Friday, January 16, 2009

NHB Has Entered Into The Retail Market - Jan 16, 2009

National Housing Bank (NHB) has entered into the retail market for deposits with the launch of two schemes - NHB Sunidhi term deposit scheme and NHB Suvriddhi (tax saving) term deposit scheme. In addition, NHB has launched Sumeru zero-coupon bonds, which will be sold at a discount at Rs 4,360 with a face value of Rs 10,000 that the holder will get after a maturity period of 10 years.

Under the NHB Sunidhi term-deposit scheme, the investors will get 9.25 per cent interest for 12 months and 9 per cent interest for up to five years while the interest rate on Suvridhi is 8.75 per cent compounded quarterly. However, under the Suvriddhi scheme, the deposits made by resident individuals and HUFs would get Section 80C benefit. The minimum deposit under the scheme is Rs 10,000 and thereafter in multiples of Rs 10,000 with maximum of Rs 1,00,000. The deposit under this scheme will have lock-in period of 60 months.

No comments: