Saral Gyan Team wishes you Happy Dhanteras!
The festival of Dhanteras falls in the month of Kartik (Oct-Nov) on the thirteenth day of the dark fortnight. This auspicious day is celebrated two days before the festival of lights, Diwali.
However, if you are buying gold coins or jewellery. now you an option to earn interest on it by depositing the same to your bank. Recently, RBI has announced gold montisation scheme. Under this scheme, people can deposit a minimum of raw gold (bars, coins, jewellery excluding stones and other metals) equivalent to 30 grams or more. The gold deposits will be accepted under Short Term (1-3 years) Bank Deposit, as well as Medium (5-7 years) and Long Term (12-15 years). the short term deposits will fetch an interest of 2.25 percent, while the long term deposits will get 2.5 percent interest on current price of gold.
Gold comprises the bulk of India's total imports with close to 900 to 950 tonnes of gold imported every ear. It is estimated that close to 22,000 tonnes of gold is lying in Indian household. If the ideal gold is deposited with banks, it will enable banks to lend it to jewellers, thereby reducing demand to import gold.
With BJPs huge defeat in Bihar assembly polls, Sensex and Nifty were below by more than 2% in opening trading session today and recovered later during the day with buying interest from investors at lower levels. We expect market to remain volatile in near term. With election results out of the way, focus will now return to economy and reforms. Markets may remain under pressure in near term, however long term growth outlook for Indian economy remains strong and Indian equities will remain one of the favourite destination to park funds by domestic and well as global investors. Hence, we consider all such corrections as a buying opportunity.
Wish you happy & safe investing!
Team - Saral Gyan