Monday, July 18, 2005

IDBI Capital ties up with India Post

With an objective to use the vast India Post network, IDBI Capital Market Services Ltd, a leading brand in financial services segment, on Monday entered into a strategic tie up with in the presence of the Union Minister for Communication and Information Technology, Mr Dayanidhi Maran, with India Post for retailing government securities to investors. Under the scheme, government securities could be purchased or sold through India Post branches in India. However, the scheme would be available only in select post offices in Tamil Nadu, Andhra Pradesh, Mumbai and Delhi initially. Rest of the branches in India would be covered soon. IDBI Capital, a 100 per cent subsidiary of Industrial Development Bank of India (IDBI), is one of the active players in the retail government securities market.. Any individual who is above 18 years of age or a Hindu Undivided Family will be eligible to buy government securities. However, to invest in government securities, one must have a demat account with any depository participant of National Securities Depository Ltd (NSDL) or Central Depository Services Ltd (CDSL). The minimum face value to be purchased/sold is Rs 10,000 and in multiples of Rs 1,000 thereafter with a maximum face value of Rs 10,00,000.