Global Trust Bank (GTB) has announced some major reductions in custody and transaction charges for its investors. The move follows the National Securities Depository Ltd decision to reduce depository charges. According to a GTB press release, the bank has decided to pass on the full benefits of the reduction to their depository clients. This would be beneficial to the retail investors.GTB has done away with account opening charges completely. In addition the bank will not take any custody charges for a portfolio whose value during the year is below Rs 5 lakh. For a portfolio size between Rs 5 lakh and Rs 15 lakh GTB will charge a fee of Rs 60 per quarter as custody charges. And for a portfolio size in excess of Rs 15 lakh, the custody charges would be 0.03 per cent.
The bank also announced a 33 per cent reduction in transaction charges across the board for all retail investors from April 1 next. The bank, very soon, will offer online depository services to investors in Mumbai, New Delhi and Calcutta.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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