Dear Customer,
Welcome to the March - April '04 issue of Connect.
Firstly, we have great news for our customers in the US. HDFC Bank has partnered with Times of Money to launch a completely online money transfer service from the United States. You can credit money into the beneficiary's account within three working days!. Read all about it in this issue.
Learn about NetSafe, our new and safe online shopping feature. And about our sterling quarterly results; RBI announcements (rupee loans to NRIs, tax implications of overseas investments), new investment opportunities in art and, stock market trends.
I hope you find this newsletter helpful. Your valued inputs will surely help us to make it more so. Looking forward to your feedback at nri@hdfcbank.com.
Regards,
Neeraj Swaroop,
Country Head - Retail Banking
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HDFC Bank Q3 (Apr. - Dec. 2003) Net Up 32% To Rs. 130 crore
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HDFC Bank has recorded a 31.8 per cent jump in its third quarter net profit to Rs 130.36 crore compared to Rs 98.88 crore reported in the corresponding period of the previous fiscal. Analysts attributed the growth
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to a handsome rise in retail advances and improved net interest margin.
For more details, click here.
NetSafe: The safest way to shop online!
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Now shop online with your HDFC Bank International Debit Card in complete security. You don't have to share your Debit Card number with the online merchant. Just create a virtual card number on the HDFC Bank website and use that to shop securely on any site that accepts Credit Cards online!! |
Registration for NetSafe is a simple completely ONLINE process and absolutely FREE!
Click here for details.
QuickRemit - Speedy money transfer at your convenience
Transferring money from the US to a HDFC Bank account holder in India is now possible from your PC at home or office. HDFC Bank presents QuickRemit, a completely online money transfer service where credit to a HDFC Bank account occurs within three days only.
Remit money using this service before April 30th 2004, and get an opportunity to speak to your family in India, completely FREE!
Click here for details.
Good news for Indians in Bahrain!
HDFC Bank NRI Services will soon be available in Bahrain. Launched in association with the Bahrain Saudi Bank, Indians in the Gulf can now look forward to greater banking convenience and a range of value adds from both
partners.
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Mentha arvensis
Commonly known as Pudina or Menthol or Mint
Two reasons why this quaint piece of trivia may be interesting.
One, India is the largest producer (3000 tonnes PA) & exporter of Menthol.
And two, it's the main ingredient of Vicks Vaporub, the medicine we have grown up with. Incidentally, the brand enters its Golden Jubilee year in India.
The entire plant is Antibacterial and antifibrile. Natural menthol has a cooling, soothing effect on the skin and mucous membranes of the human body, making it a useful ingredient in pharmaceuticals and cosmetics.
India's "mint belt" lies in the strip of plains and foothills about 1,500 km long and 250 km wide, just south of the Himalayan range, spanning Punjab, Himachal Pradesh, Haryana, Uttar Pradesh and Bihar.
Mentha arvensis provides farmers with an extra crop every year. The rotation of menthol with other food crops was found to be a good way of helping to control pests and diseases of all the crops planted in the field.
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RBI Revises Norms For Granting Rupee Loans To NRIs
The Reserve Bank of India (RBI) has allowed authorised dealers (AD) to grant rupee loans to non-resident Indians for purposes other than those specifically prohibited by the central bank.
More details from The Financial Express.
Art is a sound investment if one chooses well
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An independent survey by UBS Investment Services notes a sharp decline in the investment of Indian households in stocks and shares, to the degree of 14%. So where are they drifting to? They are moving to the insurance sector, real estate and even art. Art, while it gives at least
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three times better returns than real estate, also shares with it the quality of long-term investment.
Get an educated grasp with help from Suneet Chopra from The Financial Express.
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Stocks: Where to invest?
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The biggest dilemma of a retail investor currently is to identify a sector where he can park his funds over long term and expect good returns. Investment in equity markets now, from a short-term investment horizon can be unfavorable because of uncertainties
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like elections, FDI inflows and monsoons in 2004. But if we look at the long-term perspective, we see a lot of positives. Full article from Equitymaster.com.
The Stock market: Looking back
The indices have been in a strong grip of volatility since the dawn of 2004. While the markets wake up to the results season at the start of every calendar year, this year was different for Indian stock markets in the sense that the Sensex was, once again (after 4 long years), in striking distance of the coveted 6,000 levels.
This was due to the impressive growth of the economy leading to an even spectacular performance by Indian corporates, thanks to the rain Gods. More details from Outlook Money.
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Tax Implications Of Overseas Investments
Now that the RBI has permitted Resident Indians to remit upto $25,000 every year, a whole new vista of investment opportunities has opened up.
The new measure, which came as a New Year gift, will permit Resident Indians to open foreign bank accounts, transfer upto $25,000 every calendar year and either keep the amount deposited in such bank account or invest the same in bonds, securities, shares or even acquire immovable properties.
Full article by H P Ranina from The Financial Express.
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The Connect ezine, apart from HDFC Bank News is based on information obtained from publicly
available sources.
Whilst every care has been taken in compiling this publication, HDFC Bank does not accept responsibility for the
accuracy of its contents or the linked information, nor for the consequence of any reliance that may be placed
upon it. The ezine is not intended to provide professional advice.
All trademarks and logos belong to their respective owners.
For private circulation only
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