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8/13/2019 Banking Full

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TRENDS INBANKING


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INTRODUCTION


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Today we have a fairly well developed

banking system with different classes ofbanks :-

Public sector banks

Foreign banksPrivate sector banks

Regional rural banks

Co-operative banks

with the RESERVE BANK OF INDIA as

the foundation head of the system.


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During last 41 years since 1969, there

has been tremendous changes in thebanking industry like :-

Gold deposit scheme

Venture capital

Consumer credit

Net banking

ATM cards (Debit & credit)

FinancingPhone banking

Green card for farmers


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Effect of the new trends in banking :-

Customer satisfactionEasy accessibility to bank

Economic development

Wide International connectMore safety

Helpful towards many

organisationsMore security of money


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GOLD DEPOSIT SCHEME

The banks offer a gold deposit

scheme, which allows investors to earn

interest on the gold lying idle with them.

This scheme is open to resident Indian

individuals, Hindu undivided families,trusts & companies.

The deposit is typically offered for 3-7

years. Only designated branches of a bank are

authorized to offer the scheme.


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FACTORS INCLUDED IN THE SCHEME :-

ACCOUNT:-The investor needs to provide:

Proof of identity & address, photograph,

along with the application form for opening

the account.

Nomination form in case of individuals.

ECS form for credit of interest directly in

the bank account.An inventory form, giving description of

the gold deposited.


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TYPE OF GOLD :-

The gold offered for the deposit can be in theform of jewelry, bars or coins. The minimum

quantity of gold that can be deposited is

specified by each bank.

INTEREST :-

The interest on gold deposit is calculated on

the basis of the principal quantity of gold deposit

& applicable rate of interest. Effectively, one can

earn an interest amount that is calculated in gold

terms, but paid in rupees.


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DEPOSIT CERTIFICATE :-

On submission of documents & gold, a

preliminary assessment of the quantity of gold is

carried out & a provisional receipt is issued. Thegold deposited is then melted to determine the

content of pure gold with uniform fineness & is

converted into bars. Subsequently, a gold deposit

certificate is issued for the weight within 90 days.

OTHERS :-

Loans can be availed of against gold depositcertificates.

After the lock-in period, premature payment

maybe allowed subject to a penalty.


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DV NT GES OF GOLD DEPOSIT SCHEMEYou get

interest onidle gold.Tax benefits.If prices ofgold raise, youcan stand togain.Loan facility.No locker

costs & theftworries.No upperlimit.


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DISADVANTAGES :-

Most of the schemes are

plain money saving

schemes.

You cant redeem

money.

Gold saving schemes

are designed to

guarantee future sales.


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SOME OF GOLD SCHEMES IN

MARKET :- Gold harvest from Tanishq

Jewels for less from PC jewelers

Gold tree from GRT jewelers

Jos Alukkas gold saving schemes

Kothari gold deposit schemeGold schemes- Bheema Gold

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