Is your Bank ready for Gold Bonds-Are you ready for Gold Bonds?
Over the years, we Indians have a
fascination for Gold in all its forms. There are numerous studies which show
the how Indians have hoarded Gold
and locked up precious resources.
As promised by Shri Narendra Modi,
Prime Minister, the Gold Bonds scheme has been launched prior to Diwali.
Majority of gold purchases is centered on Dhanteras days.
The first notification by Reserve Bank
of India was on 30th October 2015. The Go Live date was 5th
November 2015, with the window closing on 20th November 2015.
The operational guidelines were
released on 4th November 2015.
This is a new scheme for RBI, Banks
and other participants.
The primary requisite for Gold Bonds
is an Account with any Bank or Post Office. Without a Bank Account/Post Office
Account, holding gold bonds is not possible.
All Bank branches have to offer
subscription facilities to Gold Bonds. However, the same facility will be
available only at selected Post Offices. This tilts the scale towards Banks.
This means that the Banks have to gear
up to service the rush associated with the demand for Gold Bonds.
The subscription for Gold Bonds can be
through Cash, Cheque or Electronic mode.
The half yearly interest and the
redemption amount will be credited to the bank accounts only.
In case the bonds are held in Demat
form, the interest and redemption amount will be credited to the linked Demat
Bank account.
The main challenges for the banks are
in disseminating the operational guidelines amongst its staff members.
It is expected as customers queries
start to roll in; mid course correction if any will be done.
The additional challenge is
distribution of commission to the canvassing agents.
Online application forms are available
in few banks, through the Demat Channel.
No, the Mobile APP channel is not
activated in any Bank.
No, there is no dedicated HelpLine to
resolve Gold Bond queries.
Disclaimer:
01) I am associated with the Banking Industry in my professional capacity; however the views above are my own.
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