SBI TO PAY 3.5% ON GOLD DEPOSITS
Article Abstract:
The State Bank of India plans to offer 3-3.5 percent interest on its gold deposits, which is 1-1.5 percent more than the maximum interest rate offered globally. The gold scheme, which is in the process of being finalised, will have additional facilities to attract investors. The scheme will have a premature withdrawal facility and the bank will extend loans against the deposits. The bank has the option of lending the collected gold or selling it for rupees and hedging its price and exchange risks in the international markets. This will enable the bank to earn a higher spread by lending funds at the prime rate of 13 percent. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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CALL RATES REMAIN STABLE
Article Abstract:
Call rates opened at 9-9.05 percent in easy liquidity conditions and closed at 8.90-9.00 percent in the inter-bank call money market on February 5, 1999. Traders predict that call will open below 9 percent on February 6, 1999 due to the Rs2000 crore inflow expected on account of the 13.65 percent year 1999 security. (khr)
Comment:
Call rates opened at 9-9.05 percent in easy liquidity conditions and closed at 8.90-9.00 percent in the inter-bank call money market on February 5, 1999.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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