Zerodha Varsity

Here's a guide to find your forgotten investments in banks, MFs and shares of you and your family 👇

Thank you! Side Notes by Zerodha Varsity is now 1 year old 😀 . You can tune in to our curated digest of insights, behind-the-scenes stories, financial strategies, and thought-provoking business anecdotes on Apple and Spotify. Link in comments.

The investing world has changed, but value investing remains as relevant as ever. We are excited to host a full-day immersive bootcamp on Value Investing with Vishal Khandelwal. While this is a free session, seats are limited to ensure an intimate learning experience. We have a screening process for applicants and also require a minimum ₹500 donation to a social cause (link provided in the application form). The event is in Pune. To register, scan the QR code or click on the link in the comments.

While a new startup struggles to raise a million or two from investors, Reliance has collected billions of dollars from global investors for Jio Platforms. And it raised those funds at the peak of the Covid pandemic. But with a balance sheet as fat as that of Reliance Industries, what was the need for so much external capital? The move was equal parts strategic and tactical. The latest Side Notes newsletter explores the perspectives of both Reliance Industries and the private equity investors👇.

Update (Check South Zone date change): Calling all finance enthusiasts in Hyderabad! India’s Premier Financial Literacy Quiz, the Zerodha Varsity Quiz (ZVQ) is coming to your campus. Test your knowledge on money, wealth, business, and investing, and compete with the brightest minds across Hyderabad for cash prizes of up to ₹3.5 Lakhs. Regional Rounds: - West Zone: 28 Oct | ICBM School of Business & Excellence, Upperpally - East Zone: 31 Oct | Osmania University, Tarnaka - South Zone: 12 Nov (updated) | Amjad Ali Khan College of Business Administration, Banjara Hills - North Zone & Grand Finale: 14 Nov | Institute of Public Enterprise (IPE), Shamirpet Team Size: 3 members Open to all college students across Hyderabad. Topics: Economics | Finance | Wealth | Entrepreneurship. Resources to Prep: Zerodha Varsity Website | Varsity YouTube Channel Whether you’re a finance buff or simply curious to learn more, this is your chance to compete, learn, and win big. Check out the Rule Book and Registration Link in the Comments. Questions? Contact us at +91 89716 76100 or zerodhavarsityquiz@qshala.com

What if I told you that economic stagnation has been the norm for most of human civilization and not economic growth? I didn’t realise the extent to which this was true until I read economic historian Joel Mokyr’s work; the work which won him the Nobel Prize in Economics this year. And in this edition of Zerodha Varsity's newsletter, we tell you all about Mokyr's intriguing work with economic history.

When a bank shows a 7% FD rate (compounded quarterly) and an annualized yield of 7.7%, it sounds like you’re earning 7.7% every year, right? Except that sometimes, that 'yield' is just simple interest, not the compounded return you think it is. The problem? Different banks calculate 'yield' differently, and that can easily mislead you into picking the wrong FD. In our latest Second Order newsletter, we break down how FD yields are shown, what they really mean, and how you can check them yourself using one simple Excel formula.

$35-40 billion - that's how much Flipkart is valued at. And it has never been profitable. But Walmart sees value beyond profits in it.

