Investing Archive

What are the different types of accounts which can be maintained by an NRI/PIO in India?

If a person is NRI or PIO, she/he can, without the permission from the Reserve Bank, open, hold and maintain the different types of accounts given below with an Authorised Dealer in India, i.e. a bank authorised to deal in foreign exchange. NRO Savings accounts can also be maintained with the Post Offices in India. However, individuals/ entities of Bangladesh and Pakistan require prior approval of the Reserve Bank.

Types of accounts which can be maintained by an NRI / PIO in India

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NSEL launched its first product under the E-Series as E-Gold on Wednesday, the 17th March, 2010.

E-Gold enables investors to invest their funds into gold in smaller denomination and hold it in demat form.

It is available on the pan India electronic trading platform set-up by National Spot Exchange, which can be accessed through members of NSEL or their franchises.

It provides an unique opportunity to buy, accumulate, hold and liquidate “Electronic Gold (E-Gold)” as well as to convert the same into physical gold coin/ bar in a seamless manner.

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The following post is a guest post

Though the world is reeling under the economic pressure, though the financial markets are suffering, gold was, is and will always be at the top. The popularity of gold isn’t going to abate come what may. So, the best way to make money on a long term basis is gold investment. If you are able to make really good profit from gold investment, you may be able to use that money to even pay off your debt and free yourself of the stress of owing money to others.

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The RBI recently deregulated the interest rates on savings account deposits, which means that the banks are now free to set the interest rates they want instead of the 4% that was fixed for all banks earlier.

Many banks have decided to raise the interest rates on savings account to 6 % p.a.

The interest rates for all savings accounts with less than Rs. 1 lakh will remain uniform.

This means that the interest rates may differ from bank to bank, each shall have the same interest rates for accounts below Rs 1 lakh.

Banks are allowed to offer different interest rates to amounts above that threshold, this allows them to create a multi tiered system where they can offer different interest rates to each tier.

This announcement is bound to increase competition between banks to attract more customers to them by increasing the interest rates on savings account.

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What is Gold Bees ?

• Gold Bees is the first Gold ETF (Exchange Traded Fund) to be launched in India.
• It was launched 19^th March 2007 by BENCHMARK, an asset management company.
• One Unit of Gold Bees is approximately equivalent to the price of 1 gram of gold in the domestic market.
• Gold Bees is listed and traded on the NSE.
• It’s aim is to provide investment returns that, before expenses, closely correspond to the returns provided by Domestic price of Gold through physical gold.
• The name of the fund manager is Mr Vishal Jain.
• The total asset size of the fund was Rs 2,557.67 crore as of September 2011.

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