Category: Personal Finance

This Bank Revises Interest Rates On Savings Account: Now Get Up To 7%

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Investment

oi-Vipul Das

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With effect from October 5, 2021, AU Small Finance Bank has adjusted interest rates on its savings bank deposits. Following the most recent adjustment, the bank currently provides a savings account interest rate of up to 7%. The bank also offers an online option to open a savings account, as well as higher interest rates and monthly interest payouts. The bank also has a variety of savings account options, which are detailed below.

Types of savings accounts

Types of savings accounts

Here are the types of savings accounts of AU Small Finance Bank which customers should look at before opening an account.

AU Savings Account

  • Minimum balance: Rs 5000 per month
  • Interest payable: Up to 7% per annum
  • Suitable for: Any resident individual
  • Special benefit: Auto upgrade

AU Salary Account

  • Minimum balance: Zero
  • Interest payable: Up to 7% per annum
  • Suitable for: Salaried customers
  • Special benefit: Tax Advisory & 24/7 Support

AU Institution Account

  • Minimum balance: Zero
  • Interest payable: Up to 7% per annum
  • Suitable for: Institutions
  • Special benefit: Assistance & Customized Solution

AU Senior Citizen Account

  • Minimum balance: Rs 5000 per month
  • Interest payable: Up to 7% per annum
  • Suitable for: Resident Indian senior citizens
  • Special benefit: Exclusive offers and discounts

AU Women Account

  • Minimum balance: Rs 5000 per month
  • Interest payable: Up to 7% per annum
  • Suitable for: Women only
  • Special benefit: Family banking service and support

AU Kids Account

  • Minimum balance: Zero
  • Interest payable: Up to 7% per annum
  • Suitable for: Children
  • Special benefit: Insurance coverage

AU NRI Account

  • Minimum balance: Rs 5000 per month
  • Interest payable: Up to 7% per annum
  • Suitable for: NRIs and PIOs
  • Special benefit: Forex Transactions at Reasonable Rates

AU Student Account

  • Minimum balance: Zero
  • Interest payable: Up to 7% per annum
  • Suitable for: Students only
  • Special benefit: Multiple insurance coverage

AU ABHI Account

  • Minimum balance: Zero
  • Interest payable: Up to 7% per annum
  • Suitable for: Any resident individual
  • Special benefit: Online application process

AU Digital Savings Account

  • Minimum balance: Zero
  • Interest payable: Up to 7% per annum
  • Suitable for: Any resident individual
  • Special benefit: Instant account opening process

AU Small Finance Bank Savings Account Interest Rates

AU Small Finance Bank Savings Account Interest Rates

Savings Account Incremental Amount slab Rate of Interest Applicable (per annum)
Balances less than INR 1 Lac 3.50%
Balances from INR 1 Lac to less than INR 10 Lacs 5.00%
Balances from INR 10 Lacs to less than INR 25 Lacs 6.00%
Balances from INR 25 Lacs to less than INR 1 Crore 7.00%
Balances from INR 1 Crore to less than INR 10 Crores 6.00%
Applicable Interest Rates on Savings Bank Deposits w.e.f. 5th October 2021, Source: Bank Website

AU Small Finance Bank Fixed Deposit Interest Rates

AU Small Finance Bank Fixed Deposit Interest Rates

The bank’s most recent interest rates for Domestic & NRE/NRO Retail Fixed Deposits for amounts less than Rs 2 Crore are listed below.

Tenure Regular Interest Rates For Senior citizens
7 Days to 1 Month 15 Days 3.50% 4.00%
1 Month 16 Days to 3 Months 4.00% 4.50%
3 Months 1 Day to 6 Months 4.35% 4.85%
6 Months 1 Day to 12 Months 4.85% 5.35%
12 Months 1 Day to 15 Months 5.85% 6.35%
15 Months 1 Day to 18 Months 5.75% 6.25%
18 Months 1 Day to 24 Months 5.75% 6.25%
24 Months 1 Day to 36 Months 6.00% 6.50%
36 Months 1 Day to 45 Months 5.75% 6.25%
45 Months 1 Day to 60 Months 5.75% 6.25%
60 Months 1 Day to 120 Months 6.00% 6.50%
Source: Bank Website, w.e.f. 25th August 2021

Story first published: Wednesday, October 6, 2021, 15:49 [IST]



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This Bank Revises Interest Rates On Savings Account: Now Get Up To 7%

Personal Finance

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Investment

oi-Vipul Das

|

With effect from October 5, 2021, AU Small Finance Bank has adjusted interest rates on its savings bank deposits. Following the most recent adjustment, the bank currently provides a savings account interest rate of up to 7%. The bank also offers an online option to open a savings account, as well as higher interest rates and monthly interest payouts. The bank also has a variety of savings account options, which are detailed below.

