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Overview

The 'Money Market' desk performs the following activities on the bank's account:

Management of Statutory Reserves viz. CRR & SLR

  • Funds management
  • Balance sheet management
  • Debt securities trading

Treasury Bills

Investments/treasury bills:
Individuals including NRIs have been granted permission by the Reserve Bank of India to invest in Treasury Bills ( T- Bills).

What are T- Bills?

T- Bills are short term money market instruments issued by RBI on behalf of the Govt. of India. Basically,

  • They are zero coupon bonds issued at a discount to face value and redeemed at par on maturity date.
  • No tax is deducted at source
  • Tenor: 91 / 364 days.
  • The return on T-bills is a function of time and the discount to face value.

Sources of investment by NRIs into T-bills on a repatriable basis may be from:

  • NRE A/c ( SB or FD)
  • FCNR A/c
  • Fresh inward remittance
  • Instrument drawn by other banks from the above a/cs
  • Matured forward contract

RBI has permitted booking of forward contract against face value of T-bills on the maturity date. A finite yield is thus possible insulating the investor against exchange rate fluctuations. However, booking a forward contract is optional to the customer. The return offered by our bank is the sum of the yield on treasury bills and exchange gains, if any.

Booking of a forward contract against NRE deposits for delivery of foreign currency on maturity date – i.e.the swap scheme is another investment option for NRIs. The attractiveness of the scheme depends upon the forward premia and the prevailing interest rates on deposits.

GOI Securities
These are sovereign coupon bearing instruments issued by the Government of India.

Advantages

  • Fixed half-yearly coupons paid on specific dates.
  • Tenor: Available in wide range of maturities from above one year (short-dated) to twenty years (long-dated).
  • Amount: Minimum subscription INR 10,000/- and then in multiples of INR 10,000/-
  • Available in primary and secondary markets.
  • Highly liquid.
  • Available in physical as well as demat form (maintained in Constituent Subsidiary General Ledger (CSGL) a/c with any bank)
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  • SAVINGS RATES

  • Daily balance upto 1 lac 4.5 %
  • Daily balance above 1 lac 6 %
  • DEPOSIT RATE

  • 2 years 6 months to below 2 years 9 months 9.25 %
  • Indus Tax Saver Scheme - 5 years (upto Rs 1 lac) 8.75 %
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