‘The latest move to allow e-Gold delivery in 1 gm denominations is a benefit that is unique to this product alone. No other commodity investment product in Gold available in India has this facility:’ Mr Anjani Sinha, MD & CEO, NSEL`
To mark the completion of two years of launch of ‘e-Gold’ — India’s first commodity investment product in demat form — Financial Technologies (FTIL)-promoted National Spot Exchange (NSEL), has extended the facility of physical conversion of e-Gold units to 1 gm gold coins. This is in addition to the existing delivery denomination options available in 8 gms, 10 gms, 100 gms and 1 kg lots.
e-Gold became an instant hit on the NSEL platform right from its debut, mainly because it catered to inherent demand for gold among Indians. This product has enabled the Indian retail investor to put his small savings in a weekly, monthly or yearly manner into precious metals such as gold and silver, yet without him having to deal with the hassles involved in handling physical gold. There is also the additional benefit of getting physical delivery on-demand. Moreover, e-Gold has offered far better returns compared to other gold investment options. Since the launch of this product, e-Gold has given a return of 67.03%, which is the highest compared to all other forms of investments in gold. In FY12, while equities as a measure of NIFTY, gave returns of only about -9.56% and some popular Gold ETFs gave around 23.32%, in comparison e-Gold gave returns of 26.41%.
According to Anjani Sinha, MD & CEO, NSEL, “The latest move to allow e-Gold delivery in 1 gm denominations is a benefit that is unique to this product alone. No other commodity investment product in Gold available in India has this facility. Certain other features such as transparent pricing, seamless trading and zero holding costs have made this product a preferred investment option for retail investors and HNIs. In e-Gold, investors have found a unique way to park their money in gold without having to worry about purity or physical security that is inherent to jewellery and physical bullion.”
Currently, e-Gold comprises 17% of NSEL’s total turnover in the FY12.
For FCNR (B) deposits in USD terms, the revised interest rates have been fixed at 2.30% for deposits of one year and above but less than two years from the existing 2.31%
Indian Bank has revised the interest rates on foreign currency non-resident (banking) deposits with immediate effect.
For FCNR (B) deposits in USD terms, the revised interest rates have been fixed at 2.30% for deposits of one year and above but less than two years from the existing 2.31%.
For deposits of two years and above, but less than three years, it has been revised to 1.85% from the existing 1.81%, the Chennai-headquartered bank said in a statement.
For deposits of three years and above, but less than four years, it has been increased to 2% from the present 1.93%.
The interest rates on deposits for four years and above, but less than five years it has been revised at 2.23% from the existing 2.12%.
For deposits of up to five years, it has been hiked to 2.49% from the present 2.34%, the statement added.
With this revision, loans up to Rs25 lakh will be available at 10.75% interest rate, while those above Rs25 lakh and under Rs30 lakh will be charged 11%
IDBI Bank has reduced its floating home loan rates on new loans across the slabs by up to 75 basis points, effective from 2 April 2012.
While the floating interest rate for loans of up to Rs25 lakh has been reduced by 25 bps, the reduction is progressively higher for larger amounts -- by 50 bps for loans ranging from Rs25 lakh to less than Rs75 lakh, a statement from the bank said.
The reduction is 75 bps for loans of over Rs75 lakh, it added.
With this revision, loans up to Rs25 lakh will be available at 10.75% interest rate, while those above Rs25 lakh and under Rs30 lakh will be charged 11%.
For loans in Rs30-75 lakh bracket, the bank will charge 11.25% interest rate, while 11.50% will be the rate for loans of Rs75 lakh and above.