Types of savings accounts

Types of savings accounts

Here are the types of savings accounts of AU Small Finance Bank which customers should look at before opening an account.

AU Savings Account

  • Minimum balance: Rs 5000 per month
  • Interest payable: Up to 7% per annum
  • Suitable for: Any resident individual
  • Special benefit: Auto upgrade

AU Salary Account

  • Minimum balance: Zero
  • Interest payable: Up to 7% per annum
  • Suitable for: Salaried customers
  • Special benefit: Tax Advisory & 24/7 Support

AU Institution Account

  • Minimum balance: Zero
  • Interest payable: Up to 7% per annum
  • Suitable for: Institutions
  • Special benefit: Assistance & Customized Solution

AU Senior Citizen Account

  • Minimum balance: Rs 5000 per month
  • Interest payable: Up to 7% per annum
  • Suitable for: Resident Indian senior citizens
  • Special benefit: Exclusive offers and discounts

AU Women Account

  • Minimum balance: Rs 5000 per month
  • Interest payable: Up to 7% per annum
  • Suitable for: Women only
  • Special benefit: Family banking service and support

AU Kids Account

  • Minimum balance: Zero
  • Interest payable: Up to 7% per annum
  • Suitable for: Children
  • Special benefit: Insurance coverage

AU NRI Account

  • Minimum balance: Rs 5000 per month
  • Interest payable: Up to 7% per annum
  • Suitable for: NRIs and PIOs
  • Special benefit: Forex Transactions at Reasonable Rates

AU Student Account

  • Minimum balance: Zero
  • Interest payable: Up to 7% per annum
  • Suitable for: Students only
  • Special benefit: Multiple insurance coverage

AU ABHI Account

  • Minimum balance: Zero
  • Interest payable: Up to 7% per annum
  • Suitable for: Any resident individual
  • Special benefit: Online application process

AU Digital Savings Account

  • Minimum balance: Zero
  • Interest payable: Up to 7% per annum
  • Suitable for: Any resident individual
  • Special benefit: Instant account opening process

AU Small Finance Bank Savings Account Interest Rates

AU Small Finance Bank Savings Account Interest Rates

Savings Account Incremental Amount slab Rate of Interest Applicable (per annum)
Balances less than INR 1 Lac 3.50%
Balances from INR 1 Lac to less than INR 10 Lacs 5.00%
Balances from INR 10 Lacs to less than INR 25 Lacs 6.00%
Balances from INR 25 Lacs to less than INR 1 Crore 7.00%
Balances from INR 1 Crore to less than INR 10 Crores 6.00%
Applicable Interest Rates on Savings Bank Deposits w.e.f. 5th October 2021, Source: Bank Website

AU Small Finance Bank Fixed Deposit Interest Rates

AU Small Finance Bank Fixed Deposit Interest Rates

The bank’s most recent interest rates for Domestic & NRE/NRO Retail Fixed Deposits for amounts less than Rs 2 Crore are listed below.

Tenure Regular Interest Rates For Senior citizens
7 Days to 1 Month 15 Days 3.50% 4.00%
1 Month 16 Days to 3 Months 4.00% 4.50%
3 Months 1 Day to 6 Months 4.35% 4.85%
6 Months 1 Day to 12 Months 4.85% 5.35%
12 Months 1 Day to 15 Months 5.85% 6.35%
15 Months 1 Day to 18 Months 5.75% 6.25%
18 Months 1 Day to 24 Months 5.75% 6.25%
24 Months 1 Day to 36 Months 6.00% 6.50%
36 Months 1 Day to 45 Months 5.75% 6.25%
45 Months 1 Day to 60 Months 5.75% 6.25%
60 Months 1 Day to 120 Months 6.00% 6.50%
Source: Bank Website, w.e.f. 25th August 2021

Story first published: Wednesday, October 6, 2021, 15:49 [IST]



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India’s crypto market grew 641% over past year, Chainalysis says, BFSI News, ET BFSI

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NEW DELHI: India, Vietnam and Pakistan are helping to lead the expansion of cryptocurrency markets in central and southern Asia, according to Chainalysis.

