SBI Gold Fund Launched by SBI Mutual Fund

Recently, SBI Mutual Fund launched a new fund - SBI Gold Fund. It is an open-ended fund to enable investors to invest systematically in gold and gain advantage of the recent rally in the metal’s prices.

An online news portal about business and economy - economictimes.indiatimes.com, quotes a statement of Deepak Chatterjee who is the SBI MF Managing Director and Chief Executive Officer,

“It is a convenient product and will give an opportunity to an investor to invest in the purest form of gold without the need of buying and storing physical gold, that too, without a dematerialised account unlike gold exchange traded funds.”

So, SBI Gold Fund will give an opportunity to an investor to invest in the gold without buying and storing it. It is just like gold exchange traded funds.

He added,

“There was a demand for ETFs and the assets under ETF schemes in the country crossed Rs 6,000 crore last month.”

SBI Gold Fund will open on August 22 and close on September 5, 2011. Investors have to invest minimum Rs. 5000 in this fund.

The portal quotes another statement of SBI MF Chief Investment Officer Navneet Munot,

“Gold could show some volatility in future and hence the SIP route makes more sense. Looking at the current global economic conditions and stock market volatility, gold is a better option.”

So, gold is a better option to see the economic conditions and stock market volatility. In this situation, SBI Mutual Fund launches SBI Gold Fund to grab the investors from the market.

Gold loans and investment in gold are the main market in India these days. Loan against Gold Units of Reliance Commercial Finance and Loans against Gold ETF Units of Muthoot Finance are the most effective products of the recent days. Now, SBI Mutual Fund has introduced SBI Gold Fund to grab Indian market.

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HDFC Bank INFINIA Card Launched for Only 5000 Individuals

Recently, HDFC Bank announced to launch a new credit card for the rich people of the country named – INFINIA. Initially, the bank will issue only to 5000 individuals.

The ultra premium credit card is featured with virtually “no limits” – not just in terms of spend, but also the luxuries as per the announcement of HDFC Bank.

An online news portal - economictimes.indiatimes.com about business and economy, quotes a statement of HDFC Bank Managing Director Aditya Puri about INFINIA Credit Card,

“…What prompted us to conceive INFINIA was the need our clients felt for such a product. We are confident INFINIA will soon be the card of choice for India's rich.”

So, INFINIA is launched by HDFC to satisfy the need of the Bank’s clients. The card is introduced as the choice for India’s rich.

Further the news portal quotes a statement of HDFC Bank Country Head (Retail Assets and Credit Cards) Pralay Mondal,

“…HDFC Bank already enjoys the highest mind and wallet share in credit cards. With INFINIA, we will redefine the lifestyle experience of the elite.”

So, HDFC Bank thinks to redefine the lifestyle experience of the elite. The bank has already targeted highest mind of India to share experience of credit cards.

INFINIA Card will be available in both Visa and MasterCard format. The card is launched for India's High Networth Individual (HNI) population.

HDFC Bank INFINIA card will became the honorable card for the rich population of India. The bank will initially offer the card only to 5000 HNI population.

HDFC Bank has 186 distribution network and 5,471 ATMs in 996 cities in India as on March, 2011. HDFC is one of the most influencing banks in Indian banking sector. Indian financial market is taking a new shape with banking institutions. Loans against Gold ETF Units of Muthoot Finance have given a new vision to the Indian investors.

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