Gold bonds to be launched on Nov 5, at 2.75% interest

The Government has announced that Sovereign Gold Bonds will be issued from November 26. The Sovereign Gold Bonds will offer an interest rate of 2.75 per cent and will remain open for public subscription from 5 Nov to 20 Nov 2015. 

Details about Sovereign Gold Bonds:-

• Applications for the bond will be accepted from November 5, 2015 to November 20, 2015.
• The bonds will be issued on November 26, 2015.
• The bonds will be sold through banks and designated post offices as may be notified.

RBI guidelines for Gold Monetisation Scheme

The Reserve Bank of India (RBI) on Thursday issued directions for banks on implementation of the Gold Monetisation Scheme approved by the government.

  

• In gold monetisation scheme, customers can deposit their gold and earn interest on it. 

• Banks can accept a minimum of 30 grams of the precious metal of 995 fineness in the form of a bar, coin or jewellery under the scheme. There is no upper limit on the amount of gold deposit.  

• All scheduled commercial banks have been allowed to offer this scheme. The designated banks are free to fix the interest rates on these deposits.

NTPC Tax Free Bonds 2015- return upto 7.62% per annum

National Thermal Power Corporation (NTPC), the largest power generation company of the India is issuing its tax-free bonds which would fetch returns up to 7.62% per annum. There are three types of bonds on offer—10-year maturity with coupon of 7.36%, 15-year maturity with 7.53% interest and 20-year maturity with 7.62% interest. The issue will start on 23^rd September and would remain open for 7 days till 30^th September. Tax-free bonds offer a long-term investment option along with regular tax-free annual income.

Features of NTPC Tax Free Bonds

1. Issue starts from September 23rd and would end on 30th, 2015 but can be pre-closed on full subscription.
2. NTPC Tax-Free Bonds are rated AAA by CRISIL, ICRA and CARE.
3. Annual Coupon Rates for Retail Investors are 7.36% for 10 Years, 7.53% for 15 Years and 7.62% for 20 Years.

What is PPF account and Benefits of PPF Account

What is PPF account?

PPF account means Public Provident Fund Account on which regular interest is paid. Any individual in India can open PPF account and earn tax free return. 

Where and how open PPF account?

PPF account can be opened in any Post office, State Bank of India; some authorized branches of other banks. Banks allows online deposits in your PPF account but Post office don’t provide such facility.

Procedure to Open PPF account: - You have to submit PPF account Opening form along with two passport size photo, PAN number and Address proof.