BEIJING -- China's Ministry of Finance announced Tuesday that it will issue two batches of electronic savings bonds worth up to 40 billion yuan ($6.3 billion).

The two batches will be the seventh and eighth issues of such bonds this year, according to a statement on the ministry's website.

The seventh batch is worth 28 billion yuan and carries a term of three years with a fixed annual interest rate of 5.21 percent, while the eighth issue of five-year bonds is worth 12 billion yuan at a fixed annual interest rate of 5.71 percent, the MOF said.

The bonds will be issued on July 10-23, with interest to be calculated from July 10 and paid annually, the statement said.

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

The bonds will be available only to 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.