The Employees Provident Fund Organisation (EPFO) is likely to start its online provident fund transfer service on 15th August. Employees transfer provident fund when changing jobs. This move is expected to benefit over 13 lakh employees who apply for PF transfer each year. The retirement body has started registering digital signatures of employers. EPFO is expecting establishments which constitute 80% of the transfer claims from sectors like IT, to register their digital signature within a fortnight.
Three companies announced fixed deposits scheme this fortnight. These include Gitanjali Gems, Adarsh Credit Co-operative Society and Rasoya Proteins. These schemes are unrated. The promoter of Gitanjali Gems was recently barred from trading in the stock exchange due to suspected market manipulation in the stock. Rasoya Proteins penalises you with 1% of interest payment if you withdraw prematurely. Adarsh Credit Co-operative Society’s website was down at the time we did this research. It is not worth considering any of these investment options.
The benchmark bond yield recently started rising sharply, after the Reserve Bank intervened to stabilise the falling rupee by mopping up rupees. While the RBI has said that this would be a temporary measure, it is unclear what will ensure the basic problem of low exports and high imports is dealt with. We expect the yields to remain high, pushing up bank deposit rates.