EPFO has made major changes to how members can withdraw money from their PF. We have broken it down into 4 key changes with the proposal, the current rule, and the benefit. Here’s a Varsity explainer 🧵 1. 𝐂𝐚𝐭𝐞𝐠𝐨𝐫𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐰𝐢𝐭𝐡𝐝𝐫𝐚𝐰𝐚𝐥𝐬 𝐏𝐫𝐨𝐩𝐨𝐬𝐚𝐥: 13 complex withdrawal provisions are merged into three clear categories: - Essential Needs (illness, education, marriage) - Housing Needs - Special Circumstances Members can withdraw up to 100% of the ‘eligible PF balance’, including both employee and employer contributions. 𝐂𝐮𝐫𝐫𝐞𝐧𝐭: 13 scattered rules with varying withdrawal limits (50% of own share, 6 months’ wages, etc). 𝐁𝐞𝐧𝐞𝐟𝐢𝐭: Simpler rules and higher withdrawal limits. What’s key to watch is how ‘eligible balance’ is defined. It likely includes only 75% of contributions plus interest. 2. 𝐌𝐢𝐧𝐢𝐦𝐮𝐦 𝐬𝐞𝐫𝐯𝐢𝐜𝐞 𝐩𝐞𝐫𝐢𝐨𝐝 𝐏𝐫𝐨𝐩𝐨𝐬𝐚𝐥: One should have been in service for 12 months. This is now uniform for all partial withdrawals. 𝐂𝐮𝐫𝐫𝐞𝐧𝐭: Differs by purpose — 5 yrs for house construction, 7 yrs for marriage, and nil for illness/unemployment. 𝐁𝐞𝐧𝐞𝐟𝐢𝐭: In most cases, the timeline reduces sharply, which is beneficial. But for those who haven't been in service for at least 12 months and need to withdraw immediately for medical or unemployment reasons, it's a minus. 3. 𝐒𝐩𝐞𝐜𝐢𝐚𝐥 𝐜𝐢𝐫𝐜𝐮𝐦𝐬𝐭𝐚𝐧𝐜𝐞𝐬 & 𝐝𝐨𝐜𝐮𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐏𝐫𝐨𝐩𝐨𝐬𝐚𝐥: Assurance of lesser documentation, and members can withdraw under ‘special circumstances’ without having to specify a reason. 𝐂𝐮𝐫𝐫𝐞𝐧𝐭: As of now, there is a justification required under special cases such as a natural calamity, lockdown, unemployment, epidemic, etc. 𝐁𝐞𝐧𝐞𝐟𝐢𝐭: Less paperwork = fewer delays. But it’s unclear how 'no reason' withdrawals will be monitored to avoid misuse. 4. 𝐌𝐢𝐧𝐢𝐦𝐮𝐦 𝐛𝐚𝐥𝐚𝐧𝐜𝐞 𝐫𝐮𝐥𝐞 𝐏𝐫𝐨𝐩𝐨𝐬𝐚𝐥: 25% of contributions must be kept as a minimum balance in your PF account. 𝐂𝐮𝐫𝐫𝐞𝐧𝐭: In some cases (like house construction or multiple withdrawals), members could withdraw most of the balance. 𝐁𝐞𝐧𝐞𝐟𝐢𝐭: The impact depends on how you see it. This new provision can be seen positively by someone who doesn’t have any other retirement savings and is fine with EPFO’s returns and lock-in. While it may be viewed negatively by those who prefer greater flexibility. 👉 Overall, EPFO’s revamp of withdrawal rules will benefit employees in genuine need. But remember that these are retirement funds. Unless you already have other savings and strong financial discipline, it’s wise to use them judiciously. Also note, the waiting period for partial or full withdrawals during unemployment has now increased from 2 months to 12 months. Meanwhile, even if you’re investing in NPS, unemployment isn’t a valid reason for withdrawal there either. This makes it even more important to maintain a solid emergency corpus, especially given the uncertain job market today.

Silver is up 82% in 2025. Precious metals usually do not rally so much. The rally happened despite many investors being fearful. So, we spoke to a few experts to understand what is happening, and here is a Varsity explainer on why Silver is firing on all cylinders. 👇 1️⃣ Silver’s applications in solar panels, EVs, wind turbines, semiconductors, and advanced electronics have been on the rise. But this has been known for the past few years. Perhaps, something deeper is brewing in the silver markets. 2️⃣ According to the Silver Institute’s World Silver Survey 2025, demand for silver is expected to exceed supply in 2025. The demand has already been outstripping supply for the past four years. 3️⃣ In early September, Saudi Arabia’s central bank surprised global markets by buying Silver ETFs rather than physical silver. This move was apparently fuelled by silver's increasing industrial importance and constrained supply. 4️⃣ Another trigger was when the US added Silver to its List of Critical Minerals for the first time ever this year. The list designates minerals essential for national and economic security, triggering govt actions like tax credits, defense goods incentives, and stockpiling. 5️⃣ Besides the global triggers, festive demand is rallying Indian silver. Indians rush to buy jewellery and valuables around festivals. So it is understandable that both gold and jewellery should see a demand spike. 6️⃣ Interestingly, the premium on silver ETFs or FOFs has been higher. Silver ETFs derive their prices from physical silver. So, the day-end NAV of ETFs reflects that price. However, during the trading hours, the demand and supply of ETF units influence their market price. The challenge here is that ETF demand far exceeds supply nowadays. Hence, Silver ETF market prices are trading at a 5-10% premium to the value of physical silver. As an investor, if you buy at that premium, you might get limited movement on the upside or limited profits. In that case, your alternative is a Silver Fund of Fund (FOF). But the FOF will also have to buy the silver ETF at a premium. Moreover, rising demand for Silver ETFs from FOFs might further push ETF prices higher. To avoid buying at such high premiums, some AMCs have temporarily suspended lump-sum inflows into their FOFs. Those AMCs that continue to take inflows into their FOFs feel that FOFs and ETFs are passive investment vehicles. They do not want to actively place limits on their actions. Neither philosophy is wrong 🙂. But if you want to invest in silver ETFs or FOFs, make sure you buy them at prices close to the NAV or those with narrow premiums. Otherwise, overpriced ETFs or FOFs might seriously limit your return potential.