Tuesday, March 16, 2010

GRT Savings Scheme


Let me get out of shock first, before I continue with this post. It was really surprising when I found that the GRT savings scheme is giving more money than any other Indian bank. The below chart is from GRT, where they agree to the amount mentioned in total column


When you compare the returns from an Recurring Deposit for 15months at 6.5% rate of interest compounded monthly, you get almost 4% less returns. This is really amazing to know, isnt it

Risk 1: Lets believe GRT does not cheat like other jewellery shop and chit funds
Risk 2: You can buy only Gold from them and not get cash back from GRT.
Risk 3: You buy gold at the price end of 15month.

Scheme
for 15 Months
Total
Amount
Cash
incentive
Maturity
Amount
GRT
Returns Total
RD Returns
for 15months
@6.5%

(Rs.)(Rs.)(Rs.)(Rs.)(Rs.)(Rs.)
5007500200800082007833.36
100015000400160001640015666.72
200030000800320003280031333.45
5000750002000800008200078333.62
100001500004000160000160000156667.24

So investors, think before you go for recurring deposit.




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