Market grew 641% over the past year and Pakistan’s 711%, a report from Chainalysis showed, using a metric that estimates the total cryptocurrency received by a country.

India has a 59% share of activity taking place on decentralized finance (DeFi) platforms, with Pakistan at 33%, the report said, adding there’s been a significant increase in cryptocurrency-related entrepreneurship and venture capital investment in the region.

“Large institutional-sized transfers above $10 million worth of cryptocurrency represent 42% of transactions sent from India-based addresses, versus 28% for Pakistan and 29% for Vietnam,” the report said.

“Those numbers suggest that India’s cryptocurrency investors are part of larger, more sophisticated organizations.”

The past year has seen a number of twists and turns for India’s crypto market, including on the regulatory front, with some reports that the country might try to ban or otherwise restrict crypto.

However, Chainalysis noted, more recently it looks as though the government may simply favor taxation.



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Stablecoins to face same safeguards as traditional payments, BFSI News, ET BFSI

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By Huw Jones

LONDON – Stablecoins would have to comply with the same safeguards as their more traditional competitors in payments under proposals from regulators on Wednesday as authorities get to grips with a rapidly evolving sector.

Stablecoins are cryptocurrencies designed to have a stable value relative to traditional currencies, or to a commodity such as gold, to avoid the volatility that makes bitcoin and other digital tokens impractical for most commerce.

Facebook Inc’s move in 2019 to introduce its own stablecoin Diem, then known as Libra, raised concerns among governments and central banks that a major payments competitor could emerge overnight with little regulation.

Since then, Diem has radically scaled back its ambitions and plans to launch a U.S. dollar stablecoin.

The IOSCO group of securities regulators and the Bank for International Settlements, a global forum for central banks, set out on Wednesday how current rules for major clearing, settlement and payments services should also be applied to ‘systemic’ or heavily used stablecoins.

The proposals, put out to public consultation before being finalised early next year, put into practice what regulators have long called for: the same rules for the same type of business and accompanying risks.

The rules mean a stablecoin operator must set up a legal entity which spells out how it is governed and manages operational risks like cyber attacks.

Though still little-used for commerce, the use of stablecoins in crypto trading has grown rapidly as retail and larger investors warmed to the emerging asset class during the COVID-19 pandemic.

Tether, the largest stablecoin, has a market capitalisation of around $68 billion versus just $15 billion a year ago. The value of circulating USD Coin, another major stablecoin, has also jumped dramatically to over $30 billion from just $2.7 billion a year ago, according to CoinMarketCap.

Countries that allow stablecoins to operate would be required to apply the principles as part of their affiliation to IOSCO and the BIS.

“This report marks significant progress in understanding the implications of stablecoin arrangements for the financial system and providing clear and practical guidance on the standards they need to meet to maintain its integrity,” IOSCO Chair Ashley Alder said in a statement.

The proposals do not cover issues specific to stablecoins pegged to a basket of fiat currencies, which are being considered separately.

(Additional reporting by Tom Wilson, editing by Giles Elgood)



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Indian Gold Prices Quoted At Rs. 45,680/10 grams, On Oct 6

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Personal Finance

oi-Kuntala Sarkar

|

Today, on October 6, Indian gold prices are at a moderate position now. Today, 22 carat gold rates are quoted at Rs. 45,680/10 grams and 24 carat gold rates are quoted at Rs. 46,680/10 grams, same as yesterday. But in some of the major cities like Delhi, Bangalore, Chennai, Kolkata, and Pune, gold rates have fallen marginally. Ahead of the festive season, the gold rates can fall by a tad again, amid US tapering concern. Yesterday, the Institute for Supply Management (ISM), has released the US service sector data showing a ‘stronger than expected momentum in September’. The non-manufacturing index showed a reading of 61.9% in September, which is higher than August’s reading of 61.7%. Hence the gold rates dropped marginally. Also, the White House said that they are having full confidence in Jerome Powell’s Fed monetary policy. These have helped the US dollar index to hike and moved gold rates lower.

