What is SBI Gold Deposit Scheme? Check interest rates, tenure and other details

What is SBI Gold Deposit Scheme? Check interest rates, tenure and other details

NEW DELHI: The State Bank of India (SBI) provides a fixed deposit scheme in gold, which is called Revamped Gold Deposit Scheme (R-GDS). According to SBI, customers can deposit their idle gold under R- GDS which will provide them safety and interest earnings. The purpose of R-GDS is to mobilize the idle gold in the country and put it into productive use.

Customers can submit gold in the form of gold bars, coins, jewellery excluding stones and other metals. To deposit in the R-GDS, customers need to submit application form, identification proof, address proof and inventory form.

There are three types of R- GDS such as Short Term Bank Deposit (STBD), Medium Term Government Deposit (MTGD), and Long Term Government Deposit (LTGD).

1. Short Term Bank Deposit (STBD): Tenure 1 to 3 years

3. Long Term Government Deposit (LTGD): Tenure 12-15 years. The deposit will be accepted by the Bank on behalf of the Central Government.
Persons Eligible for R-GDS deposit

  • Individuals, singly or jointly (as Former or Survivor)
  • Proprietorship and Partnership firms.
  • Hindu Undivided Family
  • Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations
  • Companies

Deposit Quantity
A person can submit minimum of 30 grams of gold under R- GDS. There is no maximum limit for the deposit.

Interest rate on Gold Related Products for last 10 years (in %)
Scheme 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Gold Deposit Scheme 15-Oct
Scheme A (3 Year) 1 0.75 0.75 0.75 0.75 0.75 0.5
Scheme B (4 Year) 1.25 1 1 1 1 1 0.75
Scheme C (5 Year) 1.5 1 1 1 1 1 0.75
Revamped Gold Deposit Scheme Nov-15
Scheme A (1 Year) 0.5 0.5 0.5 0.5
Scheme A (2 Year) 0.55 0.55 0.55 0.55
Scheme A (3 Year) 0.6 0.6 0.6 0.6
Scheme B (5-7 Years) 2.25 2.25 2.25 2.25
Scheme C (12-15 Years) 2.5 2.5 2.5 2.5

(Source: SBi official website)

  1. What is the minimum gold amount to avail of the scheme?
    Customers have to submit a minimum of 30 grams (gross) of gold to opt for this scheme. Also, there is no upper cap for deposit.
  2. In what forms can the gold be submitted under this scheme?
    Customers can submit their gold in the form of coins, gold bars, and jewelry. Stones and other metals are excluded from this scheme.
  3. What kinds of deposits can be made under this scheme?
    You can choose from either of the 3 types of deposits under this scheme; STBD or Short Term Bank Deposit, MTGD or Medium Term Government Deposit, and LTGD or Long Term Government Deposit.
  4. What are the tenures for making deposits under this scheme?
    For short term bank deposits, the tenure ranges between 1-3 years. Similarly, for medium-term government deposits, the tenure is 5-7 years. For those who are interested in the long term government deposit, a tenure of 12-15 years is applicable.

 

Source:-timesofindia

Share: