Questions

Private sector lender HDFC Bank has made online fund transfer through RTGS (Real Time Gross Settlement) and NEFT (National Electronic Funds Transfer) free with effect from November 1, with an aim to promote digital economy.

According to the revised charges, customers of savings and salary accounts of HDFC Bank will not have to pay any charge for transferring funds online using its RTGS and NEFT facilities.

The gold prices in India are determined according to the international market in the following way:

- The price of gold in USD is taken as a base price. Depending on the value of indian rupee as compared to USD (eg- 1 USD= ₹63), the price of gold is converted into rupees.

- The import duties on gold are added to obtain the final price of gold.

• Gold is a global commodity. In the international market, the price of gold is determined by the forces of demand and supply. Higher demand leads to higher price and vice versa. Higher supply leads to lower price and vice versa.