Indian Gold Prices Quoted At Rs. 45,680/10 grams, On Oct 6

The Comex gold future fell by 0.64% and was quoted at $1749, while the spot gold prices fell by 0.72% and were quoted at $1748/oz today till 2.24 PM IST. On the other hand, the US dollar index in the spot market hiked by 0.33% at 94.30 at the same time today. In India, the Mumbai MCX gold in October future fell by 0.36% than yesterday and was quoted at Rs. 46590/10 grams till today 2.34 PM IST. Gold prices are again being stagnant at the $1750 level as the US dollar index is rising marginally.

Gold rates in different Indian cities are quoted differently, daily. Today’s gold rates in major Indian cities follow:

City 22 carat (INR/10 Grams) 24 carat (INR/10 Grams)
Mumbai 45,680/- 46,680/-
Delhi 45,750/- 49,910/-
Bangalore 43,600/- 47,560/-
Hyderabad 43,600/- 47,560/-
Chennai 43,920/- 47,910/-
Kerala 43,600/- 47,560/-
Kolkata 46,000/- 48,700/-

At present, US stocks are rising considerably, and US 10 years Treasury yields are increasing more than 1.55%. So, it is being a tough time for gold prices to gain significantly, but the metal has been able to stay at a moderate quotation. However, investment bank Jefferies Group mentioned, “Gold and Bitcoin remain essential hedges as the threat of stagflation – an environment of low growth and higher inflation – continues to grow.” The bank later added, “Still, in the near-term gold will remain vulnerable to tapering concerns”

Story first published: Wednesday, October 6, 2021, 14:57 [IST]



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5 Mutual Fund Owned Small Cap Stocks That Turned Multibaggers In The Last 1-Year

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1. Intellect Design Arena:

The computer software entity is engaged in creating financial technologies for banks that help them lead businesses. The company is a small cap scrip commanding a market cap of Rs. 9265 crore. The stock’s 52-week high price is Rs. 892.

As of August 2021, the stock of Intellect Design has been held by 8 mutual funds and this has reduced from June 2021 when it was held by 9 funds. Nippon India Small Cap fund has the highest number of shares in the company at 1,225,370 as of August 2021.

2. Tejas Networks:

2. Tejas Networks:

Tejas Networks is a global enterprise, founded in the year 2000. The company products include optical gears, wireless-for LTE/5G wireless broadband access as well as Ethernet switches for building crucial infrastructure.

Shares of the company are held by Nippon India Small Cap Fund – Growth and Edelweiss Small Cap Fund Regular Growth

This is again a small cap scrip with m-cap as of October 6, 2021 at Rs. 5586 crore.

3. Balaji Amines:

3. Balaji Amines:

Balaji Amines Ltd., INDIA, an ISO 9001: 2015 certified company is specialised in manufacturing Methylamines, Ethylamines, Derivatives of Specialty Chemicals and Pharma Excipients. Other than this the company is also into manufacturing derivatives that are downstream products for several Pharma /Pesticide industries apart from user specific requirements.

This is again a small scrip company with m-cap of Rs. 15.155 crore.

As of August 2021, the scrip is held by 5 mutual funds while 1 of the mutual fund bought stake into it. Motilal Oswal Nifty 500 Fund Regular Growth was the highest buyer of 8 shares in Aug 2021, while Nippon India Nifty Smallcap 250 Index Fund Reg Gr was the highest seller of 41 shares in Aug 2021 constituting 0.00% of the paid up equity of the company.

4. Tanla Platforms:

4. Tanla Platforms:

Headquartered in Hyderabad, Tanla Platforms Limited earlier called Tanla Solutions Ltd. is a cloud communications company. The company provides value-added services in the cloud communications space.

As of the August month of the ongoing year, the stock is held by 5 mutual funds in total. BOI AXA Flexi Cap Fund Regular Growth was the highest buyer of 4,000 shares in Aug 2021, while Nippon India Nifty Smallcap 250 Index Fund Reg Gr was the highest seller of 307 shares in Aug 2021.

