The Art of Money by KG

Dear Friends, You all should have heard about the current Sovereign Gold bond scheme going on for the current financial year 2016-17 (For latest details please visit my another post --> Link ).  SGB is available with tenure of 8 years with exit options available in 5 th , 6 th , 7 th year also. Let’s discuss about this scheme in detail. What is Sovereign gold bonds (SGB) scheme? SGB is a government security issued by Reserve Bank of India on behalf of Government of India . It is denominated in grams of Gold. You can buy from a minimum of 1 gram to a maximum of 500 grams. SGBs are simple and useful substitute of holding physical gold. Benefits of SGBs There are multiple benefits of investing in SGBs over holding physical gold. 1.     SGB is available both in paper as well as Demat format. 2.     Risk and cost of secured storage of physical gold is fully eliminated. 3.     No extra/hidden charges like making charges. 4.     No issue regarding

One of the leading private banks in India, ICICI bank is offering a very good option of Flexible Recurring deposit by the name iWish. This is really a great concept and offers a great flexibility to user. Biggest plus point of iWish is use of Goal based saving and use of Social networking to share the goals and wishes with family and friends. User can see their savings as the percentage of goal achieved, this gives an added push for the user to save more and achieve goal. Now the first question, who can open an iWish account? Anyone having a savings account with ICICI bank and having net-banking activated can open a savings account. Process of opening an iWish account 1.     Login to your account using ICICI net-banking.  (http://www.icicibank.com/)       2.     Go to Exclusive offerings à iWish – flexible RD 3.     Click on Start Now and create a new goal Now you are all set to rock and roll. Now comes one more important ques

Types of Bank account in INDIA Dear Friends, There are multiple types of accounts provided by bank which caters to the various needs of the customers. Today we will go through the details and features of such accounts. 1.       Savings Account: ·          This is the most common type of bank account. It is the sophisticated form of the Piggy bank which we all would have used in our childhood. Savings account allows us to withdraw or deposit money multiple times. There are some added facilities like ATM card, Cheque books, Withdrawal forms which help us to do monetary transactions. There are limited numbers of transactions available in savings account. ·          Savings account is generally used to keep our money in a bank. It earns us an interest of 4-6% per year.  Most PSU banks give 4% interest but some private players have made the market better for customers by giving 6 to 7% interest (based on some conditions). ·          Most banks keep a minimum amount