The minimum investment required by a person under the scheme is of 1 gram of gold
2. What is the maximum investment that a HUF can make per fiscal year?
The maximum permissible investment that a HUF can make per fiscal year is 4kg including that done at the time of subscription as well as through open market.
3. What is the maximum tenure of the scheme?
the maximum tenure of the scheme is 8 years.
4. What is the rate of interest payable under the scheme?
The rate of interest payable under the scheme is 2.50% (fixed) per annum.
5. What is the minimum lock in period under the scheme?
the minimum lock in period under the scheme is 5 years after which investors can opt for part redemption/premature redemption of bond, the payment of which will be made in the subsequent interest payment date.
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