Tanla Platforms command a market cap of Rs. 11,753 crore

5. CG Power and Industrial Solutions Limited:

5. CG Power and Industrial Solutions Limited:

Part of the Murugappa Group, based out of Mumbai, the company was restructured in 2016 after the demerger of its consumer goods business. The company’s product line includes transformers, pump, HT & LT Motors, DC Motors, Railway Signaling.

The stock is owned by as many as 14 mutual fund as on August 2021, wherein Motilal Oswal Midcap 30 Regular Growth was the highest buyer of 1,250,000 shares in Aug 2021, while HDFC Flexi Cap Fund Growth was the highest seller of 4,118,586 shares in the same month.

Disclaimer:

Disclaimer:

The above list is collated to give an idea about how mutual fund holding in a stock can be lucrative for the stock. Do note here in there is no recommendation given to buy these counters as returns mentioned are past returns and do not guarantee future performance.

GoodReturns.in



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Multibagger: This Realty Firm Stock Rose Over 700 Percent In Last One Year

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Planning

oi-Sneha Kulkarni

|

Arihant Superstructures, founded in 1983, is a Small Cap firm in the Real Estate industry with a market capitalization of Rs 694.57 crore.

The Mumbai-based company stated in a regulatory filing that its board of directors approved a capital raise of up to Rs 500 crore through the issue of securities. Arihant Superstructures, a real estate developer, intends to raise up to Rs 500 crore through the issuing of securities.

Multibagger: This Realty Firm Stock Rose Over 700 Per cent In Last One Year

Company Stock Details

The stock returned 209.0 percent over three years, compared to 87.37 percent for the Nifty Smallcap 100. Over a three-year period, the stock generated a return of 209.0 percent, compared to 147.63 percent for Nifty Realty. In the fiscal year ended March 31, 2021, the company spent 10.4 percent of its operating revenues on interest charges and 4.41 percent on labor costs.

The company achieved an 831-unit sales booking, showing a strong sales velocity. Surprisingly, over 76% of the company’s FY21 sales were reached in H1FY22.
Today, the stock reached a new 52-week high. Arihant Superstructures Limited’s stock last traded at Rs. 161.6 on the BSE, up from its previous closing of Rs. 148.55.
Since August 27, 2009, Arihant Superstructures Ltd. has declared 11 dividends. In the most recent quarter, the company generated a net profit after tax of Rs 8.28 crore.

In the last year, this real estate company has grown by nearly 700% and the Year-to-date return is over 400%.

Parameter Values
Market Cap (Rs. in Cr.) 708.78
Earning Per Share (EPS TTM) (Rs.) 3.35
Price To Earnings (P/E) Ratio 51.40
Book Value Per Share (Rs.) 26.49
Price/Book (MRQ) 6.50
Price/Earning (TTM) 49.01
ROCE (%) 3.08
PAT Margin -2.41

Story first published: Wednesday, October 6, 2021, 13:42 [IST]



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4 Tips For Investing In Gold, In October

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Concerns About Gold Rates

The first point will certainly be on the gold pricing ground. Gold rates have again reached above $1760/oz prices in the international markets so, Indian gold rates are gaining again and 22 carat gold prices are staying around Rs. 45,700/10 grams. Gold prices depend on the US dollar index, US Fed’s monetary policy, and the country’s economic developments. Yesterday the Institute for Supply Management (ISM), US released the service sector data which has shown ‘stronger than expected momentum in September’. The non-manufacturing index showed a reading of 61.9% in September, which is higher than August’s reading of 61.7%. The forecasts for the same was around 59.9%, but the figures improved in reality.

US Fed Tapering Timeline

US Fed Tapering Timeline

However, the gold prices might be under pressure for some time in the latter half of October, as the investors will be concerned about the US Federal Reserve tapering timeline. But importantly, September’s employment data is yet to be released which will influence US Federal Reserve to fix their tapering timeline. An early tapering will drag gold rates down, and vice versa. Already US’s inflation is staying at 30 years’ high level at 4.3%. This is an affirmative time for gold prices, but the situation can flip at any time. So, investors and buyers should follow the US employment data next week to have a better idea about upcoming gold rates, in October. Present US Debt ceiling is another point an investor should follow because it will influence the US Dollar index.

