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Cube News Wrap: New NPS Deposit System, Gold Bonds & ETFs

Your one-stop-shop for all the major developments in the finance world that happened this week.
October 16, 2020

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#1 What’s New About The NPS Deposit System?


Till 2004, NPS (National Pension Scheme) was a government-sponsored pension scheme for government employees. In 2009, the scheme became available for every Indian citizen between the ages of 18 and 60. Here’s what’s new:


  • NPS investors now have access to the D-Remit facility 
  • D-Remit allows NPS investors to set up a SIP 
  • Users can automate SIPs via auto-debit
  • Access to same-day NAV if contribution made before 8.30 AM
  • Minimum amount of Rs. 500/transaction for both Tier I and Tier II


What do you need to use the D-Remit facility?


  • Generate a Virtual ID using the Central Recordkeeping Agency (CRA)
  • OTP authentication is required for generating the Virtual ID
  • This Virtual ID will be linked to the PRAN for D-Remit


Who can use the D-Remit facility?


Any active NPS investor with access to net banking facilities can use the D-Remit facility. 



#2 Important Things To Know About Sovereign Gold Bonds


The Sovereign Gold Bond scheme was introduced in November 2015. The scheme was introduced so that the increasing demand for physical gold could be managed. Here’s what’s new:


  • Starting 13th October 2020, investors can subscribe to Sovereign Gold Bonds
  • Fixed price set at ₹5,051 per gram of gold by RBI
  • This scheme offers an annual interest rate of 2.50%
  • ₹50 per gram discount for online investors paying digitally
  • Subscription date for Sovereign Gold Bond Scheme ends 16th October 2020
  • Investors can subscribe to the scheme for as low as 1 gram of gold
  • The Sovereign Gold Bonds will be sold through Banks, Post offices, NSE, BSE, and Stock Holding Corporation of India
  • No GST charges or storage concerns if gold is held in a Demat form
  • Offers a unique advantage of tax-free capital gains at maturity



#3 Mutual Funds Banking On The IT Sector


  • Major Fund houses invested in 1 or more technology company
  • Current exposure to IT stocks at an all-time high at 11.6%
  • Wipro, Infosys, HCL Tech, TCS, and Tech Mahindra saw max value increase
  • Fund houses currently favouring IT over Financials 

Shriram Shekhar
Shriram is a Consultant at CubeWealth. He has developed cutting edge IT products for over 2 years before turning to his passion for the written word. His love for philosophy, developing products, and empowering people through quality content is what got him to CubeWealth.

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