Personal Finance

More FD rate hikes

| Updated on February 26, 2011 Published on February 26, 2011


Fixed deposit investors' favourite Sundaram Finance has again hiked its interest rates. From March 1, the company will pay Senior Citizens 10 per cent for two and three year deposits (currently 9.25 and 9.50 per cent) and 9.75 per cent (9 per cent) on one year deposits. For others, it will be 9.50 per cent for two and three year deposits and 9.25 per cent on one year deposits. ICICI Bank too has upped fixed deposit rates by up to 0.5 per cent. The special deposit schemes of ICICI Bank will now pay interest of 9.25 per cent each on 590 days, 790 days and 990 days.

Silver hits a 30-year high

Just when you thought precious metals lost their sheen , both gold and silver shot up in the global markets responding to fresh unrest in Libya and runaway crude oil prices. Silver shot past the $34 an ounce mark to its highest level since March 1980 and gold made another attempt to break past the $1,400-mark. In India, prices hit record levels, with spot gold hitting Rs 21,065 per 10 grams, while silver hovered at Rs 50,515 a kilogram.

Tread carefully on forex

The country's central bank RBI seems to be on a cautioning spree. Last week it warned investors not to get taken in by telephone or SMS offers on lottery winnings. This week it has cautioned resident Indians from trading in the foreign exchange market either in India or overseas. It has also said that any remittance towards overseas trading in forex is prohibited under FEMA, Foreign Exchange Management Act. So don't get taken in by those ads on the Internet or in print offering stupendous ‘guaranteed' returns on forex. It's illegal!

Quantum theory of investing

“Selecting a mutual fund is like selecting a spouse”- is the rather dramatic pitch by Quantum Mutual Fund to the investing public. Quantum asks you to spend a little time to get to know your mutual fund before you take the plunge. In a free e-booklet cheekily tilted ‘The Quantum Theory of Investment', the fund attempts to help you decipher mutual fund basics and secrets to long-term wealth. Did you know even savings as small as Rs 30 per day over long time frames of say 25 years can make a big difference? The book also tells you where to park your money between different assets like binds, stocks, gold and so on. Download this booklet at http://quantumamc.com/TheoryOfInvestment.aspx

Money management for kids

ING Vysya Bank has recently launched ‘ING Zing Savings Account', a bank account for kids with a Zing Debit Card and need we say, offers on books, toys, games, bikes, fast food and the like! Thankfully, parents can monitor the spends through limits on the Debit Card. For the really savvy kids, ING Vysya Bank has the option of moving money from the ZING account to a recurring investment in equity mutual funds too. The bank has also launched www.kidzzbank.com, a web portal that explains key features of a bank through games and quizzes.

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