Choose Virtual Gold

Choose Virtual Gold

This point is for the investors who are interested to invest in gold for diversifying their portfolio and make better returns. These investors should always choose virtual gold over physical gold. Virtual gold options like gold ETF, Sovereign Gold Bond (SGB) by RBI, digital gold, gold funds are very safe gold options just like other company stocks and mutual funds. If you do not have any compulsion to buy gold jewelleries, then certainly opt for virtual gold. You can buy gold ETF from your mobile mutual fund app, and digital gold any time from Google pay or PhonePe. Additionally, the RBI will also release SGB purchase notice. Virtual gold offers you liquidity at any time, and also you can enter and exit from the investment according to your preferences.

Gold Hallmarking Is Important

Gold Hallmarking Is Important

This point is for those who are looking forward to particularly gold jewelleries. You must be sure that you are buying Hallmarked gold jewelleries. Many people will be buying gold for auspicious occasions like marriage, etc. This should be noted by them. Hallmark determines the purity of gold like 18 carat, 22 carat, or 24 carat. At present, the union government has implemented stringent regulations regarding gold hallmarking and directed all the jewellers to hallmark their golds, for better customer assurance. If you are not buying hallmarked gold jewelleries, then you might face losses at the time of resale. Later if you need liquidity and want to sell your gold at the market prices, then you might not get the same if your gold jewelleries are not hallmarked and filled with impurities. Hallmark is a government BIS mark that will give you full assurance of your jewellery’s authenticity.



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3 Board Meetings For Bonus Issue, Stock Split And Quarterly Results & 2nd Interim Dividend

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1. Medico Remedies:

The company is a pharmaceutical formulation manufacturing entity with manufacturing and marketing capabilities in formulation and focus chiefly on anti-infective, Beta-Lactums.

The company in an exchange filing on September 30,2021 announced that its board will consider bonus issue. Medico Remedies informed BSE that the meeting of the Board of Directors of the Company is scheduled to be held on October 07, 2021 to recommend and approve issue of Bonus shares to the equity shareholders of the Company. Other than that the company will also transact some of the other dealings such as consider increase in the authorized share capital, approval for the proposal of Migration of Company from SME platform of BSE to Main Board of BSE Limited as well as on the Main Board of NSE Limited etc.

Medico Remedies second quarter earnings are also expected on October 7, 2021. The company’s 52-week high price hit today is Rs. 312.3 per share.

2. Earum Pharmaceuticals

2. Earum Pharmaceuticals

The company incorporated in the year 2012 is a Small Cap scrip with a market capitalization of Rs. 135 crore. The company into the pharma business is involved in marketing, trading and distribution of wide range of pharmaceutical formulation products such as anti-biotic drugs, anti-malarial drugs, anti-allergic & anti cold drugs, analgesic/ anti-pyretic & anti inflammatory drugs, dermatology products, cerebral activator drugs, neurological drugs, gastro intestinal drugs, steroids, gynecology drugs, calcium, multivitamins, anti-oxidants and injections. Other than this, the company also deals in the trading of APIs or active pharmaceutical ingredients.

The company via BSE filing dated September 23, 2021 informed that the board meet is scheduled for October 8 to consider proposal of split/ sub-division of Equity Shares of the Company.

Note: A stock split is a corporate action in which a company divides its existing shares into multiple shares to boost the liquidity of the shares.

3. TCS:

3. TCS:

Tata Consultancy Services, the global leader in IT and consulting services offers a range of services from cloud, analytics and insights, blockchain to cyber security and quality engineering among others.

The company’s board meet is scheduled for October 8, 2021 wherein the main agenda remains announcement of second quarter earnings and second interim dividend for the FY22.Earlier the tech company declared an interim dividend of Rs. 7 per share for which the stock turned ex-dividend on July 15, 2021.

GoodReturns.in



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SBI Gold Deposit Scheme: All You Need To Know About

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Investment

oi-Vipul Das

|

The State Bank of India (SBI) provides the Revamped Gold Deposit Scheme (R- GDS), which is a gold-based fixed deposit. Gold holders can store their unused gold with R- GDS, which will allow article security, interest payment, and other benefits. Let’s discuss in brief SBI’s Revamped Gold Deposit Scheme (R-GDS).

