BEIJING - China's Ministry of Finance (MOF) announced Tuesday that it will issue two batches of electronic savings bonds worth up to 50 billion yuan ($7.92 billion).

The first batch is worth 35 billion yuan and carries a term of three years with a fixed annual interest rate of 5.58 percent, according to a statement on the ministry's website.

The second batch of five-year bonds is worth 15 billion yuan at a fixed annual interest rate of 6.15 percent.

The two batches will be issued from March 10 to 23, with interest to be calculated from March 10 and paid annually, the statement said.

But the issuance will be canceled or suspended if interest rate hikes occur during the issue period, the statement said.

The bonds are only available for individual investors, it said.

Electronic savings bonds are considered more convenient than other types of bonds, as interest can be paid directly into the investor's account.