INSUBCONTINENT EXCLUSIVE:
Gold is accepted in the form of raw gold such as gold bars, coins and jewellery, said SBI.SBI or State Bank of India, the country's largest
lender, offers Revamped Gold Deposit Scheme (R-GDS), which is a fixed deposit scheme in gold
A fixed deposit is a financial instrument provided by banks, which provides investors a higher rate of interest than a regular savings
account, until the given maturity date, according to the bank
Under R-GDS, customers can deposit their idle gold which will provide them safety and interest earnings, said SBI on its official website-
Resident Indians of categories such as individuals, proprietorship and partnership firms, HUFs (Hindu Undivided Family), mutual
funds/exchange traded funds registered under Sebi (Securities and Exchange Board of India) and companies are eligible to invest in
Customers need to deposit a minimum of 30 grams (gross) of gold to avail the scheme
The deposit will be accepted by the bank on behalf of the central government.Long Term Government Deposit (LTGD): Tenure for LTGD is between
The deposit will be accepted by the bank on behalf of the central government.4
Gold is accepted in the form of raw gold such as gold bars, coins, jewellery excluding stones and other metals.5
The interest rates under STBD are, 0.50 per cent per annum (p.a.) for 1 year, 0.55 per cent for up to 2 years and 0.60 per cent for 3
The interest rates under LTGD for 12-15 years are, 2.50 per cent p.a.6
In the case of MTGD LTGD, the principal is denominated in gold
available for deposits in single names in individual capacity.9
Under STBD, investor has the option of taking a repayment of principal, either in gold or equivalent rupees as on the date of maturity
Under MTGD and LTGD, redemption of the deposit will be in gold or rupees equivalent of the value of gold as per then prevailing price of
However, 0.20 per cent administrative charges will be levied in case of redemption in gold.10
Under STBD, premature payment is allowed after a lock-in period of 1 year with a penalty on applicable interest rate
However, a Medium Term Government Deposit can be withdrawn only after 3 years and a Long Term Government Deposit can be withdrawn after 5