Features and benefits

Features and benefits

  • Customers can earn interest in their dormant gold assets by engaging in this scheme.
  • This scheme comes with Short Term Bank Deposit (STBD) with tenure ranging from 1 to 3 years, Medium Term Government Deposit (MTGD) of tenure ranging from tenure 5 to 7 years and Long Term Government Deposit (LTGD) with tenure ranging from 12 to 15 years.
  • On behalf of the Central Government, the SBI will accept the deposit of eligible customers.
  • A deposit quantity of at least 10 grammes with no upper limit of raw gold bars, coins, or jewellery, excluding stones and other metals, is allowed under the scheme for deposit.
  • Individual contributions in single names are eligible for the nomination facility also.
  • Currently the rate of interest for STBD will be 0.50% p.a. for 1 year, 0.55% p.a for above 1 year up to 2 years and 0.60% p.a for above 2 years up to 3 years. On STBD a, the principal will be valued in gold and the interest on STBD, on the other hand, will be computed in Indian Rupees, based on the worth of gold at the time of deposit.
  • For MTGD the rate of interest charged will be 2.25% p.a and on LTGD the rate of interest will be 2.50% p.a.
  • The principal will be valued in gold in the case of MTGD & LTGD. The interest, on the other hand, will be paid in Indian Rupees on the 31st of March each year, or at the maturity date, whichever comes first.
  • On maturity, the depositor will have the alternative of receiving simple interest or cumulative interest (compounding yearly). The selection must be made at the time of registration of the deposit.

Eligibility Criteria

Eligibility Criteria

Here are the eligibility criteria of the scheme that resident Indian depositors must need to know:

  • Individuals, singly or jointly (as Former or Survivor)
  • Proprietorship & Partnership firms.
  • HUFs
  • Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations
  • Companies
  • Charitable institutions
  • Central Government
  • State Government or any other entity owned by Central Government or State Government
  • Gold will be approved in its purest form, such as gold bars, coins, and jewellery, rather than stones or other metals. Customers must submit an application form attached with proof of identification, proof of address, and an inventory form at the time of making the deposit.

Repayment

Repayment

STBD: This option is allowed to get principal repayment in gold or equivalent rupees at the time of maturity.

MTGD & LTGD: The deposit will be redeemed in gold or the INR equivalent of the gold value at the time of redemption. Upon redeeming in gold, however, there will be a 0.20 percent administrative fee.

Premature payment

STBD: Allowable after a one-year lock-in term with a penalty on the relevant interest rate.

MTGD: Withdrawal is permitted at any time after three years with a penalty on interest.

LTGD: Withdrawal is permitted at any time after 5 years, with an interest penalty.

Gold deposit certificate

Gold deposit certificate

  • Gold Deposit Certificate will be issued and granted by Nodal Branch (i.e. Bullion Branch, Mumbai).
  • The certificate will be provided for the contents of pure gold (i.e. in 995 purity).
  • Nodal Branch, i.e. Bullion Branch, Mumbai, shall send Gold Deposit Certificate (GDCs) to the depositor.
  • Interest will commence accruing on deposits under the scheme 30 days after the gold is deposited or when it is converted into marketable gold bars after refining, whichever comes first.

Interest rate on Gold Related Products for last 10 years (in %)

Interest rate on Gold Related Products for last 10 years (in %)

Scheme 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Gold Deposit Scheme Oct-15
Scheme A (3 Year) 1 0.75 0.75 0.75 0.75 0.75 0.5
Scheme B (4 Year) 1.25 1 1 1 1 1 0.75
Scheme C (5 Year) 1.5 1 1 1 1 1 0.75
Revamped Gold Deposit Scheme Nov-2015
Scheme A (1 Year) 0.5 0.5 0.5 0.5 0.5 0.5 0.5
Scheme A (2 Year) 0.55 0.55 0.55 0.55 0.55 0.55 0.55
Scheme A (3 Year) 0.6 0.6 0.6 0.6 0.6 0.6 0.6
Scheme B (5-7 Years) 2.25 2.25 2.25 2.25 2.25 2.25 2.25
Scheme C (12-15 Years) 2.5 2.5 2.5 2.5 2.5 2.5 2.5
Source: Bank Website

Story first published: Wednesday, October 6, 2021, 12:28 [IST]



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