INSUBCONTINENT EXCLUSIVE:
SBI Gold Deposit Scheme: One needs to deposit a minimum of 30 grams (gross) of gold.SBI or State Bank of India, the country's largest
lender, offers Revamped Gold Deposit Scheme (R-GDS), a fixed deposit scheme in gold
A fixed deposit is a financial instrument provided by banks which provides a higher rate of interest than regular savings account, until the
given maturity date, according to SBI
Under R-GDS, customers can deposit their idle gold which will provide them safety and interest earnings, said SBI on its website, sbi.co.in
Gold will be accepted in the form of raw gold such as gold bars, coins, jewellery excluding stones and other metals, it further said.Here
are five things to know about SBI's Revamped Gold Deposit Scheme (R-GDS):1
Eligibility: 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 SBI's
Quantity: One needs to deposit a minimum of 30 grams (gross) of gold
However, there is no upper limit for deposit.3
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
cent p.a.LTGD: The interest rates under LTGD for 12-15 years are, 2.50 per cent p.a.In the case of MTGD LTGD, the principal will be
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
However, 0.20 per cent administrative charges will be levied in case of redemption in gold.Premature payment: 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 (MTGD) is
